Spontaneous Market Order and Social Rules

Economics and Philosophy 2 (1):75 (1986)
Discoverers of “market failures” as well as advocates of the general efficiency of a “true, unhampered market” sometimes seem to disregard the fundamental fact that there is no such thing as a “market as such.” What we call a market is always a system of social interaction characterized by a specific institutional framework, that is, by a set of rules defining certain restrictions on the behavior of the market participants, whether these rules are informal, enforced by private sanctions, or formal, enforced by a particular agency, the “protective state,” in J. M. Buchanan's terminology
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DOI 10.1017/S0266267100000808
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E. Angner (2002). The History of Hayek's Theory of Cultural Evolution. Studies in History and Philosophy of Science Part C 33 (4):695-718.

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