Hayek, Von Mises and the Decline of Rational Liberal Political Economy

Monetary policy and a theory of capital were much more important issues to the field of classical economics in the first two-thirds of the twentieth century than today. It was very, very important in the west and not just in opposition to theories of value type discussions with socialists and communists (much less actual philosophers. Monetary policy had real political consequences in applying economic theory to political economy of the United States and the free world.

After Reagan and the taming of inflation and with the dollar cut loose from the gold standard, economics sort of lost its mind regarding solid political economy; neither did it transition to ecological economics (Democrat candidates for president 2020 would like to spend 52 trillion on health care and another 30 trillion on global warming remedies for example).

It is interesting that Hayek differentiated socialism as state control of the economy from a welfare state within democracy. Right now people tend to conflate the two. 

https://www.bbc.com/news/business-14366054 Keynes vs Hayek