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A Genuine Institutional Economics

In: F. A. Hayek

Author

Listed:
  • Peter J. Boettke

    (George Mason University
    George Mason University)

Abstract

Hayek belongs to a long tradition of social scientists who saw themselves as contributing to the “invisible hand theorizing” of Adam Smith. In this, he was influenced by other Austrian economists, particularly Carl Menger and Ludwig von Mises. Menger was the first economist to develop an evolutionary theory of institutional formation, which he used to make sense of the emergence of money. Mises extended Menger’s argument on money and elaborated the methodological foundations of the study of institutions. In turn, Hayek himself influenced the development of a new, genuine institutional economics during the emergence of the law and economics approach pioneered by Aaron Director, Ronald Coase, and Bruno Leoni in the second half of the twentieth century.

Suggested Citation

  • Peter J. Boettke, 2018. "A Genuine Institutional Economics," Great Thinkers in Economics, in: F. A. Hayek, chapter 7, pages 159-195, Palgrave Macmillan.
    • Handle: RePEc:pal:gtechp:978-1-137-41160-0_7
    DOI: 10.1057/978-1-137-41160-0_7
    as

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