THE COMMON ROOTS BETWEEN THE OLD INSTITUTIONALIST AND THE SOCIAL THEORY OF HAYEK

Paulo Hora Andrade ()
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Paulo Hora Andrade: Universidade Federal do Paraná (UFPR)

Revista de Economia Mackenzie (REM), 2021, vol. 18, issue spe, 107-135

Abstract: This paper identifies in the treatment of the evolutionary aspect of institutions and in the feedback relationship between them and individuals in a social order the first common root between the old institutional economics and the social theory of F. A. Hayek. From this, approximations are identified in other basic concepts, such as ideas of value and equilibrium. The possibilities for identifying common roots are expanded when some key authors of the old institutional economics are approached in a more specific way. The conclusion is that the institutionalist tradition of John Commons is the most adequate for the establishment of a subjectively grounded root for the explanation of the procedural aspect of the social system in a similar way to Hayek’s theory.

Keywords: Institutionalism; Hayek; institutions; process; evolutionary (search for similar items in EconPapers)
JEL-codes: B15 B25 B31 B53 (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:aft:journl:v:18:spe:2021:specialissue:p:107-135

DOI: 10.5935/1808-2785/rem.v18nespp.107-135

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