Spontaneous order?: a critique of the austrian school’s core
DOI:
https://doi.org/10.26439/ddee2024.n04.6029Keywords:
spontaneous order, Austrian School, price system, HayekAbstract
Among the different elements that make up the theoretical core of the Austrian School, emphasis is placed on the notion of spontaneous order. This notion considers the price system as a disperse information synthesizer with which individuals can make all their decisions, thus rejecting all State interventionism since it causes inefficiency and distortion in the price system. In view of the foregoing, this article performs a critical analysis of the spontaneous order from three perspectives: institutional economics, behavioral economics, and post-Keynesian economics. It is concluded that the notion of spontaneous order clearly disagrees from economic reality and is therefore misleading.
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References
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Böhm-Bawerk, E. (1890). Capital and Interest. A Critical History of Economical Theory. MacMillan.
Carabelli, A. M. (1988). On Keynes’s Method. Palgrave Macmillan.
Chang, H. J. (2002). Kicking Away the Ladder: Development Strategy in Historical Perspective. Anthem Press.
Crotty, J. (1994). Are Keynesian uncertainty and macrotheory compatible? Conventional decision making, institutional structures, and conditional stability in Keynesian macromodels. En R. Pollin y G. Dymsky (Eds.), New Perspectives in Monetary Macroeconomics. University of Michigan Press.
Davis, J. B. (1994). Keynes’s Philosophical Development. Cambridge University Press.
Fischhoff, B., Slovic, P. y Lichtenstein, S. (1977). Knowing with certainty: The appropriateness of extreme confidence. Journal of Experimental Psychology: Human Perception and Performance, 3(4), 552.
Fleetwood, S. (1996). Order without equilibrium: A critical realist interpretation of Hayek's notion of spontaneous order. Cambridge Journal of Economics, 20(6), 729-747.
Galbraith, J. K. (1960). La Sociedad Opulenta. Ediciones Ariel.
Hayek, F. (1944). The Road to Serfdom. Routledge.
Hayek, F. (1945). The use of knowledge in society. American Economic Review, 35(4), 519-530.
Hayek, F. (1948). Individualism and Economic Order. University of Chicago Press.
Hayek, F. (1952). The Sensory Order. University of Chicago Press
Hayek, F. (1978). Law, Legislation and Liberty. Routledge.
Hayek, F. (1978). New Studies in Philosophy, Politics, Economics, and the History of Ideas. University of Chicago Press.
Hayek, F. (1988). The Fatal Conceit. The Errors of Socialism. Routledge.
Hechter, M. y Horne, C. (2003). Theories of Social Order: A Reader. Stanford University Press.
Kirzner, I. (1973). Competition and Entrepreneurship. University of Chicago Press.
McKenna, E. y Zannoni, D. (1993). Philosophical foundations of post Keynesian economics. Journal of Post Keynesian Economics, 15(3), 395-407.
Menger, C. (1871). Principles of Economics. Braumüller.
Minsky, H. P. (1986). Stabilizing an Unstable Economy. Yale University Press.
Mises, L. (1949). Human Action. University of Chicago Press.
Nozick, R. (1977). On Austrian methodology. Mathematical Methods of the Social Sciences, 36(3), 353-392.
Peterson, J. D. y Hsieh, C. H. (2003). Do common risk factors in the returns on stocks and bonds explain returns on REITs? Real Estate Economics, 25(2), 321-345.
Rothbard, M. (1962). Man, Economy, and State. Van Nostrand.
Rothbard, M. (1973). For a New Liberty. Mises Institute.
Rothbard, M. (1982). The Ethics of Liberty. New York University Press.
Shiller, R. J. (2000). Irrational Exuberance. Princeton University Press.
Smith, A. (1776). An Inquiry into the Nature and Causes of the Wealth of Nations. Methuen.
Taylor, C. (1985). Human Agency and Language. Cambridge University Press.
Tversky, A. y Kahneman, D. (1974). Judgment under uncertainty: Heuristics and biases. Science, 185(4157), 1124-1131.
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Published
2024-01-18
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Artículos
How to Cite
Spontaneous order?: a critique of the austrian school’s core. (2024). Desafíos: Economía Y Empresa, 004, 65-80. https://doi.org/10.26439/ddee2024.n04.6029
