In order to question those interpretations that identify the liberal understanding of the State with an organizational structure reduced to its minimum expression whose performance must be subordinated to economic-productive dynamics, this article critically reviews the proposals of two prominent figures within the liberal tradition: Adam Smith and Friedrich Hayek. A comparison that pays special attention to the way in which these authors articulate the concept of State on an operating plane is established, in particular with regard to the principle of “limited government”. The article also identifies the functions adjudicated to public institutions and the way in which relations between the state and the social orbit are characterized. Finally, some continuities and differences between the two positions are indicated. Based on that, the article proposes some reflections about the possible distinction between an ethical-political liberalism and an economic one.