The paper describes boom-and-bust cycles within Hayek's framework of order and aims to provide an understanding of recurring crises in recent financial history. We argue that a boom-and-bust cycle is initiated by a displacement that lowers the degree of (ex-post) plan coherence (or order) in an...

In many analyses of the Chinese so-called economic miracle, cultural factors loom large. Thispaper offers a brief overview of recent economic approaches to culture and puts these into ananalytical framework that highlights the dynamic and creative aspects of culture. I argue thatChina is a model...