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Cognition, competition, and catallaxy in memory of Friedrich August von Hayek

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  • Manfred Streit

Abstract

The paper focuses on central elements of the scientific work of Friedrich A. v. Hayek since the 1930s. In a first part, his epistemological position and its implications for his understanding of the tasks of the social sciences are presented as he set them out particularly in theSensory Order (1952). Then, it is shown how his findings in economic theory as well as in the analysis of economic and societal systems are formed by these foundations. His emphasis on the subjectivity and the constitutional limitations of human knowledge is identified as a precondition for the outstanding analytical insights which he gained with regard to the functioning of a market order and the role of institutions in societal development. Furthermore, it is argued that Hayek's enduring campaign for freedom and against the socialist tendencies in welfare states was not simply a matter of personal conviction. It was also the result of his analysis in constitutional political economy which revealed to him that freedom as a normative basis of economic and societal institutions is the key to the explanation of European cultural evolution. Copyright George Mason University 1993

Suggested Citation

  • Manfred Streit, 1993. "Cognition, competition, and catallaxy in memory of Friedrich August von Hayek," Constitutional Political Economy, Springer, vol. 4(2), pages 223-262, March.
    • Handle: RePEc:kap:copoec:v:4:y:1993:i:2:p:223-262
    DOI: 10.1007/BF02393081
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    1. Loy, Claudia, 1988. "Marktsystem und Gleichgewichtstendenz," Untersuchungen zur Ordnungstheorie und Ordnungspolitik, Mohr Siebeck, Tübingen;Walter Eucken Institut, Freiburg, Germany, edition 1, volume 24, number urn:isbn:9783163453449.
    2. Voigt Stefan, 1991. "Die evolutionsorientierte Theorie der Verfassung – Bemerkungen zum Ansatz von Hayeks –," Zeitschrift für Wirtschaftspolitik, De Gruyter, vol. 40(1-3), pages 93-108, September.
    3. Radner, Roy, 1979. "Rational Expectations Equilibrium: Generic Existence and the Information Revealed by Prices," Econometrica, Econometric Society, vol. 47(3), pages 655-678, May.
    4. von Hayek, Friedrich August, 1989. "The Pretence of Knowledge," American Economic Review, American Economic Association, vol. 79(6), pages 3-7, December.
    5. Vanberg, Viktor J., 1981. "Liberaler Evolutionismus oder vertragstheoretischer Konstitutionalismus?," Beiträge zur Ordnungstheorie und Ordnungspolitik, Mohr Siebeck, Tübingen;Walter Eucken Institut, Freiburg, Germany, edition 1, volume 80, number urn:isbn:9783163444119, December.
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    Cited by:

    1. Michael Wohlgemuth, 2013. "The Freiburg school and the Hayekian challenge," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 26(2), pages 149-170, June.
    2. Kiwit Daniel, 1996. "Path-Dependence In Technological And Institutional Change – Some Criticisms And Suggestions," Journal des Economistes et des Etudes Humaines, De Gruyter, vol. 7(1), pages 69-94, March.
    3. Shinji Teraji, 2014. "On cognition and cultural evolution," Mind & Society: Cognitive Studies in Economics and Social Sciences, Springer;Fondazione Rosselli, vol. 13(2), pages 167-182, November.
    4. Dold, Malte & Lewis, Paul, 2022. "F.A. Hayek on the political economy of endogenous preferences: An historical overview and contemporary assessment," Journal of Economic Behavior & Organization, Elsevier, vol. 196(C), pages 104-119.
    5. Eggertsson, Thrainn, 1997. "The old theory of economic policy and the new institutionalism," World Development, Elsevier, vol. 25(8), pages 1187-1203, August.

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