The Institutional Dimension Of Hayek’s Work

Ion Pohoata ()

Review of Economic and Business Studies, 2008, issue 2, 19-28

Abstract: Hayek is not an institutionalist in the usual sense. As he did not belong to any school, the relationship with institutionalism was not an exception. However Hayek alone is a school, a world of ideas. One having powerful contact points or interference areas that are both the object and subject of a complex research called NIE (New Institutional Economics) for more than three decades. Influence is not our concern here. However, we believe that if neoinstitutionalists considered him as one of „their own”, as Adam Smith should proceed, they would have a lot to gain. Being close to their names would bring them more glory. They have enough reasons to do it. Topics such as spontaneous and manufactured order, the type of order in a free society, the rules – source of the state, the source of good rules of conduct, etc., the fertile dialogue with spirit aristocrats such as Hayek or Smith could bring only gains.

Keywords: institutions; spontaneous and created order; Hayek; rule of law (search for similar items in EconPapers)
JEL-codes: B25 D02 (search for similar items in EconPapers)
Date: 2008
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