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Hayek on Market Theory and the Price System

In: F. A. Hayek

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  • Peter J. Boettke

    (George Mason University
    George Mason University)

Abstract

Hayek’s economics is fundamentally price theoretic. Economy-wide dynamics can only be understood as the result of individual agents, each endowed with dispersed, subjective, and often contradictory knowledge, carrying out their plans according to the information conveyed by the price system. This insight has been extremely influential to the development of economics since the Second World War, especially in the fields of information economics and mechanism design theory. This appropriation of Hayek’s ideas has fallen short of truly incorporating the radical challenge to our understanding of the economic system due to the profession’s focus on formalism, equilibrium analysis, and logical validity. A fully Hayekian economics must place the limits of human knowledge and the coordinating role of institutions at its core.

Suggested Citation

  • Peter J. Boettke, 2018. "Hayek on Market Theory and the Price System," Great Thinkers in Economics, in: F. A. Hayek, chapter 4, pages 77-118, Palgrave Macmillan.
    • Handle: RePEc:pal:gtechp:978-1-137-41160-0_4
    DOI: 10.1057/978-1-137-41160-0_4
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    Cited by:

    1. Virgil Henry Storr & Stefanie Haeffele & Jordan K. Lofthouse & Laura E. Grube, 2021. "Essential or not? Knowledge problems and COVID‐19 stay‐at‐home orders," Southern Economic Journal, John Wiley & Sons, vol. 87(4), pages 1229-1249, April.

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