Michael Polanyi' Vision of Economics: Spanning Hayek and Keynes

Agnès Festré

No 2019-41, GREDEG Working Papers from Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France

Abstract: This paper analyses Michael Polanyi's vision of economics. We stress two major features: first, the radical opposition to central planning and his defence of self-organization as a superior mechanism for coordinating individual plans that he shared with Hayek; second, the strong support for state interventionism in order to fight unemployment and limit income inequalities that he borrowed from Keynes. Polanyi blended these two apparently contradictory influences and provided an original institutionalist approach, which has unfortunately been underrated in the economics literature. We argue that this approach is consistent with Polanyi's intellectual background and more specifically, his view on tacit knowledge and his critical approach of liberalism.

Keywords: Michael Polanyi; Hayek; Keynes; spontaneous order; State intervention; liberalism; tacit knowledge; public liberty (search for similar items in EconPapers)
JEL-codes: B25 B31 B41 (search for similar items in EconPapers)
Pages: 35 pages
Date: 2019-12
New Economics Papers: this item is included in nep-his, nep-hme, nep-hpe and nep-pke
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
http://195.220.190.85/GREDEG-WP-2019-41.pdf First version (application/pdf)

Related works:
Working Paper: Michael Polanyi's vision of economics: Spanning Hayek and Keynes (2020)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:gre:wpaper:2019-41

Access Statistics for this paper

More papers in GREDEG Working Papers from Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France Contact information at EDIRC.
Bibliographic data for series maintained by Patrice Bougette ().