Friedrich Hayek
These questions are similar to those posed by Friedrich Hayek about the economy in the 1930s and 1940s, in his effort to re-found liberalism as neoliberalism. By arguing that humanity could never comprehend the market, he endowed the economic sphere with ecological attributes β it appeared as a natural self-organizing system.
According to Hayekian logic, the only solution to any market failure is more markets
Hayek, who came from a family of biologists, saw the market as a βhighly complicated organismβ. This approach contrasted with that of neoclassical economists, who used Newtonian physics as their point of reference, as if the economy were a billiards game whose outcome could be predicted
Friedrich A. Hayek (1899-1992) is known for his vision of the market economy as an information processing system characterized by spontaneous order: the emergence of coherence through the independent actions of large numbers of individuals, each with limited and local knowledge, coordinated by prices that arise from decentralized processes of competition.
β Retrospectives: Friedrich Hayek and the Market Algorithm - American Economic β¦
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