Critical rationalism and institutional change in Hayek

Eduardo Angeli ()

Brazilian Journal of Political Economy, 2024, vol. 44, issue 3, 484-501

Abstract: The institutional analysis promoted by F. A. Hayek seeks to understand how humanaction and coordination among individuals occur in an environment where the knowledgeheld by each person is incomplete and not fully transmittable. In such an environment,the institutional framework plays an important role in conditioning, at least partially, the behaviorof members within a spontaneously emerging social order. In light of this, the objectiveof this article is to present Hayek’s evolutionary institutional approach by organizing thediscussion proposed by the Austrian economist on the subject. To do so, it will discussHayek’s distinction between critical rationalism and constructivist rationalism. It will alsoaddress Hayek’s explanation of institutional change and delve into his evolutionary approachto the social sciences, as opposed to the natural sciences. JEL Classification: B25; B31; B53.

Keywords: F. A. Hayek; institutions; evolution (search for similar items in EconPapers)
Date: 2024
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