The article analyses Hayek's critical assessment of purposeful interventions into evolutionary markets. To check the correctness of Hayek's neglect of successful intervention into markets, the article focuses on the long-term devaluation of private opportunities ('creative destruction') as an...

Contemporary economic liberalism comes in two forms: a substantive version, which defines the scope and extent of economic policy, and a procedural version, which draws on citizens' preferences. Whereas the recent reconception of economic liberalism based on social-contract theory considers the...