Hayek's Political Economy: The Socio-economics of Order [NOOK Book]

Overview

In a society where no central agency co-ordinates the human activity of producing, selling and buying, why is there order and not chaos? This fundamental question has taxed generations of economists. Hayek's notion of spontaneous order goes some way to providing an answer. Hayek's Political Economy argues that, after explicitly rejecting positivism, Hayek was free to embrace reality and offer an explanation of the processes involved in bringing about order. This book draws many of Hayek's insights together by ...
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Hayek's Political Economy: The Socio-economics of Order

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Overview

In a society where no central agency co-ordinates the human activity of producing, selling and buying, why is there order and not chaos? This fundamental question has taxed generations of economists. Hayek's notion of spontaneous order goes some way to providing an answer. Hayek's Political Economy argues that, after explicitly rejecting positivism, Hayek was free to embrace reality and offer an explanation of the processes involved in bringing about order. This book draws many of Hayek's insights together by locating them within the newly emerging methodological perspective of critical realism. The author argues that understanding how agents communicate knowledge and cope with ignorance leads directly to a focus upon social rules which are essential in addressing the question of order. The final chapter illustrates how it is possible to abandon the notion of equilibrium without falling into analytical anarchy.
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Editorial Reviews

Booknews
Retraces the development of Vienna-born British economist Fredrich A. Hayek (b. 1899) between his 1936 rejection of mainstream assumptions and his 1960 incorporation of social structures to explain how order can prevail in a system of buying and selling that has no central governing agency. Argues that after following several dead-end approaches, he realized that knowledge is communicated among millions of individuals not by price alone, but also by a network of social rules of conduct. Annotation c. Book News, Inc., Portland, OR (booknews.com)
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Product Details

Table of Contents

Illustrations
Acknowledgements
1 Introduction 1
2 Philosophy 8
3 The Philosophy Underlying Hayek II's Socio-Economic Theory 20
4 The Methodology Underlying Hayek II's Socio-Economic Theory 42
5 The Implications of Hayek II's Philosophy and Method for His Socio-Economic Theory 57
6 Hayek III's Quasi-Transcendental Realist Philosophy 77
7 Knowledge, Ignorance and Social Rules of Conduct 91
8 Rules and the Cognitive Psychology Underpinning Rule-Following 106
9 The Articulation Between Social Rules of Conduct and the Telecommunications System 125
10 Hayek III's Transformational Conception of Spontaneous Socio-Economic Order 135
Notes 156
Bibliography 170
Index 176
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