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The Institutional Dimension Of Hayek’s Work

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  • Ion POHOATA

Abstract

Hayek is not an institutionalist in the usual sense. As he did not belong to any school, the relationship with institutionalism was not an exception. However Hayek alone is a school, a world of ideas. One having powerful contact points or interference areas that are both the object and subject of a complex research called NIE (New Institutional Economics) for more than three decades. Influence is not our concern here. However, we believe that if neoinstitutionalists considered him as one of „their own”, as Adam Smith should proceed, they would have a lot to gain. Being close to their names would bring them more glory. They have enough reasons to do it. Topics such as spontaneous and manufactured order, the type of order in a free society, the rules – source of the state, the source of good rules of conduct, etc., the fertile dialogue with spirit aristocrats such as Hayek or Smith could bring only gains.

Suggested Citation

  • Ion POHOATA, 2008. "The Institutional Dimension Of Hayek’s Work," Review of Economic and Business Studies, Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, issue 2, pages 19-28, November.
  • Handle: RePEc:aic:revebs:y:2008:i:2:pohoatai
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    More about this item

    Keywords

    institutions; spontaneous and created order; Hayek; rule of law;

    JEL classification:

    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School
    • D02 - Microeconomics - - General - - - Institutions: Design, Formation, Operations, and Impact

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