Choosing One’s Own Informal Institutions: On Hayek’s Critique of Keynes’s Immoralism
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.
|Date of creation:||14 Apr 2008|
|Publication status:||Published in Constitutional Political Economy, 2009, pages 139-159.|
|Contact details of provider:|| Postal: The Ratio Institute, P.O. Box 5095, SE-102 42 Stockholm, Sweden|
Phone: 08-441 59 00
Fax: 08-441 59 29
Web page: http://www.ratio.se/
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Berggren, Niclas, 2003. "Does Belief in Ethical Subjectivism Pose a Challenge to Classical Liberalism?," Ratio Working Papers 27, The Ratio Institute.
- Gary S. Becker, 1974.
"Crime and Punishment: An Economic Approach,"
NBER Chapters,in: Essays in the Economics of Crime and Punishment, pages 1-54
National Bureau of Economic Research, Inc.
- Gary S. Becker, 1968. "Crime and Punishment: An Economic Approach," Journal of Political Economy, University of Chicago Press, vol. 76, pages 169-169.
- Niclas Berggren & Henrik Jordahl, 2006. "Free to Trust: Economic Freedom and Social Capital," Kyklos, Wiley Blackwell, vol. 59(2), pages 141-169, 05.
- Berggren, Niclas & Jordahl, Henrik, 2005. "Free to Trust? Economic Freedom and Social Capital," Ratio Working Papers 64, The Ratio Institute.
- Berggren, Niclas & Jordahl, Henrik, 2005. "Free to Trust? Economic Freedom and Social Capital," Working Paper Series 2005:2, Uppsala University, Department of Economics.
- Sugden, Robert, 1989. "Spontaneous Order," Journal of Economic Perspectives, American Economic Association, vol. 3(4), pages 85-97, Fall.
- R. Skidelsky., 2006. "Hayek versus Keynes: The Road to Reconciliation," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 6.
- Hayek, F. A., 1995. "Contra Keynes and Cambridge," University of Chicago Press Economics Books, University of Chicago Press, edition 1, number 9780226320656 edited by Caldwell, Bruce.
- Anna Carabelli & Nicolo De Vecchi, 2001. "Hayek and Keynes: From a common critique of economic method to different theories of expectations," Review of Political Economy, Taylor & Francis Journals, vol. 13(3), pages 269-285.
- Andy Denis, 2002. "Was Hayek a Panglossian Evolutionary Theorist? A Reply to Whitman," Constitutional Political Economy, Springer, vol. 13(3), pages 275-285, September.
- Klein, Daniel, 2003. "Mere Libertarianism: Blending Hayek and Rothbard," Ratio Working Papers 29, The Ratio Institute.
- Roger Backhouse & Bradley Bateman, 2006. "John Maynard Keynes: Artist, Philosopher, Economist," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 34(2), pages 149-159, June.
- Christian Schubert, 2004. "Hayek and the Evolution of Designed Institutions: a Critical Assessment," Papers on Economics and Evolution 2004-11, Philipps University Marburg, Department of Geography. Full references (including those not matched with items on IDEAS)
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)
If references are entirely missing, you can add them using this form.