Abstract
Nobel laureate F. A. Hayek (1899–1992) developed the themes of dispersed knowledge, spontaneous order, evolution and economic complexity. Hayek’s analyses of these themes contribute to an improved understanding of how organizations may best adapt to recurrent unexpected change in the evolving market order. If knowledge is dispersed, decentralized social orders will generally have better epistemic properties than command-and-control systems. But a decentralized order is complex and hard to design. The division of labour itself is a spontaneous order emergent from an unplanned evolutionary process that generated the very rules that give the system order.
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References
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Selected Works
Hayek, F.A. [1931] 1935. Prices and production, 2nd ed. New York: Augustus M. Kelley.
Hayek, F.A. 1941. The pure theory of capital. Chicago: University of Chicago Press.
Hayek, F.A. 1944. The road to serfdom. Chicago: University of Chicago Press.
Hayek, F.A. 1948. Individualism and economic order. Chicago: University of Chicago Press.
Hayek, F.A. 1952a. The sensory order. Chicago: University of Chicago Press.
Hayek, F.A. 1952b. The counter-revolution of science: Studies on the abuse of reason. Chicago: University of Chicago Press.
Hayek, F.A. 1960. The constitution of liberty. Chicago: University of Chicago Press.
Hayek, F.A. 1967. Studies in philosophy, politics, and economics. Chicago: University of Chicago Press.
Hayek, F.A. 1973. Law, legislation and liberty, Rules and order, vol. 1. Chicago: University of Chicago Press.
Hayek, F.A. 1981. Foreword. In Socialism: An economic and sociological analysis, ed. L. von Mises. Indianapolis: Liberty Classics.
Hayek, F.A. 1994. In Hayek on Hayek: An autobiographical dialogue, ed. Stephan Kresge, and Leif Wenar. Chicago: University of Chicago Press.
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Koppl, R. (2016). Hayek, Friedrich A. (1899–1992). In: Augier, M., Teece, D. (eds) The Palgrave Encyclopedia of Strategic Management. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-94848-2_635-1
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DOI: https://doi.org/10.1057/978-1-349-94848-2_635-1
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