Friedrich Hayek represented laissez-faire economic thought and the concept of the free market. False:
Hayek is considered one of the most important social and political philosophers of the 20th century. His theory of how changes in prices convey information that helps people decide their plans is widely regarded as an important milestone in economics. This theory led him to the Nobel Prize.
Friedrich Hayek's theory postulates the natural rate of interest as an intertemporal price. That is the price that aligns the decisions of savers and investors over time. A cycle occurs when the market interest rate (i.e. the prevailing interest rate in the market) deviates from this natural rate of interest
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