The Role Of Rules In The Evolution Of The Market System: Hayek’S Concept Of Evolutionary Epistemology
AbstractStarting from the concept of the Darwinian paradigm that, by using Darwin’s principles of variation, selection, and retention, all domains from biology to economic systems can be explained, the advocates of modern evolutionary epistemology have analysed the role of thoughtful institutional design in the process of cultural evolution. In light of the issue of how human intention and evolutionary forces interact in socio-economic processes, this paper examines the views of F. A. Hayek, the most famous follower of evolutionary epistemology, on the evolution of the market economy system. In this paper special attention will be devoted to Hayek’s concept of rational liberalism and his evolutionary epistemology.
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Bibliographic InfoArticle provided by Faculty of Economics, University of Belgrade in its journal Economic Annals.
Volume (Year): 57 (2012)
Issue (Month): 194 (July - September)
Find related papers by JEL classification:
- B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
- B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Institutional; Evolutionary
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- Jack Vromen, 2006. "Routines, genes and program-based behavior," Journal of Evolutionary Economics, Springer, vol. 16(5), pages 543-560, December.
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