Rechtsordnung und Handelnsordnung

Streit Manfred E.

ORDO. Jahrbuch für die Ordnung von Wirtschaft und Gesellschaft, 1999, vol. 50, issue 1, 93-104

Abstract: The article commemorates a lecture with the same title presented by Hayek as a contribution to a lecture series offered by his Freiburg faculty during the winter-term 1966/67. By drawing on Hayek’s contribution some basic research themes of institutional economics are presented, i.e., the emergence, the incidence and the change of institutions. First, the relationship between human cognition and the emergence of institutions are analysed. Thereafter the author considers the hypothesis that the economic order, particularly the spontaneous order of the market, is based on corresponding institutions. This allows to deal with Hayek’s understanding of order which contains elements of criticism of the neoclassical theory of allocation and of welfare. Finally, institutional change and, related to it, institutional competition or competition among institutional systems as a factor of institutional change are discussed.

Date: 1999
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DOI: 10.1515/ordo-1999-0111

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