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On fallibility and perfection: Boettke’s Hayek vs. mainline economics

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  • Sandra J. Peart

    (University of Richmond)

Abstract

Peter Boettke’s F.A. Hayek Economics, Political Economy, and Social Philosophy (Palgrave 2019) is a nuanced treatment that examines the historical context of Hayek’s work as well as its contemporary context. Boettke’s major argument is worth emphasizing at the outset: Hayek, he argues, is an epistemic institutionalist. To Boettke, I would add that economists moved away from a preoccupation with institutions earlier than Boettke allows. For Hayek, people are fallible but they learn within the context of various institutional arrangements. For the early neoclassical economists, by contrast, the theorists who know better have the authority to ensure that the inferiors optimize.

Suggested Citation

  • Sandra J. Peart, 2020. "On fallibility and perfection: Boettke’s Hayek vs. mainline economics," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 33(1), pages 271-276, March.
    • Handle: RePEc:kap:revaec:v:33:y:2020:i:1:d:10.1007_s11138-019-00480-x
    DOI: 10.1007/s11138-019-00480-x
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    References listed on IDEAS

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    1. White,Lawrence H., 2012. "The Clash of Economic Ideas," Cambridge Books, Cambridge University Press, number 9781107012424.
    2. Levy,David M. & Peart,Sandra J., 2020. "Towards an Economics of Natural Equals," Cambridge Books, Cambridge University Press, number 9781108428972.
    3. Malinvaud, E., 1988. "Econometric Methodology at the Cowles Commission: Rise and Maturity," Econometric Theory, Cambridge University Press, vol. 4(2), pages 187-209, August.
    4. Levy,David M. & Peart,Sandra J., 2017. "Escape from Democracy," Cambridge Books, Cambridge University Press, number 9781316507131.
    5. Sandra J. Peart, 2000. "Irrationality and intertemporal choice in early neoclassical thought," Canadian Journal of Economics, Canadian Economics Association, vol. 33(1), pages 175-189, February.
    6. Sandra J. Peart, 2000. "Irrationality and intertemporal choice in early neoclassical thought," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 33(1), pages 175-189, February.
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