Hayek, Social Theory and the Contrastive Explanation of Socio-Economic Order
Critical Review Vol. 25, Nos. 3-4
19 Pages Posted: 8 Dec 2014
Date Written: 2013
Hayek’s later work on the possibility of socio-economic order in decentralized market economies is an exercise in contrastive causal explanation as conceptualized by realist social theorists and philosophers. This interpretation of Hayek’s work lends support to the view that Hayek’s post-1960 writings can be thought of as an example of comparative institutional analysis. It also provides a means of reinforcing Hayek’s own efforts to establish the scientific credentials of his work.
Keywords: Hayek, Austrian economics, scientism, ontology, comparative institutional analysis
JEL Classification: A12, B31, B41
Suggested Citation: Suggested Citation