Tag: spontaneous order

Hayek: The Market and Other Orders

Volume 15 of the Collected Works of F. A. Hayek has just been published by the University of Chicago Press. This volume, edited by series editor and Hayek biographer Bruce Caldwell, is The Market and Other Orders. It contains many of Hayek’s most important papers:

  • The Use of Knowledge in Society
  • The Meaning of Competition
  • The Results of Human Action but Not of Human Design
  • Competition as a Discovery Procedure
  • The Pretence of Knowledge, his Nobel Prize lecture
  • and The Political Ideal of the Rule of Law, lectures delivered in Egypt in 1954-55 that served as early drafts of chapters 11, 12, 13, 14, and 16 of The Constitution of Liberty

That’s only the beginning in this impressive volume, which should be of interest to any Hayek scholar, and indeed any student of economics or complex social orders.

Lawrence Summers, former secretary of the Treasury and president of Harvard, said in an interview for The Commanding Heights, Daniel Yergin and Joseph Stanislaw’s 1998 study of the resurgence of economic liberalism,

What’s the single most important thing to learn from an economics course today? What I tried to leave my students with is the view that the invisible hand is more powerful than the hidden hand. Things will happen in well-organized efforts without direction, controls, plans. That’s the consensus among economists. That’s the Hayek legacy.

This volume is a great introduction to those key ideas.


The King’s Speech

His Royal Highness Prince Charles, who lives, well, like a king, off wealth that his ancestors stole, appears at a Washington Post conference to tell his still-recalcitrant former subjects to change their economic system. As befitting a hereditary aristocrat, coming from a long line of people used to issuing orders, with little interest in spontaneous order or actual economic growth, he finds an

urgent need for … the willingness of all aspects of society — the public, private and NGO [non-governmental organizations] sectors, large corporations and small organizations — to work together to build an economic model built upon resilience and diversity.

Sure thing, guv’nor, we’ll get right on that.