Hayek's The Constitution of Liberty was an effort to first develop an argument philosophically and historically for the institutional superiority of the "rule of law" in promoting peaceful social cooperation and productive specialization among free individuals, and then second to apply the "rule of law" to areas of public policy consistently and persistently. Mises's thought Hayek had succeeded in the first 2/3 of the book, but failed in the last 1/3 on Hayek's own terms. Application of a principle is always a dicey business. The devil is in the details.
Since 2008, there has been little talk of "the rule of law" as a guiding principle in public policy. Among all the voices, I think the most consistent and clearest voice on applying "the rule of law" to monetary policy has been Lawrence H. White. Here is White's presentation from 2009 Cato Monetary Conference on The Rule of Law and Central Banks. Larry is a bold and creative thinker, he is also one of the most articulate spokesman for true liberalism in the world today. Very lucky to be working with him at GMU.