Marx's value forms and Hayek's rules: a reinterpretation in the light of the dichotomy between physis and nomos

Hoon Hong

Cambridge Journal of Economics, 2002, vol. 26, issue 5, 613-635

Abstract: This paper argues that both Marx and Hayek objected to the dichotomy between physis and nomos, and offered concepts which integrate, or mediate between, the two. Marx's value forms and Hayek's rules aim to grasp something neither purely natural nor purely artificial or social, but 'socially natural'. Value forms and rules are natural in the sense that they pre-exist agents and are taken by agents as given. On the other hand, forms and rules are social in that production relations or spontaneous order are reproduced as the unintended consequences of agents' using forms or following rules. Thus value forms and rules stand as links between agents and production relations or spontaneous order. Copyright 2002, Oxford University Press.

Date: 2002
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