Orders, Orders, Everywhere … on Hayek's The Market and Other Orders

46 Pages Posted: 9 Oct 2014 Last revised: 8 Jan 2015

See all articles by Paul A. Lewis

Paul A. Lewis

King's College London

Peter Lewin

University of Texas at Dallas - School of Management - Department of Finance & Managerial Economics

Date Written: January 2015

Abstract

This paper is a review essay of the latest volume of The Collected Works of F.A. Hayek, entitled 'The Market and other Orders.' The paper examines the development of Hayeks' ideas about order, as manifested in the essays collected in this volume. Issues examined include: Hayek's accounts of the market and the mind as spontaneous orders; his reliance in those accounts on the notion of emergence; his account of complex systems, in particular his vision of the world as consisting of many different, hierarchically-organised, and interacting, complex orders, of which the market is but one; his analysis of cultural evolution as occurring via a process of group selection; his preference for the notion of 'order' over that of 'equilibrium'; and the relation of his ideas on complexity to those of modern complexity theorists.

Keywords: Hayek, Austrian economics, spontaneous order, complexity, emergence

JEL Classification: A31, B2, B3, B4, B5, D5, P00

Suggested Citation

Lewis, Paul Andrew and Lewin, Peter, Orders, Orders, Everywhere … on Hayek's The Market and Other Orders (January 2015). Available at SSRN: https://ssrn.com/abstract=2507643 or http://dx.doi.org/10.2139/ssrn.2507643

Paul Andrew Lewis (Contact Author)

King's College London ( email )

Bush House
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London, WC2R 2LS
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HOME PAGE: http://www.kcl.ac.uk/sspp/departments/politicaleconomy/people/academic/lewis.aspx

Peter Lewin

University of Texas at Dallas - School of Management - Department of Finance & Managerial Economics ( email )

2601 North Floyd Road
P.O. Box 830688
Richardson, TX 75083
United States

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