On fallibility and perfection: Boettke’s Hayek vs. mainline economics

Sandra J. Peart ()
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Sandra J. Peart: University of Richmond

The Review of Austrian Economics, 2020, vol. 33, issue 1, No 16, 276 pages

Abstract: Abstract Peter Boettke’s F.A. Hayek Economics, Political Economy, and Social Philosophy (Palgrave 2019) is a nuanced treatment that examines the historical context of Hayek’s work as well as its contemporary context. Boettke’s major argument is worth emphasizing at the outset: Hayek, he argues, is an epistemic institutionalist. To Boettke, I would add that economists moved away from a preoccupation with institutions earlier than Boettke allows. For Hayek, people are fallible but they learn within the context of various institutional arrangements. For the early neoclassical economists, by contrast, the theorists who know better have the authority to ensure that the inferiors optimize.

Keywords: Friedrich Hayek; Tjalling Koopmans; Alfred Marshall; William Stanley Jevons; Rutledge Vining; Epistemic institutionalist; Neoclassical economics; Virginia political economy; B13; B2; B31 (search for similar items in EconPapers)
Date: 2020
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DOI: 10.1007/s11138-019-00480-x

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