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Let’s agree not to agree: F. A. Hayek’s ‘calculus of consent’

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  • Régis Servant

Abstract

Our paper aims to show that one of Hayek’s arguments in support of free-market capitalism - and against centralized planning, a regime of distributive justice and a bargaining democracy - rests on the contractarian criterion of voluntary agreement or voluntary consent. According to Hayek, people can reach consensual agreement on the desirability of a regime, free-market capitalism, whose operation necessarily produces nonconsensual results.

Suggested Citation

  • Régis Servant, 2017. "Let’s agree not to agree: F. A. Hayek’s ‘calculus of consent’," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 41(1), pages 259-281.
    • Handle: RePEc:oup:cambje:v:41:y:2017:i:1:p:259-281.
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    File URL: http://hdl.handle.net/10.1093/cje/bew018
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    More about this item

    Keywords

    Hayek; Contractarianism; Agreement; Consent; Rules; Constitution; Buchanan and Tulloch;
    All these keywords.

    JEL classification:

    • B3 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals
    • B4 - Schools of Economic Thought and Methodology - - Economic Methodology
    • B5 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches

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