Final answer:
Friedrich Hayek and A.V. Dicey both valued individual liberty, and the rule of law and were critical of excessive government intervention, thus illustrating their shared commitment to classical liberalism principles.
Step-by-step explanation:
Friedrich Hayek and A.V. Dicey shared a commitment to classical liberalism, especially regarding the importance of individual liberty and the rule of law as a fundamental principle for a free society. Hayek, a Nobel Prize-winning economist, is renowned for his defense of the free market and criticism of socialism. In his iconic works, such as 'The Road to Serfdom,' he argued that government control over the economy threatens freedom by leading to a loss of individual liberties and ultimately, a form of serfdom. Like Dicey, Hayek was concerned with increasing government intervention and the erosion of individual rights. Although A.V. Dicey did not directly engage with economic theories in the same way Hayek did, his conception of the rule of law and skepticism towards state intervention align with Hayek's emphasis on limited government and the potential dangers of state overreach. Dicey endorsed the supremacy of regular law as opposed to arbitrary power and valued legal equality among individuals, thus intersecting with Hayek's ideas concerning the free market and personal liberty.