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Marx's value forms and Hayek's rules: a reinterpretation in the light of the dichotomy between physis and nomos


  • Hoon Hong


This paper argues that both Marx and Hayek objected to the dichotomy between physis and nomos, and offered concepts which integrate, or mediate between, the two. Marx's value forms and Hayek's rules aim to grasp something neither purely natural nor purely artificial or social, but 'socially natural'. Value forms and rules are natural in the sense that they pre-exist agents and are taken by agents as given. On the other hand, forms and rules are social in that production relations or spontaneous order are reproduced as the unintended consequences of agents' using forms or following rules. Thus value forms and rules stand as links between agents and production relations or spontaneous order. Copyright 2002, Oxford University Press.

Suggested Citation

  • Hoon Hong, 2002. "Marx's value forms and Hayek's rules: a reinterpretation in the light of the dichotomy between physis and nomos," Cambridge Journal of Economics, Oxford University Press, vol. 26(5), pages 613-635, September.
  • Handle: RePEc:oup:cambje:v:26:y:2002:i:5:p:613-635

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    References listed on IDEAS

    1. Thomas R. Michl, 1988. "The Two-Stage Decline in U.S. Nonfinancial Corporate Profitability, 1948-1986," Review of Radical Political Economics, Union for Radical Political Economics, vol. 20(4), pages 1-22, December.
    2. James Crotty, 2009. "Structural causes of the global financial crisis: a critical assessment of the 'new financial architecture'," Cambridge Journal of Economics, Oxford University Press, vol. 33(4), pages 563-580, July.
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    Cited by:

    1. Hoon Hong, 2006. "Rethinking the Notion of the Natural in Classical Political Economy," Korean Economic Review, Korean Economic Association, vol. 22, pages 367-408.
    2. Nenovsky, Nikolay & Karpouzanov, Momtchil, 2010. "Value, Prices and Money. Comparing Marx and Menger," MPRA Paper 62040, University Library of Munich, Germany, revised 2012.

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