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… - Alan O. Ebenstein

Hayek’s practical political thought was flawed not where he postulated too small a role for government, but where he sanctioned too great a role. In his late work, Hayek the classical liberal became Hayek the libertarian.

Although Hayek would have protested being characterized as a democratic welfare statist in The Constitution of Liberty, this is what he was. While he favored less government rather than more, government at the local level rather than national level, the provision of social welfare through private charitable organizations rather than government at any level, and the private competitive provision of government services, there was much in his work that any modern, twentieth-century liberal could support.

The time component of economic production became vital in Hayek’s work in economic theory. Essentially, his economic work could be said to rest on the idea that the price system is a method for coordinating economic activity through time.