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The Common Roots Between The Old Institutionalist And The Social Theory Of Hayek

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  • Paulo Hora Andrade III

    (Universidade Federal do Paraná (UFPR))

Abstract

This paper identifies in the treatment of the evolutionary aspect of institutions and in the feedback relationship between them and individuals in a social order the first common root between the old institutional economics and the social theory of F. A. Hayek. From this, approximations are identified in other basic concepts, such as ideas of value and equilibrium. The possibilities for identifying common roots are expanded when some key authors of the old institutional economics are approached in a more specific way. The conclusion is that the institutionalist tradition of John Commons is the most adequate for the establishment of a subjectively grounded root for the explanation of the procedural aspect of the social system in a similar way to Hayek’s theory.

Suggested Citation

  • Paulo Hora Andrade III, 2021. "The Common Roots Between The Old Institutionalist And The Social Theory Of Hayek," Revista de Economia Mackenzie (REM), Mackenzie Presbyterian University, Social and Applied Sciences Center, vol. 18(spe), pages 107-135, special i.
    • Handle: RePEc:aft:journl:v:18:spe:2021:specialissue:p:107-135
    DOI: 10.5935/1808-2785/rem.v18nespp.107-135
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    More about this item

    Keywords

    Institutionalism; Hayek; institutions; process; evolutionary;
    All these keywords.

    JEL classification:

    • B15 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Historical; Institutional; Evolutionary
    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian

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