Hayek: From Economics as Equilibrium Analysis to Economics as Social Theory

Forthcoming in R. Garrison and N.P. Barry (ed., 2014), The Elgar Companion to Hayek. Cheltenham: Edward Elgar.

24 Pages Posted: 9 Jan 2015

Date Written: December 2014

Abstract

This paper outlines the development of Hayek's account of the working of decentralised economies, focusing in particular on his move away from using the notion of economic equilibrium towards an emphasis on the notion of 'order'.

Keywords: Hayek, order, equilibrium, ontology, Austrian economics.

JEL Classification: B2, B3, B4, B30, B31, B40, B41

Suggested Citation

Lewis, Paul Andrew, Hayek: From Economics as Equilibrium Analysis to Economics as Social Theory (December 2014). Forthcoming in R. Garrison and N.P. Barry (ed., 2014), The Elgar Companion to Hayek. Cheltenham: Edward Elgar., Available at SSRN: https://ssrn.com/abstract=2546259

Paul Andrew Lewis (Contact Author)

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