Choosing One’s Own Informal Institutions: On Hayek’s Critique of Keynes’s Immoralism
AbstractIn the main, Hayek favored rules that apply equally to all and located such rules in tradition, beyond conscious construction. This led Hayek to attack Keynes’s immoralism, i.e. the position that one should be free to choose how to lead one’s life irrespective of the informal institutions in place. However, it is argued here that immoralism may be compatible with Hayek’s enterprise since Hayek misinterpreted Keynes, who did not advo-cate the dissolving of all informal rules for everybody. By avoiding this misinterpretation, immoralism can be seen as institutional experimentation at the margin, which Hayek himself favored.
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Bibliographic InfoPaper provided by The Ratio Institute in its series Ratio Working Papers with number 118.
Length: 26 pages
Date of creation: 14 Apr 2008
Date of revision:
Publication status: Published in Constitutional Political Economy, 2009, pages 139-159.
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Institutions; rules; traditions; morality; liberty; rule of law;
Other versions of this item:
- Niclas Berggren, 2009. "Choosing one’s own informal institutions: on Hayek’s critique of Keynes’s immoralism," Constitutional Political Economy, Springer, vol. 20(2), pages 139-159, June.
- B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian
- O17 - Economic Development, Technological Change, and Growth - - Economic Development - - - Formal and Informal Sectors; Shadow Economy; Institutional Arrangements
- P48 - Economic Systems - - Other Economic Systems - - - Political Economy; Legal Institutions; Property Rights; Natural Resources; Energy; Environment; Regional Studies
- Z13 - Other Special Topics - - Cultural Economics - - - Economic Sociology; Economic Anthropology; Social and Economic Stratification
This paper has been announced in the following NEP Reports:
- NEP-ALL-2008-04-21 (All new papers)
- NEP-HPE-2008-04-21 (History & Philosophy of Economics)
- NEP-PKE-2008-04-21 (Post Keynesian Economics)
- NEP-SOC-2008-04-21 (Social Norms & Social Capital)
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