Reflections On Hayek | Samuel Bowles et al | Vox EU | 8th December 2017

Published: 8/12/2017
Reflections On Hayek | Samuel Bowles et al | Vox EU | 8th December 2017
Source: THEBROWSER.COM

Friedrich Hayek saw the market economy as an information-processing system, deriving equilibria from the actions of large numbers of individuals by treating prices as signals. A brilliant formulation. But was Hayek correct to deduce from this that markets and governments were fundamentally opposed, and that markets should take over much of the work of governments? “One can appreciate his insights

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