English, Article edition: The Hayekian Theory of Market as a Self-organised System (The 'Invisible Hand') Philippe NEMO

User activity

Share to:
 
Bookmark: http://trove.nla.gov.au/version/91652
Physical Description
  • article
Language
  • English

Edition details

Title
  • The Hayekian Theory of Market as a Self-organised System (The 'Invisible Hand')
Author
  • Philippe NEMO
Physical Description
  • article
Notes
  • Hayek has stated a remarkable theory of the "invisible hand", which he conveys with the concepts and words of the modern systemic theory. The market is a self-organizing system which uses a twofold communicating device, with two "media", law and prices. Both media do embody useful information and thus can guide the individual agent's behaviour in such a way as he may insert himself into the global economic system, even though he has not, and cannot have, a global view of this system, due to economic complexity. The same communicating system results in the free decisions of the individual agents beeing transmitted to the whole system, so that economy adjusts itself to the new conditions in due time. Hayek's theory thus gives an "explanation of the principle" of this odd paradox: instead of disorder and anarchy, economic freedom may, under certain structural conditions, cause a sophisticated kind of order which could be produced by no other way: the world-scale division oflabour.
  • RePEc:cpo:journl:y:2002:i:43:p:47-67
Language
  • English
Contributed by
OAIster

Get this edition

Other links

  • Set up My libraries

    How do I set up "My libraries"?

    In order to set up a list of libraries that you have access to, you must first login or sign up. Then set up a personal list of libraries from your profile page by clicking on your user name at the top right of any screen.

  • All (1)
  • Unknown (1)
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.

User activity


e.g. test cricket, Perth (WA), "Parkes, Henry"

Separate different tags with a comma. To include a comma in your tag, surround the tag with double quotes.

Be the first to add a tag for this edition

Be the first to add this to a list

Comments and reviews

What are comments? Add a comment

No user comments or reviews for this version

Add a comment