Hayek’s ideas aren’t completely new to American politics. Some mainstream Republicans, including Ronald Reagan, have name-checked him since at least the 1980s as a shorthand way of signaling their unfettered faith in the free market and objection to big government. But few actually engaged with Hayek’s many contentious (and outré) views, particularly his suspicion of all politicians, including Republicans, who claim to know something about how to make an economy function better. For these reasons, and others, Hayek has become fashionable of late among antigovernment protesters, and if Ryan brings even a watered-down version of his ideas into the Republican mainstream, the country’s biggest battles about the economy won’t be between right and left, but within the Republican Party itself — between Tea Party radicals who may feel legitimized and the establishment politicians they believe stand in their way.

For the past century, nearly every economic theory in the world has emerged from a broad tradition known as neoclassical economics. (Even communism can be seen as a neoclassical critique.) Neoclassicists can be left-wing or right-wing, but they share a set of crucial core beliefs, namely that it is useful to look for government policies that can improve the economy. Hayek and the rest of his ilk — known as the Austrian School — reject this. To an Austrian, the economy is incomprehensibly complex and constantly changing; and technocrats and politicians who claim to have figured out how to use government are deluded or self-interested or worse. According to Hayek, government intervention in the free market, like targeted tax cuts, can only make things worse.

It's a bit deeper than that, praxeology (aka Austrian economics) concerns itself more with the study of human action and attemping to apply a theory of action (and the action axiom) to economic behavior, rather than coming up with mechanisms for macroeconomic manipulation, which is what most non-austrian economic theory is predicated upon. It's really a different intellectual approach.

So... libertarian?

essentially, but it's not required.

Here's the jist of his most popular book, The Road to Serfdom, simplified in picture form. Most Hayek fans never read his more meaningful intellectual works regarding Business Cycles and theory of Capital

I was wondering where Paul Ryan got the word "Planners" from. :)