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Michael Polanyi’s vision of government and economics: Spanning Hayek and Keynes

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  • Festré, Agnès

Abstract

This paper gives an interpretation of Michael Polanyi’s vision of government and economics as spanning between Hayek and Keynes. The influence of Hayek is manifested by his opposition to central planning and the defence of self-organization as a superior mechanism for coordinating individual plans, while the influence of Keynes is evidenced by his strong support for government interventionism in order to dampen economic fluctuations, fight unemployment and limit income inequalities. Polanyi blended these two influences and produced an idiosyncratic approach to government and economics, which has until recently been underrated in the literature. Our aim in this paper is to show that, by considering Polanyi’s mixed vision of the market economy as embedded in his broader pursuits into the nature of knowledge and liberalism one can find coherence which cannot otherwise be found.

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  • Festré, Agnès, 2021. "Michael Polanyi’s vision of government and economics: Spanning Hayek and Keynes," Journal of Government and Economics, Elsevier, vol. 4(C).
    • Handle: RePEc:eee:jogoec:v:4:y:2021:i:c:s2667319321000264
    DOI: 10.1016/j.jge.2021.100026
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    References listed on IDEAS

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    1. Agnès Festré & Pierre Garrouste, 2009. "The economic analysis of social norms: A reappraisal of Hayek’s legacy," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 22(3), pages 259-279, September.
    2. Michael Polanyi, 1948. "Planning and Spontaneous Order," Manchester School, University of Manchester, vol. 16(3), pages 237-268, September.
    3. Jacobs, Struan, 1999. "Michael Polanyi's Theory of Spontaneous Orders," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 11(1-2), pages 111-127.
    4. M. Polanyi, 1940. "Economics by Motion Symbols," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 8(1), pages 1-19.
    5. Voigt Stefan, 1992. "On The Internal Consistency Of Hayek’S Evolutionary Oriented Constitutional Economics – Some General Remarks," Journal des Economistes et des Etudes Humaines, De Gruyter, vol. 3(4), pages 461-476, December.
    6. Smith, Vernon L, 1976. "Experimental Economics: Induced Value Theory," American Economic Review, American Economic Association, vol. 66(2), pages 274-279, May.
    7. Bíró, Gábor István, 2020. "Michael Polanyi’S Neutral Keynesianism And The First Economics Film, 1933 To 1945," Journal of the History of Economic Thought, Cambridge University Press, vol. 42(3), pages 335-356, September.
    8. Struan Jacobs, 1999. "Michael Polanyi's Theory of Spontaneous Orders," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 11(1), pages 111-127, January.
    9. Li, David Daokui & Maskin, Eric S., 2021. "Government and economics: An emerging field of study," Journal of Government and Economics, Elsevier, vol. 1(C).
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