Abstract
Hayek’s project is a challenge to the scientistic understanding of economics and political economy, and a rejection of constructivist rationalism in social philosophy. It is a project full of tensions, but also of great promise. As a social scientist, he emphasized the limits of our knowledge in devising institutions. As a political economist, he made policy recommendations, with the specifics of those recommendations evolving over time. Nonetheless, his ideas remain important and anyone with an interest in the study of society must wrestle with them. Doing so requires going beyond the many misconceptions about Hayek’s work and taking him as the serious and influential thinker he was and still is.
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Notes
- 1.
This is also relevant for the discussions about group selection and Hayek’s commitment to methodological individualism.
- 2.
On the relationship between rationality and institutions to understand human behavior, see Elinor Ostrom, Governing the Commons (1990, 25–26).
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Boettke, P.J. (2018). The Hayekian Legacy. In: F. A. Hayek. Great Thinkers in Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-137-41160-0_11
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DOI: https://doi.org/10.1057/978-1-137-41160-0_11
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