Michael Polanyi’s vision of government and economics

Agnès Festré

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Abstract: This paper gives an interpretation of Michael Polanyi's vision of government and economics as spanning between Hayek and Keynes. The influence of Hayek is manifested by the opposition to central planning and the defence of self-organization as a superior mechanism for coordinating individual plans, while the one of Keynes is evidenced in the strong support for government interventionism in order to dampen economic fluctuations, fight unemployment and limit income inequalities. Polanyi blended these two influences and provided an idiosyncratic approach of government and economics, which has until recently been underrated in the literature. Our aim in this paper is to show that, by considering Polanyi's mixed vision of the market economy as embedded in his broader pursuits into the nature of knowledge and liberalism one can find coherence which otherwise cannot be found.

Keywords: History of economic thought; Michael Polanyi; Hayek; Keynes; spontaneous order; government intervention; liberalism; tacit knowledge; public liberty (search for similar items in EconPapers)
Date: 2021
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Published in Journal of Government and Economics, inPress

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03463953

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