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The Role Of Rules In The Evolution Of The Market System: Hayek’S Concept Of Evolutionary Epistemology

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  • Miloš Krstić

Abstract

Starting from the concept of the Darwinian paradigm that, by using Darwin’s principles of variation, selection, and retention, all domains from biology to economic systems can be explained, the advocates of modern evolutionary epistemology have analysed the role of thoughtful institutional design in the process of cultural evolution. In light of the issue of how human intention and evolutionary forces interact in socio-economic processes, this paper examines the views of F. A. Hayek, the most famous follower of evolutionary epistemology, on the evolution of the market economy system. In this paper special attention will be devoted to Hayek’s concept of rational liberalism and his evolutionary epistemology.

Suggested Citation

  • Miloš Krstić, 2012. "The Role Of Rules In The Evolution Of The Market System: Hayek’S Concept Of Evolutionary Epistemology," Economic Annals, Faculty of Economics and Business, University of Belgrade, vol. 57(194), pages 123-140, July - Se.
    • Handle: RePEc:beo:journl:v:57:y:2012:i:194:p:123-140
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    References listed on IDEAS

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    1. Jack Vromen, 2006. "Routines, genes and program-based behavior," Journal of Evolutionary Economics, Springer, vol. 16(5), pages 543-560, December.
    2. Beinhocker, Eric D., 2011. "Evolution as computation: integrating self-organization with generalized Darwinism," Journal of Institutional Economics, Cambridge University Press, vol. 7(3), pages 393-423, September.
    3. Viktor J. Vanberg, 2011. "Darwinian Paradigm, Cultural Evolution and Human Purposes: On F.A. Hayek’s Evolutionary View of the Market," Papers on Economics and Evolution 2011-19, Philipps University Marburg, Department of Geography.
    4. Michael Wohlgemuth, 2011. "Is there a Paradox of a Hayekian Paternalist?," Papers on Economics and Evolution 2011-22, Philipps University Marburg, Department of Geography.
    5. Vanberg, Viktor J., 2005. "Market and state: the perspective of constitutional political economy," Journal of Institutional Economics, Cambridge University Press, vol. 1(1), pages 23-49, June.
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    More about this item

    Keywords

    market systems; knowledge; abstract rules; ‘blind’; evolutionary exploration; institutional design; planning;
    All these keywords.

    JEL classification:

    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;

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