IDEAS home Printed from https://ideas.repec.org/a/beo/journl/v57y2012i194p123-140.html
   My bibliography  Save this article

The Role Of Rules In The Evolution Of The Market System: Hayek’S Concept Of Evolutionary Epistemology

Author

Listed:
  • Miloš Krstić

Abstract

Starting 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.

Suggested Citation

  • Miloš Krstić, 2012. "The Role Of Rules In The Evolution Of The Market System: Hayek’S Concept Of Evolutionary Epistemology," Economic Annals, Faculty of Economics and Business, University of Belgrade, vol. 57(194), pages 123-140, July - Se.
    • Handle: RePEc:beo:journl:v:57:y:2012:i:194:p:123-140
    as

    Download full text from publisher

    File URL: http://ea.ekof.bg.ac.rs/pdf/194/232.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Jack Vromen, 2006. "Routines, genes and program-based behavior," Journal of Evolutionary Economics, Springer, vol. 16(5), pages 543-560, December.
    2. Beinhocker, Eric D., 2011. "Evolution as computation: integrating self-organization with generalized Darwinism," Journal of Institutional Economics, Cambridge University Press, vol. 7(3), pages 393-423, September.
    3. Viktor J. Vanberg, 2011. "Darwinian Paradigm, Cultural Evolution and Human Purposes: On F.A. Hayek’s Evolutionary View of the Market," Papers on Economics and Evolution 2011-19, Philipps University Marburg, Department of Geography.
    4. Michael Wohlgemuth, 2011. "Is there a Paradox of a Hayekian Paternalist?," Papers on Economics and Evolution 2011-22, Philipps University Marburg, Department of Geography.
    5. Vanberg, Viktor J., 2005. "Market and state: the perspective of constitutional political economy," Journal of Institutional Economics, Cambridge University Press, vol. 1(1), pages 23-49, June.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Wohlgemuth, Michael, 2005. "Politik und Emotionen: Emotionale Politikgrundlagen und Politiken indirekter Emotionssteuerung," Freiburg Discussion Papers on Constitutional Economics 05/9, Walter Eucken Institut e.V..
    2. Viktor J. Vanberg, 2023. "Liberalism and democracy: legitimacy and institutional expediency," Public Choice, Springer, vol. 195(3), pages 251-268, June.
    3. Mingyu Liu, 2024. "Structural and functional analysis of Buchanan’s constitutional contract," Palgrave Communications, Palgrave Macmillan, vol. 11(1), pages 1-8, December.
    4. Vanberg Viktor J., 2014. "Evolving Preferences and Welfare Economics: The Perspective of Constitutional Political Economy," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 234(2-3), pages 328-349, April.
    5. Malte Dold & Tim Krieger, 2023. "The ideological use and abuse of Freiburg’s ordoliberalism," Public Choice, Springer, vol. 195(3), pages 341-361, June.
    6. Lars P. Feld & Ekkehard A. Köhler, 2023. "Standing on the shoulders of giants or science? Lessons from ordoliberalism," Public Choice, Springer, vol. 195(3), pages 197-211, June.
    7. Blind, Georg, 2011. "Investigating entrepreneurial spirit with the rule approach: why self-employment is on the decline in Japan," MPRA Paper 66749, University Library of Munich, Germany.
    8. Adrian Pabst & Roberto Scazzieri, 2012. "The political economy of civil society," Constitutional Political Economy, Springer, vol. 23(4), pages 337-356, December.
    9. Bruno S. Frey & Alois Stutzer, 2009. "Should National Happiness be Maximized?," Chapters, in: Amitava Krishna Dutt & Benjamin Radcliff (ed.), Happiness, Economics and Politics, chapter 14, Edward Elgar Publishing.
    10. John Meadowcroft, 2020. "Buchanan at the American Founding: the constitutional political economy of a republic of equals and unequals," Public Choice, Springer, vol. 183(3), pages 389-403, June.
    11. Lenger Alexander & Goldschmidt Nils, 2011. "Ordnungsökonomik als angewandte Wissenschaft. Zur notwendigen Zusammenführung von Theorie und Praxis / Constitutional Economics as an Applied Social Science. About the Essential Combination of Theory ," ORDO. Jahrbuch für die Ordnung von Wirtschaft und Gesellschaft, De Gruyter, vol. 62(1), pages 343-364, January.
    12. Wohlgemuth, Michael, 2008. "A European social model of state-market relations: the ethics of competition from a neo-liberal perspective," Freiburg Discussion Papers on Constitutional Economics 08/9, Walter Eucken Institut e.V..
    13. Mause, Karsten, 2019. "Governing Public-Private Partnerships: The Problem of Low-Cost Decisions," EconStor Preprints 209582, ZBW - Leibniz Information Centre for Economics.
    14. Viktor Vanberg, 2007. "Corporate social responsibility and the ‘game of catallaxy’: the perspective of constitutional economics," Constitutional Political Economy, Springer, vol. 18(3), pages 199-222, September.
    15. Vanberg, Viktor J., 2006. "Democracy, Citizen Sovereignty and Constitutional Economics," Freiburg Discussion Papers on Constitutional Economics 06/2, Walter Eucken Institut e.V..
    16. G. Blind & A. Pyka, 2014. "The rule approach in evolutionary economics: A methodological template for empirical research," Journal of Evolutionary Economics, Springer, vol. 24(5), pages 1085-1105, November.
    17. Thomas Grebel, 2011. "Innovation and Health," Books, Edward Elgar Publishing, number 14375.
    18. Jan Schnellenbach, 2015. "Does classical liberalism imply an evolutionary approach to policy-making?," Journal of Bioeconomics, Springer, vol. 17(1), pages 53-70, April.
    19. Viktor J. Vanberg, 2009. "Evolving Preferences and Policy Advice in Democratic Society," Papers on Economics and Evolution 2009-19, Philipps University Marburg, Department of Geography.
    20. Arnošt Veselý, 2017. "Policy advice as policy work: a conceptual framework for multi-level analysis," Policy Sciences, Springer;Society of Policy Sciences, vol. 50(1), pages 139-154, March.

    More about this item

    Keywords

    market systems; knowledge; abstract rules; ‘blind’; evolutionary exploration; institutional design; planning;
    All these keywords.

    JEL classification:

    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:beo:journl:v:57:y:2012:i:194:p:123-140. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Goran Petrić (email available below). General contact details of provider: https://edirc.repec.org/data/efbeoyu.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.