Stemming from the Germanic philosophical heritage, Hayek was likely to place more emphasis on the act of knowing than on objects themselves. Hayek ul… - Alan O. Ebenstein

When Keynes’s General Theory was published in February 1936, it obliterated all else on the scene in academic economics. Hayek was known to be working on a treatise on capital as Keynes’s work was published (the work that became The Pure Theory of Capital). While there was some anticipation in academia for this forthcoming major work, interest even by economists in Hayek’s work waned.

One of the paradoxes of Hayek is that he wrote better than he thought. That is, his writing is often more suggestive and stimulating than the thought that underlaid it. While his writing is, stylistically, difficult, it is also exceptionally profound, and its value lies in its profundity.

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.