Meh. The Nobel prize for economics is bogus when they rewarded people from different school of economics with opposite view on how the economy work in many respect.
Hayek got rewarded for his work on ABCT theory and the recent nobel prize winner Paul Kugman basically disagree with ABCT.
I don't think Hayek's prize was due to his work on the Business Cycle. It was primarily for demonstrating how market pricing serves as a communication mechanism allowing an emergent system, a distributed "cloud" (in today's terminology), to efficiently allocate goods. (of course these concepts are interrelated)
If Newton were to meet Einstein, he'd accept Einstein's adjustments after a few hours (days?). If Hayek were to meet Krugman, they'd be ruthlessly arguing months later.
Hayek got rewarded for his work on ABCT theory and the recent nobel prize winner Paul Kugman basically disagree with ABCT.