Harvard Law Professor Cass Sunstein advises Republicans to read Hayek:
in the current period, Hayek's "radical position" would entail a strong commitment to free trade, a rejection of protectionism, decreased regulation, deep skepticism about occupational licensing (and other barriers to entry), a firm commitment to religious liberty, and less frequent appeals to patriotism as a substitute for freedom-protecting reforms.
A copy of the "Why I am not a conservative" essay mentioned by Professor Sunstein is here.