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L'ordre de marché comme croyance

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  • François Facchini

    (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)

Abstract

This article proposes a radically subjective theory of market order. It argues that we should reject the theories that construct a rigid notion of order around a pre-existing model (equilibrium theory and theory of self-organising orders) (2) in favour of a conception of order from the point of view of agents (3). In this context, order is non longer defined in terms of criteria imposed ex ante by the observer, but in terms of the rules of which it is constituted. Market order is then approached as a sui generic order which is by nature invisible, because it is mental. The market is an order because agents possess the motivation and desire to believe that it is. Under these conditions, the market order can only survive as long as it is perceived as such by individuals seeking to carry out projects of production and consumption through exchange.

Suggested Citation

  • François Facchini, 2005. "L'ordre de marché comme croyance," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-00433088, HAL.
    • Handle: RePEc:hal:cesptp:hal-00433088
    DOI: 10.52195/pm.v2i2.352
    Note: View the original document on HAL open archive server: https://hal.science/hal-00433088
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    References listed on IDEAS

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    1. Roger Koppl & William Butos, 2001. "Confidence in Keynes and Hayek: Reply to Burczak," Review of Political Economy, Taylor & Francis Journals, vol. 13(1), pages 81-86.
    2. Benson, Bruce L, 1999. "An Economic Theory of the Evolution of Governance and the Emergence of the State," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 12(2), pages 131-160, November.
    3. Buchanan, James M. & Vanberg, Viktor J., 1991. "The Market as a Creative Process," Economics and Philosophy, Cambridge University Press, vol. 7(2), pages 167-186, October.
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