Psychology, social evolution and liberalism: a Hayekian trinity

G. Steele

Review of Political Economy, 2005, vol. 17, issue 4, 571-586

Abstract: The work of Friedrich Hayek describes an extensive political economy, with explicit consideration of the psychological limits to human understanding, the market as a mechanism of information gathering and social coordination, and the relationship between market processes and the free society, where moral and political issues are relevant within a framework of continuous adaptation. Although the survival characteristics of social institutions largely defy rational enquiry, political liberalism secures the diversity that is necessary for evolutionary social adaptation.

Date: 2005
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DOI: 10.1080/09538250500253466

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