Hayek, Rawls, and Schmoller Reconciled? Justice, Institutions and the Invisible Hand

Richard Sturn

Schmollers Jahrbuch : Journal of Applied Social Science Studies / Zeitschrift für Wirtschafts- und Sozialwissenschaften, 2016, vol. 136, issue 4, 377-399

Abstract: According to Schmoller, the key question about economic justice is: “How does it happen that economic transactions and social phenomena so often bring forth a favorable or adverse criticism which asserts that this is just, that unjust?” Schmoller’s question is answered in a way which makes sense of justice as an ingredient of modern institutional development. The argument is based on a framework of four conditions, allowing for the comparison of theories of social justice including Rawls and Schmoller with (1) Hayekian arguments sharply critical of social justice and (2) models conceptualizing the economic sphere as free from contoversial distributive claims.

Date: 2016
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