Hayekian equilibrium and change

Journal of Economic Methodology 4 (2):245-266 (1997)
Abstract
What do we mean when we say action is possible in disequilibrium? If we adopt Hayek's approach to equilibrium, we must mean that we can act in a world where the plans that motivate and define those actions are not mutually compatible. This is hardly controversial. After all, the market process features rivalrous actions, that is, actions that are part of mutually inconsistent plans. Successful plans tend to displace unsuccessful ones. But, can we say, therefore, that, overall, plans tend to become more consistent so that there is a ?tendency? toward equilibrium? Is this important? I answer both in the negative and that the Hayekian definition requires too much. Plans are complex, multi-layered con-structs. Overall ?plan consistency? is, therefore, either impossible or hopelessly imprecise. At some levels plans are and must be highly compatible, while at other levels (as part of the market process for example) they are and, if we are to have economic progress, they must be, incompatible
Keywords No keywords specified (fix it)
Categories (categorize this paper)
Options
 Save to my reading list
Follow the author(s)
My bibliography
Export citation
Find it on Scholar
Edit this record
Mark as duplicate
Revision history Request removal from index
 
Download options
PhilPapers Archive


Upload a copy of this paper     Check publisher's policy on self-archival     Papers currently archived: 11,793
External links
Setup an account with your affiliations in order to access resources via your University's proxy server
Configure custom proxy (use this if your affiliation does not provide a proxy)
Through your library
References found in this work BETA

No references found.

Citations of this work BETA

No citations found.

Similar books and articles
Analytics

Monthly downloads

Sorry, there are not enough data points to plot this chart.

Added to index

2012-02-20

Total downloads

1 ( #452,991 of 1,099,731 )

Recent downloads (6 months)

1 ( #303,379 of 1,099,731 )

How can I increase my downloads?

My notes
Sign in to use this feature


Discussion
Start a new thread
Order:
There  are no threads in this forum
Nothing in this forum yet.