IDEAS home Printed from https://ideas.repec.org/p/hhs/ratioi/0118.html
   My bibliography  Save this paper

Choosing One’s Own Informal Institutions: On Hayek’s Critique of Keynes’s Immoralism

Author

Listed:

Abstract

In the main, Hayek favored rules that apply equally to all and located such rules in tradition, beyond conscious construction. This led Hayek to attack Keynes’s immoralism, i.e. the position that one should be free to choose how to lead one’s life irrespective of the informal institutions in place. However, it is argued here that immoralism may be compatible with Hayek’s enterprise since Hayek misinterpreted Keynes, who did not advo-cate the dissolving of all informal rules for everybody. By avoiding this misinterpretation, immoralism can be seen as institutional experimentation at the margin, which Hayek himself favored.

Suggested Citation

  • Berggren, Niclas, 2008. "Choosing One’s Own Informal Institutions: On Hayek’s Critique of Keynes’s Immoralism," Ratio Working Papers 118, The Ratio Institute.
  • Handle: RePEc:hhs:ratioi:0118
    as

    Download full text from publisher

    File URL: http://www.ratio.se/pdf/wp/nb_informal.pdf
    Download Restriction: no

    Other versions of this item:

    References listed on IDEAS

    as
    1. Bengtsson, Mikael & Berggren, Niclas & Jordahl, Henrik, 2005. "Trust and Growth in the 1990s: A Robustness Analysis," Ratio Working Papers 60, The Ratio Institute.
    2. Sugden, Robert, 1989. "Spontaneous Order," Journal of Economic Perspectives, American Economic Association, vol. 3(4), pages 85-97, Fall.
    3. Christian Schubert, 2005. "Hayek and the Evolution of Designed Institutions: A Critical Assessment," Chapters,in: Entrepreneurship, Money and Coordination, chapter 4 Edward Elgar Publishing.
    4. Berggren, Niclas, 2003. "Does Belief in Ethical Subjectivism Pose a Challenge to Classical Liberalism?," Ratio Working Papers 27, The Ratio Institute.
    5. Andy Denis, 2002. "Was Hayek a Panglossian Evolutionary Theorist? A Reply to Whitman," Constitutional Political Economy, Springer, pages 275-285.
    6. Klein, Daniel, 2003. "Mere Libertarianism: Blending Hayek and Rothbard," Ratio Working Papers 29, The Ratio Institute.
    7. Roger Backhouse & Bradley Bateman, 2006. "John Maynard Keynes: Artist, Philosopher, Economist," Atlantic Economic Journal, Springer;International Atlantic Economic Society, pages 149-159.
    8. Niclas Berggren & Henrik Jordahl, 2006. "Free to Trust: Economic Freedom and Social Capital," Kyklos, Wiley Blackwell, vol. 59(2), pages 141-169, May.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Institutions; rules; traditions; morality; liberty; rule of law;

    JEL classification:

    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School
    • O17 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Formal and Informal Sectors; Shadow Economy; Institutional Arrangements
    • P48 - Economic Systems - - Other Economic Systems - - - Political Economy; Legal Institutions; Property Rights; Natural Resources; Energy; Environment; Regional Studies
    • Z13 - Other Special Topics - - Cultural Economics - - - Economic Sociology; Economic Anthropology; Language; Social and Economic Stratification

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hhs:ratioi:0118. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Martin Korpi). General contact details of provider: http://edirc.repec.org/data/ratiose.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.