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The Economic Philosophy of Friedrich Hayek

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  • Ivan Verbanov

Abstract

This study is a philosophical, methodological, and theoretical analysis of the economic philosophy of Friedrich Hayek. It is structured as follow: introduction, four paragraphs, and conclusion. In the first section are analyzed Hayek's ideas on philosophical and methodological problems of economic knowledge. The second part is dedicated to conception of the Austrian thinker about paradigmatic significance of the market. In the third part are presented his views on relations between market competition, planning and democracy. The last one examines Hayek's approach toward property, justice and liberty. The main points of the analysis put stress on some original and important for social science and particularly for economics Hayek's ideas: his integrative and interdisciplinary approach; his methodological individualism; problems of division of knowledge, of spontaneous social and economic order, of relation economics - law - politics; role of the market, competition, and the government in individual and social life of people.

Suggested Citation

  • Ivan Verbanov, 2000. "The Economic Philosophy of Friedrich Hayek," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 3, pages 63-91.
    • Handle: RePEc:bas:econst:y:2000:i:3:p:63-91
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