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- W2507014258 abstract "Hayek is well known as an advocate of markets. But in what terms does he argue forthem? As I have suggested elsewhere,1 his earliest concern seems to have been with therelief of the kind of suffering that he encountered in Vienna after the First WorldWar. In the face of this, he became a socialist, a perspective from which he departedas a result of his contacts with the work and the person of Ludwig von Mises. As isevidenced by his ‘Inaugural Address’ at the London School of Economics, Hayekaccepted the conclusion of Mises’s argument about socialist calculation. He was further influenced by Mises and, it would seem, by his reading of the work of CarlMenger,2 to take the view that one must understand markets as systems, the functioning of which may depend upon things which, when considered in isolation, may bethought undesirable. All this led Hayek to the belief that a concern for human wellbeing should not only lead one to espouse markets rather than socialism, but alsothat the broad requirements for the effective functioning of markets may limit ourability to remedy other social ills. For Hayek, economics became important as something that told us about the cake that we could not both have and eat: it informedus as to what aspects of our normative aspirations could not be realized together.3" @default.
- W2507014258 created "2016-08-23" @default.
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- W2507014258 date "2002-09-11" @default.
- W2507014258 modified "2023-09-27" @default.
- W2507014258 title "HAYEK AND THE CASE FOR MARKETS" @default.
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- W2507014258 doi "https://doi.org/10.4324/9780203004241-16" @default.
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