Lead: The work of Friedrich August Hayek represented an acute, powerful intellectual rebellion against the growing power of state involvement in the lives of citizens and commerce, but he was no classical liberal.

Intro.: A Moment in Time with Dan Roberts.

Content: Adherents to the Austrian approach to economics and its champion, Ludwig von Mises, rose to intellectually challenge the rise of the state, particularly the two great experiments in state dominance over individual life and the marketplace, Communism and Nazism. Von Mises’s most influential acolyte was Nobel Memorial Laureate Friedrich August Hayek. His premier insight in political economy was that as the involvement of the state grew, the reach of individual freedom was circumscribed and the productive, creative contribution of the marketplace to the general prosperity of society as a whole was compromised.