Michael Polanyi's vision of economics: Spanning Hayek and Keynes

Agnès Festré

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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 B25; B31; B41 (search for similar items in EconPapers)
Date: 2020-12-02
New Economics Papers: this item is included in nep-his, nep-hme, nep-hpe and nep-pke
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-03036824
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Citations: View citations in EconPapers (1)

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Working Paper: Michael Polanyi' Vision of Economics: Spanning Hayek and Keynes (2019)
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