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Michael Polanyi's vision of economics: Spanning Hayek and Keynes

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  • Agnès Festré

    (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis (1965 - 2019) - CNRS - Centre National de la Recherche Scientifique - UniCA - Université Côte d'Azur)

Abstract

This paper analyses Michael Polanyi's vision of economics. We stress two major features: first, the radical opposition to central planning and his defence of self-organization as a superior mechanism for coordinating individual plans that he shared with Hayek; second, the strong support for state interventionism in order to fight unemployment and limit income inequalities that he borrowed from Keynes. Polanyi blended these two apparently contradictory influences and provided an original institutionalist approach, which has unfortunately been underrated in the economics literature. We argue that this approach is consistent with Polanyi's intellectual background and more specifically, his view on tacit knowledge and his critical approach of liberalism.

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  • Agnès Festré, 2020. "Michael Polanyi's vision of economics: Spanning Hayek and Keynes," Working Papers halshs-03036824, HAL.
    • Handle: RePEc:hal:wpaper:halshs-03036824
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-03036824
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    References listed on IDEAS

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    1. Lee C. Spector & T. Norman Van Cott, 2007. "Textbooks and Pure Fiscal Policy: The Neglect of Monetary Basics," Econ Journal Watch, Econ Journal Watch, vol. 4(1), pages 60-70, January.
    2. 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.
    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. J. C. Gilbert, 1946. "Professor Polanyi's Full Employment and Free Trade1," Manchester School, University of Manchester, vol. 14(2), pages 85-97, August.
    5. Hagemann Harald, 2019. "Impulses and Propagation Mechanisms in Equilibrium Business Cycles Theories: From Interwar Debates to DSGE “Consensus”," Working Papers halshs-02386344, HAL.
    6. 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.
    7. repec:ucp:bkecon:9780226320687 is not listed on IDEAS
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    Cited by:

    1. Eyüp ÖZVEREN & Erkan GÜRPINAR, 2024. "More a Commons Than a Fictitious Commodity: Tacit Knowledge, Sharing, and Cooperation in Knowledge Governance," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(1), pages 3824-3843, March.
    2. Andi Faisal Anwar & Angelina Putri Asnun & Abdul Wahab, 2021. "Measuring the Impact of Inclusive Economic Growth; Empirical Study of SDGs in Indonesia," Technium Social Sciences Journal, Technium Science, vol. 25(1), pages 192-218, November.

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    More about this item

    Keywords

    Michael Polanyi; Hayek; Keynes; spontaneous order; State intervention; liberalism; tacit knowledge; public liberty B25; B31; B41;
    All these keywords.

    JEL classification:

    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology

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