Critica a Hayek

“…the mutual adjustment process and spontaneous order that hayek envisages is a far cry from rational choice and constrained optimization envisaged by standard economics, hayek was always scading(?) about the assumption that can reach some deterministic and optimal equilibrium, and equally scading(?) about the supporting assumptions that economic agents are either omniscient or fully rational in the sense of operating in accordance to some logic and axiomatic. hayek would have been impatient with the efficient markets hipothesis and would have been equally critical of the rational expectations hypothesis in which the representative agent is assumed to have internalized the correct theory. there can’t be no representative agent in the hayekian world of radically decentralized information, perspectives and subjectives evaluation and there can’t be no theory that can encapsulate the importanve of tacit and contextual knowledge on which market participants can converge.”

“for these reasons hayek largely abandoned formal economics and developed radical theories that prefigured some very modern ideas. for example is hayeks work economic activities are seen not as a matter largelly of conscious direction but of unconsciencious habits and structuring rules…”

“outcomes emerge spontaneously from the partial rule bound mutual interaction of heterogeneous agents”

em “LSE – Hayek on the wisdom of prices






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