Russ Roberts: Hayek: An Economist's Comeback - WSJ.com

Hayek, Chicago School economonic professor, philosopher and part of the Austrian school of thought best known for his defense of classical liberalism and free-market capitalism against socialist and collectivist thought. He is considered to be one of the most important economists and political philosophers of the twentieth century. Hayek's account of how changing prices communicate signals which enable individuals to coordinate their plans is widely regarded as an important achievement in economics.

He also warns that centralization of economic power in a central government may lead to lessened political and individual liberty.

The money quote...

Despite the caricatures of his critics, Hayek never said that totalitarianism was the inevitable result of expanding government's role in the economy. He simply warned us of the possibility and the costs of heading in that direction. We should heed his warning. I don't know if we're on the road to serfdom, but wherever we're headed, Hayek would certainly counsel us to turn around.

Always a good read, his understanding of human nature enabled him to meld economic and political thinking.

Russ Roberts: Hayek: An Economist's Comeback - WSJ.com