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A forgotten epistocracy? Political institutions and epistemic virtues in Hayek’s market liberalism

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  • Samuel Ferey
  • Daniel Zarama Rojas

Abstract

Contemporary theories of democracy show a renewed interest in epistocracy. Epistocrats argue that democratic institutions falter because citizens often lack adequately informed opinions. This paper argues that Hayek joins epistocrats in their critique of democracy. However, his originality lies in a new definition of what it means to be ‘epistemically better.' Hayek's epistemology offers wide insights into the role of character traits and attitudes regarding the acquisition and possession of knowledge: some are mostly vicious (hubris, cowardice, vanity), others are virtuous (humility, patience, courage). Therefore, he is led to defend a peculiar set of institutions to prevent the bad consequences of widespread epistemic vice. Many of them - restrictions on voting, epistocratic vetoes and disenfranchisement lottery - are those advocated by modern epistocrats. Ultimately, beyond the constitutionalism emphasized by commentators, Hayek’s response counts on the excellent epistemic traits of some public servants and depicts a new type of epistocracy: a virtue epistocracy.

Suggested Citation

  • Samuel Ferey & Daniel Zarama Rojas, 2026. "A forgotten epistocracy? Political institutions and epistemic virtues in Hayek’s market liberalism," Journal of Economic Methodology, Taylor & Francis Journals, vol. 33(2), pages 118-133, April.
    • Handle: RePEc:taf:jecmet:v:33:y:2026:i:2:p:118-133
    DOI: 10.1080/1350178X.2025.2599108
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