Description: Two books sold together INSTITUTE OF ECONOMIC AFFAIRS Occasional Papers S As part of its educational purpose in explaining the light that economists and others concerned with the optimum use of scarce resources can throw on policy in industry or government, the Institute is reprinting, as Occasional Papers, essays or addresses judged of interest to wider audiences than those to which they were originally addressed. The Occasional Papers have also been adapted to accommo- date pieces of original writing with a topical or theoretical in- terest for economic specialists. Occasional Paper 20 was written by Professor F. A. Hayek who needs no introduction to readers in Britain, the USA or Europe. In his academic lifetime he has written original, stimulating and contrafashionable works on economic theory, economic policy and social philosophy. In this Paper he appears in all three rôles. The Paper incorporates thinking on the nature of society and the terms used to describe alternative forms of society arising out of his work on a major study of the institutional framework for a market economy. The Paper is written for specialists rather than the general reader, but for the convenience of non-specialists we have added a summary, approved by the author, of each of the eight sections into which the text is divided to help them follow Professor Hayek's sometimes abstract and sophisticated analysis. Econo- mists may be especially interested in section VI which suggests that the word 'economy' has been used to describe societies that are spontaneous as well as societies that are directed. He sug- gests that since 'market economy' describes an order based on spontaneity it should be described as a 'catallaxy', and that the term 'economy' should be reserved for orders that serve specified ends. The Institute, with its Advisory Council, does not necessarily share the analysis or proposals of its authors, but it offers this Paper as a distinguished contribution to a more refined des- cription of economic systems that form the subject of contem- porary academic and public debate. February 1968 IEA
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Publication Year: 1968
Type: Textbook
Publication Name: Economic Freedom & Representative Govt
Author: F A Hayek
Subject: Politics
