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Order without Equilibrium: A Critical Realist Interpretation of Hayek's Notion of Spontaneous Order

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  • Fleetwood, Steve

Abstract

An economic system requires a principle of organisation. An adequate theory has to uncover and elaborate this principle Hayek rejects the principle of equilibrium, opting instead for a transformational principle of order. A theory of the latter requires an elaboration of real market processes, and the social structures and mechanisms that govern these processes. The structures and mechanisms that Hayek elaborates upon are social rules and the telecommunication system of prices. The philosophical approach Hayek adopts to obtain this transformational principle is a quasi-critical realist one This critical realist interpretation of Hayek's notion of order illustrates that one can abandon equilibrium without falling into analytical anarchy. (c) 1996 Academic Press Limited Copyright 1996 by Oxford University Press.

Suggested Citation

  • Fleetwood, Steve, 1996. "Order without Equilibrium: A Critical Realist Interpretation of Hayek's Notion of Spontaneous Order," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 20(6), pages 729-747, November.
    • Handle: RePEc:oup:cambje:v:20:y:1996:i:6:p:729-47
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    Cited by:

    1. Edward Fullbrook, 1998. "Shifting the mainstream: Lawson's impetusEconomics and Reality tony lawson routledge, 1997, 364 pp," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 26(4), pages 431-440, December.
    2. Anthony M. Endres & David A. Harper, 2012. "The kinetics of capital formation and economic organisation," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 36(4), pages 963-980.
    3. Sandye Gloria-Palermo, 2002. "Continuité dans la pensée hayekienne. Une résistance planifiée contre l'interventionnisme," Recherches économiques de Louvain, De Boeck Université, vol. 68(3), pages 313-333.
    4. Simon Deakin & Stephen Pratten, 1999. "Reinventing the Market? Competition and Regulatory Change in Broadcasting," Working Papers wp134, Centre for Business Research, University of Cambridge.
    5. João Rodrigues, 2013. "Between Rules and Incentives: Uncovering Hayek's Moral Economy," American Journal of Economics and Sociology, Wiley Blackwell, vol. 72(3), pages 565-592, July.
    6. Paul Lewis, 2008. "Solving the “Lachmann Problem”: Orientation, Individualism, and the Causal Explanation of Socioeconomic Order," American Journal of Economics and Sociology, Wiley Blackwell, vol. 67(5), pages 827-857, November.
    7. Miguel A. Durán, 2005. "The problems of the the Co-Ordination problem," ThE Papers 05/09, Department of Economic Theory and Economic History of the University of Granada..
    8. Fiorenza BELUSSI & Luciano PILOTTI, 2006. "Eterogeneità delle imprese e varietà dei modelli organizzativi. Conoscenze, risorse, relazioni, e istituzioni: verso una prospettiva integrata della teoria dell’impresa," Departmental Working Papers 2006-27, Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano.
    9. Lewis, Paul, 2021. "Elinor's Ostrom's ‘realist orientation’: An investigation of the ontological commitments of her analysis of the possibility of self-governance," Journal of Economic Behavior & Organization, Elsevier, vol. 189(C), pages 623-636.
    10. Karen Vaughn, 1999. "Hayek's Implicit Economics: Rules and the Problem of Order," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 11(1), pages 129-144, January.
    11. Nicola Giocoli, 2016. "Truth or precision? Some reflections on the economists’ failure to predict the financial crisis," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 29(4), pages 371-386, December.
    12. Paul Lewis & John Meadowcroft, 2024. "Constitutional artisans: James Buchanan and Vincent Ostrom on artifactual man, the constitutional attitude, and the political economy of constitutional design," Constitutional Political Economy, Springer, vol. 35(3), pages 363-387, September.
    13. Steve Fleetwood, 2007. "Austrian economics and the analysis of labor markets," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 20(4), pages 247-267, December.
    14. Lewis, Paul & Runde, Jochen, 2007. "Subjectivism, social structure and the possibility of socio-economic order: The case of Ludwig Lachmann," Journal of Economic Behavior & Organization, Elsevier, vol. 62(2), pages 167-186, February.
    15. Nuno Ornelas Martins, 2014. "Process and Order in Classical and Marginalist Economics," Working Papers de Economia (Economics Working Papers) 06, Católica Porto Business School, Universidade Católica Portuguesa.
    16. Paul Lewis, 2023. "The Hand Behind the Invisible Hand: Reflections on a Recurring Theme in Classical Liberal Political Economy," Contributions to Political Economy, Cambridge Political Economy Society, vol. 42(1), pages 78-100.
    17. Lukáš Kovanda, 2010. "Kritický realismus: ontologická báze postkeynesovské ekonomie [Critical Realism as an Ontological Basis of Post-Keynesianism]," Politická ekonomie, Prague University of Economics and Business, vol. 2010(5), pages 608-622.
    18. Paul Lewis, 2005. "Structure, agency and causality in post-revival Austrian economics: tensions and resolutions," Review of Political Economy, Taylor & Francis Journals, vol. 17(2), pages 291-316.
    19. Imko Meyenburg, 2022. "A possibilist justification of the ontology of counterfactuals and forecasted states of economies in economic modelling," Working Papers hal-03751205, HAL.
    20. Paul Lewis & Richard E. Wagner, 2017. "New Austrian macro theory: A call for inquiry," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 30(1), pages 1-18, March.
    21. Paul Lewis, 2005. "Boettke, The Austrian School and the Reclamation of Reality in Modern Economics," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 18(1), pages 83-108, January.

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