Hayek's Political Economy

Abstract

In a society where no central agency coordinates the human activity of producing, selling and buying, why is there order and not chaos? This fundamental question has taxed generations of economists. Hayek's notion of spontaneous order goes some way to providing an answer.Hayek's Political Economy argues that afer explicitly rejecting positivism, Hayek was free to embrace reality and offer an explanation of the process involved in bringing about order.