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

Hayek emphasized the importance of rules. He thought that what society should do is not to direct the individual in his or her particular actions, but to create a metaphysical structure, as it were, enforced by rules or laws, that create stable expectations and thus allow rational action.

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.

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.