At the same time, as Hayek maintained elsewhere, the facts of the social sciences do not lend themselves to the same degree of prediction, or explana… - Alan O. Ebenstein

Law, Legislation and Liberty was written and published during a different period from The Constitution of Liberty. The earlier work was a product of the late 1950s—a generally optimistic and socially cohesive time when Hayek himself was in his late fifties, at the University of Chicago. Law, Legislation and Liberty, on the other hand, was a product of the 1960s and 1970s, a far more turbulent time, as he became an old man, was somewhat intellectually isolated in Freiburg and Salzburg, and experienced depression. That the later work has a different feel from the former is hardly to be unexpected. The relationship between the two works might be considered to be something like that between Plato’s Republic, a product of his prime, and Plato’s Laws, a product of his old age.

During World War II it was exciting and unexpected for Hayek to find someone else, from Vienna, who was interested in many of the same topics that he was. The Open Society and Its Enemies has three main parts, on Plato, Hegel, and Marx. The next main chapters in Hayek’s uncompleted “The Abuse and Decline of Reason,” on which he was at work then, were to be on Hegel and Marx. In addition, Popper’s scholarly style was similar to Hayek’s, with extremely extensive notes.

Although Hayek ascribed a primarily monetary source to economic fluctuations, he was not a monetarist as this term came to be used.