Nevertheless, Bauer was subsequently awarded a life peerage in 1982 by Margaret Thatcher, and in 2002, shortly before his death, he was the first recipient of the Milton Friedman Prize for Advancing Liberty, a biannual prize of $500,000 given by the Cato Institute.

Philip Mirowski & Dieter Plehwe (eds.), The Road from Mont Pèlerin, loc. 411