Internationale Finanzmärkte aus einer von Hayek inspirierten Sicht

Streissler Erich W.

ORDO. Jahrbuch für die Ordnung von Wirtschaft und Gesellschaft, 2000, vol. 51, issue 1, 75-96

Abstract: Hayek’s theory of information, centered around the role of prices, shows that market prices collect and send essentially necessary economic information. This theory has found full fruition in the theory of financial markets. It is difficult to show, however, how information enters into price formation, a question which Hayek neglected, focusing as he did - in a perspective similar to that of General Equilibrium Analysis - on already existing prices. Monopolistic elements and market imperfections are essential in the course of price formation. Also, it is unclear whether prices will not embody faulty information, a possibility which Hayek himself assumes in his theory of the business cycle. Furthermore, it is unclear whether present prices do, indeed, provide all the necessary information for entrepreneurs. Many of these problems are being solved, however, by the evolution of financial markets due to institutional competition between their various forms.

Date: 2000
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DOI: 10.1515/ordo-2000-0105

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