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Order without equilibrium: a critical realist interpretation of Hayek's notion of spontaneous order

Order without equilibrium: a critical realist interpretation of Hayek's notion of spontaneous order An economic system requires a principle of organisation. An adequate theory has to uncover and elaborate this principle. Hayek rejects the principle of equilibrium, opting instead for a transformational principle of order . A theory of the latter requires an elaboration of real market processes, and the social structures and mechanisms that govern these processes. The structures and mechanisms that Hayek elaborates upon are social rules and the telecommunication system of prices. The philosophical approach Hayek adopts to obtain this transformational principle is a quasi-critical realist one. This critical realist interpretation of Hayek's notion of order illustrates that one can abandon equilibrium without falling into analytical anarchy. © 1996 Academic Press Limited « Previous | Next Article » Table of Contents This Article Camb. J. Econ. (1996) 20 (6): 729-747. » Abstract Free Full Text (PDF) Free Classifications Article Services Article metrics Alert me when cited Alert me if corrected Find similar articles Similar articles in Web of Science Add to my archive Download citation Request Permissions Citing Articles Load citing article information Citing articles via CrossRef Citing articles via Scopus Citing articles via Web of Science Citing articles via Google Scholar Google Scholar Articles by Fleetwood, S. Search for related content Related Content B41 - Economic Methodology D00 - General Load related web page information Share Email this article CiteULike Delicious Facebook Google+ Mendeley Twitter What's this? Search this journal: Advanced » Current Issue November 2015 39 (6) Alert me to new issues The Journal About this journal Rights & Permissions Dispatch date of the next issue We are mobile – find out more This journal is a member of the Committee on Publication Ethics (COPE) Published on behalf of The Cambridge Political Economy Society Impact factor: 1.311 5-Yr impact factor: 1.627 Managing Editor Jacqui Lagrue View full editorial board For Authors Instructions to authors Self- archiving policy Submit Now! Online submission instructions Call for papers for a special issue - ‘Cranks’ and ‘brave heretics’: Rethinking money and banking after the Great Financial Crisis (GFC) Alerting Services Email table of contents Email Advance Access CiteTrack XML RSS feed Corporate Services Advertising sales Reprints Supplements var taxonomies = ("SOC00720", "SOC02330", "SOC02580"); Most Most Read Structural causes of the global financial crisis: a critical assessment of the 'new financial architecture' Rising inequality as a cause of the present crisis Inflation and economic growth in an open developing country: the case of Brazil The evolving international monetary system A developing country view of the current global crisis: what should not be forgotten and what should be done » View all Most Read articles Most Cited Localised learning and industrial competitiveness The Emilian model: productive decentralisation and social integration Critical survey. The new 'geographical turn' in economics: some critical reflections The 'National System of Innovation' in historical perspective Financialisation and the slowdown of accumulation » View all Most Cited articles Disclaimer: Please note that abstracts for content published before 1996 were created through digital scanning and may therefore not exactly replicate the text of the original print issues. All efforts have been made to ensure accuracy, but the Publisher will not be held responsible for any remaining inaccuracies. If you require any further clarification, please contact our Customer Services Department. 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Order without equilibrium: a critical realist interpretation of Hayek's notion of spontaneous order

Cambridge Journal of Economics , Volume 20 (6) – Nov 1, 1996

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Publisher
Oxford University Press
Copyright
Copyright © 2015 Cambridge Political Economy Society
ISSN
0309-166X
eISSN
1464-3545
DOI
cje;20/6/729
Publisher site
See Article on Publisher Site

