Hayek's Speculative Psychology, The Neuroscience of value Estimation, and the Basis of Normative Individualism

Purpose – To review the significance of Hayek's argument, in The Sensory Order, from a connectionist theory of mental architecture to descriptive and normative individualism. Methodology/approach – The chapter reconstructs Hayek's argument, then replaces Hayek's premises about mental architecture with premises derived from the recent neuroscience of reward and consumption, and then explains why the argument no longer goes through. Findings – Hayek's abstract mental architecture was closer to adequacy than most subsequent competing alternatives produced by philosophers. His argument from this architecture to individualism is valid. However, we must now supplement the abstract architecture with complexities drawn from recent neuroscience. These show the argument to be unsound. However, if commitment to descriptive individualism is abandoned, then a new argument from psychological premises to normative individualism is available. Social implications – There is a good argument from psychological premises to normative individualism; but normative individualists should not try to defend their position by resting it on the supposed truth of descriptive individualism. Originality/value – All the main arguments of the chapter are new to the literature.