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Menger and Hayek on Institutions: Continuity and Discontinuity

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  • Garrouste, Pierre

Abstract

Recent scholarship has noted differences and even discrepancies among the members of the so-called Austrian school. It has been possible to identify discontinuities between generations (Hayek 1968), along methodological lines (Caldwell 1988, Hutchison 1981), among the various threads of the “Austrian revival†(Vaughn 1990), and between heterogeneous intellectual systems (Dufourt and Garrouste 1993). Brian Loasby (1989) has remarked that Friedrich Hayek was one of the few scholars to develop one of Carl Menger's outstanding contributions to economics, his theory of social institutions (Langlois 1989). The purpose of this paper is to appraise the continuities and discontinuities between the two authors' conceptions of institutions. In what follows, I shall present successively Menger's and Hayek's conceptions of institutions, and then I shall compare them.

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  • Garrouste, Pierre, 1994. "Menger and Hayek on Institutions: Continuity and Discontinuity," Journal of the History of Economic Thought, Cambridge University Press, vol. 16(2), pages 270-291, October.
    • Handle: RePEc:cup:jhisec:v:16:y:1994:i:02:p:270-291_00
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    Cited by:

    1. Agnès Festré & Pierre Garrouste, 2009. "The economic analysis of social norms: A reappraisal of Hayek’s legacy," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 22(3), pages 259-279, September.
    2. Giandomenica Becchio, 2014. "Carl Menger on States as Orders, not Organizations: Entangled Economy into a Neo-Mengerian Approach," Advances in Austrian Economics, in: Entangled Political Economy, volume 18, pages 55-66, Emerald Group Publishing Limited.
    3. Pierre Garrouste, 2008. "The Austrian roots of the economics of institutions," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 21(4), pages 251-269, December.
    4. Agnès Festré, 2012. "Carl Menger and Friedrich von Wieser on the role of knowledge and beliefs," Post-Print halshs-00346478, HAL.
    5. Elias Khalil, 1997. "Friedrich Hayek's Theory of Spontaneous Order: Two Problems," Constitutional Political Economy, Springer, vol. 8(4), pages 301-317, December.

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