Year: 2025
Type: article
Abstract: Nobel Prize laureate in economics Friedrich von Hayek (1899–1992) was interested in the way rules are formed and how they are understood. This approach is referred to as the theory of spontaneous order. It sees the evolution of social rules as the product of numerous interactions, the consequences of which are often unintended. At the same time, it investigates the spontaneous emergence of conventions concerning the ownership and division of valuable resources. Such conventions concern non-legislative rules of conduct, construed as impersonal or anonymous norms that are based on unorganised, informal sanctions. There are contexts in which coordination occurs spontaneously, without the intervention of any legal structure. A degree of assonance can be seen between Hayek’s spontaneous order and the conventional approach.
Source: Economic Thought journal
DOI: 10.56497/etj2570303
Author: Alessandro Morselli
Institution: Sapienza University of Rome
Language: English
Subfield: Economics and Econometrics
Domain: Social Sciences
Open Access status: bronze
OpenAlex ID: W4414258976
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