Hayek’s new ideas and present-day ones

Hayek’s new ideas and present-day ones This paper reexamines key themes in Friedrich Hayek’s work, including his early macroeconomics and work on overinvestment, as well as his critiques of socialism and corporatism. The paper argues that Hayek’s concern was over economic efficiency rather than innovation. Hayek viewed innovation as exogenous to the business sector, as did Schumpeter. A likely reason for his resistance to innovation as indigenous to the business world was his unease about a theory of the capitalist economy in which the future is indeterminate. Viewing innovation as rare and exogenous helped to minimize the problem of indeterminacy in his economic model. While Hayek’s great ideas will continue to be revered, economic scholarship must now build an economics that gives central place to indigenous innovation in determining a modern economy. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Review of Austrian Economics Springer Journals

Hayek’s new ideas and present-day ones

Loading next page...
 
/lp/springer_journal/hayek-s-new-ideas-and-present-day-ones-UweT1wI9gb
Publisher
Springer US
Copyright
Copyright © 2015 by Springer Science+Business Media New York
Subject
Economics / Management Science; Public Finance & Economics; Political Science, general; Methodology and the History of Economic Thought
ISSN
0889-3047
eISSN
1573-7128
D.O.I.
10.1007/s11138-015-0308-x
Publisher site
See Article on Publisher Site

Abstract

This paper reexamines key themes in Friedrich Hayek’s work, including his early macroeconomics and work on overinvestment, as well as his critiques of socialism and corporatism. The paper argues that Hayek’s concern was over economic efficiency rather than innovation. Hayek viewed innovation as exogenous to the business sector, as did Schumpeter. A likely reason for his resistance to innovation as indigenous to the business world was his unease about a theory of the capitalist economy in which the future is indeterminate. Viewing innovation as rare and exogenous helped to minimize the problem of indeterminacy in his economic model. While Hayek’s great ideas will continue to be revered, economic scholarship must now build an economics that gives central place to indigenous innovation in determining a modern economy.

Journal

The Review of Austrian EconomicsSpringer Journals

Published: Apr 2, 2015

References

You’re reading a free preview. Subscribe to read the entire article.


DeepDyve is your
personal research library

It’s your single place to instantly
discover and read the research
that matters to you.

Enjoy affordable access to
over 12 million articles from more than
10,000 peer-reviewed journals.

All for just $49/month

Explore the DeepDyve Library

Unlimited reading

Read as many articles as you need. Full articles with original layout, charts and figures. Read online, from anywhere.

Stay up to date

Keep up with your field with Personalized Recommendations and Follow Journals to get automatic updates.

Organize your research

It’s easy to organize your research with our built-in tools.

Your journals are on DeepDyve

Read from thousands of the leading scholarly journals from SpringerNature, Elsevier, Wiley-Blackwell, Oxford University Press and more.

All the latest content is available, no embargo periods.

See the journals in your area

DeepDyve Freelancer

DeepDyve Pro

Price
FREE
$49/month

$360/year
Save searches from Google Scholar, PubMed
Create lists to organize your research
Export lists, citations
Read DeepDyve articles
Abstract access only
Unlimited access to over
18 million full-text articles
Print
20 pages/month
PDF Discount
20% off