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Tag Archives: Friedrich von Hayek

How Hayek’s Evolutionary Theory Disproves His Politics — David Sloan Wilson interviews Sam Bowles

As an evolutionist critiquing the field of economics, I felt like a disciplinary outsider until I encountered the work of Friedrich Hayek. The Austrian economist was himself critical of Walrasian general equilibrium theory and proposed a radical alternative: Economic systems are a form of distributed intelligence that evolved by cultural group selection. They work without having been designed by anyone. That was my area of expertise. I had to admire Hayek as a pioneer, especially since...

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Brad DeLong — Must-Read: Samuel Bowles, Alan Kirman, and Rajiv Sethi: Friedrich Hayek and the Market Algorithm

Does anyone else see a parallel between Hayek's view of markets as information systems that generate natural spontaneous order and intelligent design arguments in evolutionary theory, harkening back 18th century Deism?The point of the paper is that while Hayek was on to some good things, he let his liberal ideology run away with him, making claims that are not substantiated by his economic work.WCEG — The EquitablogMust-Read: Samuel Bowles, Alan Kirman, and Rajiv Sethi*: Friedrich Hayek...

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