This article uncovers Hayek's moral economy. It focuses on the relation between markets, as well as on the nonmarket institutions on which the former rely, and the motivations that guide individuals' behavior. Despite his epistemological admonitions, Hayek has a rich set of suggestions about the functional importance of particular individuals' motivation and moral makeup for the development of a market society. This contributes to undermine his claims that a market society can be neutral among different values.