Witt, Ulrich - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2011
Epistemic arguments play a significant role in Hayek’s defense of market liberalism. Hisclaim that market competition is a discovery procedure that serves the common good is acase in point. The hypothesis of the markets’ efficient use of existing knowledge issupplemented by the idea that...