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On fallibility and perfection: Boettke’s Hayek vs. mainline economics

  • Sandra J. PeartEmail author
Article

Abstract

Peter Boettke’s F.A. Hayek Economics, Political Economy, and Social Philosophy (Palgrave 2019) is a nuanced treatment that examines the historical context of Hayek’s work as well as its contemporary context. Boettke’s major argument is worth emphasizing at the outset: Hayek, he argues, is an epistemic institutionalist. To Boettke, I would add that economists moved away from a preoccupation with institutions earlier than Boettke allows. For Hayek, people are fallible but they learn within the context of various institutional arrangements. For the early neoclassical economists, by contrast, the theorists who know better have the authority to ensure that the inferiors optimize.

Keywords

Friedrich Hayek Tjalling Koopmans Alfred Marshall William Stanley Jevons Rutledge Vining Epistemic institutionalist Neoclassical economics Virginia political economy 

JEL classifications

B13 B2 B31 

Notes

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Copyright information

© Springer Science+Business Media, LLC, part of Springer Nature 2019

Authors and Affiliations

  1. 1.University of RichmondRichmondUSA

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