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The Political Economy of a Free People

In: F. A. Hayek

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  • Peter J. Boettke

    (George Mason University
    George Mason University)

Abstract

Hayek spent much of his intellectual life trying to identify the institutional foundations of a society of free individuals. In doing so, he ended up investigating topics beyond the scope of economics proper and entered into the realm of legal and political theory. During this time, he came to realize that a society that optimizes both on the degree of social order and that of recourse to violence must rely on the rule of law as its fundamental principle: equality before the law; stable and universal rules of conduct; and freedom to pursue one’s ends within the boundaries of the law. In devising public policy, the government of a free society must take these principles as its guiding principles.

Suggested Citation

  • Peter J. Boettke, 2018. "The Political Economy of a Free People," Great Thinkers in Economics, in: F. A. Hayek, chapter 8, pages 197-226, Palgrave Macmillan.
    • Handle: RePEc:pal:gtechp:978-1-137-41160-0_8
    DOI: 10.1057/978-1-137-41160-0_8
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