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Hayek and Market Socialism

In: F. A. Hayek

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  • Peter J. Boettke

    (George Mason University
    George Mason University)

Abstract

Hayek’s understanding of the nature of the market process developed as a critique of the economic theory of market socialism. These market socialists believed that a centrally planned economy, organized around the rational economic order described by neoclassical economics, would outperform the anarchy of the free enterprise system. To Hayek, this position misunderstood both the nature of the knowledge that economists have about the economy and that economic agents possess. Hayek saw change as the ultimate cause of the economic problem of society. This led him to conclude that alternative economic systems must be compared and evaluated on their ability to utilize the local knowledge of individuals to adapt to unexpected change in economic circumstances.

Suggested Citation

  • Peter J. Boettke, 2018. "Hayek and Market Socialism," Great Thinkers in Economics, in: F. A. Hayek, chapter 5, pages 119-139, Palgrave Macmillan.
    • Handle: RePEc:pal:gtechp:978-1-137-41160-0_5
    DOI: 10.1057/978-1-137-41160-0_5
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