Von Hayek lernen: Wissen und Freiheit, Recht und Gesetzgebung / Learning from Hayek: Knowledge and Liberty, Law and Legislation

Weede Erich

ORDO. Jahrbuch für die Ordnung von Wirtschaft und Gesellschaft, 2015, vol. 66, issue 1, 81-96

Abstract: It is suggested that Hayek′s ideas about knowledge are the focus of his theory of society. This approach to Hayek′s theory implies the opportunity that one may discuss the falsifiability of Hayek′s theory, as one should according to Popper′s approach to scientific research. According to Hayek, knowledge is a broad concept. There is theoretical and practical knowledge, explicit and implicit knowledge. Some knowledge is local. Other knowledge is valid irrespective of time and locality. Essential to Hayek′s view is the claim that knowledge cannot be centralized, that only individual freedom and decentralized decision-making permit the exploitation and accumulation of knowledge. In Hayek′s view, the relationship between implicit and explicit knowledge is similar to the relationship between tradition and law. He prefers finding the law, being guided by tradition and precedents as in the common law, to legislation which may easily result in too much government. One may argue in favor of Hayek′s theory that attempts to centralize knowledge and decision-making, or reductions of economic freedom, always decreased human well-being and economic growth. This is true for the ‚great leap forward‘ in China. The analysis of partitioned or formerly partitioned societies leads to a similar finding. Econometric studies of the effects of economic freedom also underline its beneficial effects. As Hayek recognized, economic freedom does not only benefit the free, but also those who still suffer from a lack of freedom. The advantages of backwardness which are robust in econometric studies are interpreted from this perspective as an external effect of Western liberty. Finally, the issue of anomalies in Hayek′s theory is discussed.

Date: 2015
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DOI: 10.1515/ordo-2015-0106

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