Hayek’s essential gist in capital theory was that capital is heterogeneous, that it cannot be put to many uses simultaneously or at different times. … - Alan O. Ebenstein

Hayek’s essential political philosophy was that liberty is the supremacy of law. To some, this may appear a paradoxical conception of liberty, for liberty is too often considered to be the absence of law.This, however, was the exact opposite of Hayek’s view. He thought that liberty is not possible without law. Right law is liberty.

The question of Hayek’s relationship to the Chicago school of economics raises the anterior question of the Chicago school of economics itself.

Placement of both Hayek and Mill in the liberal tradition is suspect to many historians of political thought for various reasons. First, Mill also expressed socialist sentiments, so to classify him as a liberal has seemed inaccurate to some more right-inclined liberals. Second, Hayek is sometimes considered more a conservative by left-inclined liberals, and not in the liberal tradition as it has evolved. Nonetheless, Mill and Hayek were the two greatest liberals of the nineteenth and twentieth centuries.