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 – it appeared as a natural self-organizing system.

[[Half-Earth Socialism]]

According to Hayekian logic, the only solution to any market failure is more markets

[[Half-Earth Socialism]]

Hayek, who came from a family of biologists, saw the market as a ‘highly complicated organism’. 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

[[Half-Earth Socialism]]

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.

– Retrospectives: Friedrich Hayek and the Market Algorithm - American Economic …

Friedrich Hayek