Bauer was born Peter Thomas (Tamas) Bauer in Budapest on 6 November 1915 of Jewish parents (his father was a bookmaker), and died in London on 2 May 2002. He was educated at the Scholae Piae in Budapest, and at Gonville and Caius College, Cambridge. Apart from a few years as an employee of Guthrie and Company, a leading firm of Far Eastern merchants and rubber growers, and as a monitor of foreign broadcasters in the BBC, Bauer spent his working life in academia. He was a fellow of Caius College, Cambridge (1946–60 and 1968–1968), reader in agricultural economics at the University of London (1947–8), university lecturer in economics at Cambridge (1948–56), Smuts Reader in Commonwealth Studies 1956–60) and emeritus professor of economics, 1960–84; he was also professor of economics at the London School of Economics from 1960–84. He was a fellow of the British Academy, and was elevated to the peerage as Baron Bauer of Market Ward in the City of Cambridge in 1983. Shortly before his death he was the first recipient of the Milton Friedman Prize for Advancing Liberty, established by the Cato Institute in Washington DC.
From The Biographical Dictionary of British Economists in Oxford Reference.