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The economic analysis of social norms: A reappraisal of Hayek’s legacy

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  • Agnès Festré

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  • Pierre Garrouste

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Abstract

This paper is organized as follows : First we show that the reference to the notion of group selection is coherent with the other parts of Hayek's thought. Second we develop the idea that recent works in terms of the emergence and evolution of social norms corroborate in part Hayek's theses in this domain. Finally we put to the fore some drawbacks in Hayek's approach and propose means to solve them.
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Suggested Citation

  • 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.
  • Handle: RePEc:kap:revaec:v:22:y:2009:i:3:p:259-279
    DOI: 10.1007/s11138-009-0083-7
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    References listed on IDEAS

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    1. Sethi, Rajiv & Somanathan, E, 1996. "The Evolution of Social Norms in Common Property Resource Use," American Economic Review, American Economic Association, vol. 86(4), pages 766-788, September.
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    8. Ragip Ege, 1992. "Émergence du marché concurrentiel et évolutionnisme chez Hayek," Revue Économique, Programme National Persée, vol. 43(6), pages 1007-1036.
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    10. Carpenter, Jeffrey P. & Bowles, Samuel & Gintis, Herbert, 2006. "Mutual Monitoring in Teams: Theory and Experimental Evidence on the Importance of Reciprocity," IZA Discussion Papers 2106, Institute for the Study of Labor (IZA).
    11. Pierre Garrouste, 1999. "Le problème de la cohérence de l'évolutionnisme hayékien," Post-Print halshs-00274290, HAL.
    12. Richard Arena & Agnès Festré, 2002. "Connaissance et croyances en économie. L'exemple de la tradition autrichienne," Revue d'économie politique, Dalloz, vol. 112(5), pages 635-657.
    13. Adam Gifford, 2007. "The knowledge problem, determinism, and The Sensory Order," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 20(4), pages 269-291, December.
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    15. Garrouste, Pierre, 1994. "Menger and Hayek on Institutions: Continuity and Discontinuity," Journal of the History of Economic Thought, Cambridge University Press, vol. 16(02), pages 270-291, September.
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    Cited by:

    1. Brette, Olivier & Buhler, Thomas & Lazaric, Nathalie & Marechal, Kevin, 2014. "Reconsidering the nature and effects of habits in urban transportation behavior," Journal of Institutional Economics, Cambridge University Press, vol. 10(03), pages 399-426, September.
    2. Agnès Festré & Pierre Garrouste, 2016. "Hayek on Expectations: The Interplay between two Complex Systems," GREDEG Working Papers 2016-13, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), University of Nice Sophia Antipolis.
    3. Marco, Passarella & Hervé, Baron, 2010. "Concorrenza senza equilibrio. La "scoperta imprenditoriale" nella Teoria Economica Austriaca
      [Competition without equilibrium. The 'entrepreneurial discovery' in Austrian Economic Theory]
      ," MPRA Paper 28505, University Library of Munich, Germany.

    More about this item

    Keywords

    Hayek; Social norms; Emergence and evolution; Coherence; Relevance; B25; B3; D0;

    JEL classification:

    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School
    • B3 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals
    • D0 - Microeconomics - - General

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