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


  • Miloš Krstić


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, University of Belgrade, vol. 57(194), pages 123-140, July - Se.
  • Handle: RePEc:beo:journl:v:57:y:2012:i:194:p:123-140

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    References listed on IDEAS

    1. Jack Vromen, 2006. "Routines, genes and program-based behavior," Journal of Evolutionary Economics, Springer, vol. 16(5), pages 543-560, December.
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    More about this item


    market systems; knowledge; abstract rules; ‘blind’; evolutionary exploration; institutional design; planning;

    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


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