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We argue that the canonical reading of Hayek often falls short of the implications of Hayek's insights. We present Hayek's "knowledge problem" (how order in a society is possible without the required knowledge for that order being possessed by any particular individual), and we discuss some of...
Persistent link: https://www.econbiz.de/10012904901
The Austrian contribution to the development of law and economics is the study of endogenous rule formation, or the spontaneous evolution of social institutions, which can be traced to the founder of the Austrian School, Carl Menger. While Menger's emphasis on spontaneous institutional analysis...
Persistent link: https://www.econbiz.de/10012910909
theory of belief revision, the development of an approach less susceptible to the same disappointment …
Persistent link: https://www.econbiz.de/10012938067
The paper aims to establish that Terence Hutchison's argument in The Politics and Philosophy of Economics (1981) to the effect that the young F.A. Hayek maintained a methodological position markedly similar to that of Ludwig von Mises fails to establish the relevant conclusion. The first problem...
Persistent link: https://www.econbiz.de/10012938435
This paper is aimed at highlighting Posner and Hayek's consensus on the importance of decentralization, as well as the significance of the incorporation of non-legal actors as tools for facilitating the efficient allocation of resources in common law. In addition to highlighting the consensus on...
Persistent link: https://www.econbiz.de/10012971666
The paper argues that the communication gap between Austrian economics and the rest of the profession could be narrowed if only the Austrians became more mathematized. Benefits as well as costs of mathematization are presented: on the one hand, mathematics is a language which is universal, more...
Persistent link: https://www.econbiz.de/10012973265
expounding his cognitive and social theory. The exact meaning of the supposed relationship between Gödel´s theorems, on the one … hand, and the essential proposition of Hayek´s theory of mind, on the other, remains subject to interpretation, however … character of an analogy, or a metaphor. Furthermore the anti-mechanistic interpretation of Hayek´s theory of mind is revealed as …
Persistent link: https://www.econbiz.de/10012975827