Abstract

An economic system requires a principle of organisation. An adequate theory has to uncover and elaborate this principle. Hayek rejects the principle of equilibrium, opting instead for a transformational principle of order . A theory of the latter requires an elaboration of real market processes, and the social structures and mechanisms that govern these processes. The structures and mechanisms that Hayek elaborates upon are social rules and the telecommunication system of prices. The philosophical approach Hayek adopts to obtain this transformational principle is a quasi-critical realist one. This critical realist interpretation of Hayek's notion of order illustrates that one can abandon equilibrium without falling into analytical anarchy. © 1996 Academic Press Limited « Previous | Next Article » Table of Contents This Article Camb. J. Econ. (1996) 20 (6): 729-747. » Abstract Free Full Text (PDF) Free Classifications Article Services Article metrics Alert me when cited Alert me if corrected Find similar articles Similar articles in Web of Science Add to my archive Download citation Request Permissions Citing Articles Load citing article information Citing articles via CrossRef Citing articles via Scopus Citing articles via Web of Science Citing articles via Google Scholar Google Scholar Articles by Fleetwood, S. Search for related content Related Content B41 - Economic Methodology D00 - General Load related web page information Share Email this article CiteULike Delicious Facebook Google+ Mendeley Twitter What's this? Search this journal: Advanced » Current Issue November 2015 39 (6) Alert me to new issues The Journal About this journal Rights & Permissions Dispatch date of the next issue We are mobile – find out more This journal is a member of the Committee on Publication Ethics (COPE) Published on behalf of The Cambridge Political Economy Society Impact factor: 1.311 5-Yr impact factor: 1.627 Managing Editor Jacqui Lagrue View full editorial board For Authors Instructions to authors Self- archiving policy Submit Now! Online submission instructions Call for papers for a special issue - ‘Cranks’ and ‘brave heretics’: Rethinking money and banking after the Great Financial Crisis (GFC) Alerting Services Email table of contents Email Advance Access CiteTrack XML RSS feed Corporate Services Advertising sales Reprints Supplements var taxonomies = ("SOC00720", "SOC02330", "SOC02580"); Most Most Read Structural causes of the global financial crisis: a critical assessment of the 'new financial architecture' Rising inequality as a cause of the present crisis Inflation and economic growth in an open developing country: the case of Brazil The evolving international monetary system A developing country view of the current global crisis: what should not be forgotten and what should be done » View all Most Read articles Most Cited Localised learning and industrial competitiveness The Emilian model: productive decentralisation and social integration Critical survey. The new 'geographical turn' in economics: some critical reflections The 'National System of Innovation' in historical perspective Financialisation and the slowdown of accumulation » View all Most Cited articles Disclaimer: Please note that abstracts for content published before 1996 were created through digital scanning and may therefore not exactly replicate the text of the original print issues. All efforts have been made to ensure accuracy, but the Publisher will not be held responsible for any remaining inaccuracies. If you require any further clarification, please contact our Customer Services Department. Online ISSN 1464-3545 - Print ISSN 0309-166X Copyright © 2015 Cambridge Political Economy Society Oxford Journals Oxford University Press Site Map Privacy Policy Cookie Policy Legal Notices Frequently Asked Questions Other Oxford University Press sites: Oxford University Press Oxford Journals China Oxford Journals Japan Academic & Professional books Children's & Schools Books Dictionaries & Reference Dictionary of National Biography Digital Reference English Language Teaching Higher Education Textbooks International Education Unit Law Medicine Music Online Products & Publishing Oxford Bibliographies Online Oxford Dictionaries Online Oxford English Dictionary Oxford Language Dictionaries Online Oxford Scholarship Online Reference Rights and Permissions Resources for Retailers & Wholesalers Resources for the Healthcare Industry Very Short Introductions World's Classics function fnc_onDomLoaded() { var query_context = getQueryContext(); PF_initOIUnderbar(query_context,":QS:default","","JRN"); PF_insertOIUnderbar(0); }; if (window.addEventListener) { window.addEventListener('load', fnc_onDomLoaded, false); } else if (window.attachEvent) { window.attachEvent('onload', fnc_onDomLoaded); } var gaJsHost = (("https:" == document.location.protocol) ? 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Journal

Cambridge Journal of EconomicsOxford University Press

Published: Nov 1, 1996

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