This paper compares and contrasts two schools of political economy: the Austrian School, prominent members of which include Friedrich Hayek and Ludwig von Mises; and the Bloomington School, which was founded by Elinor and Vincent Ostrom. It is argued that the two traditions share a good deal in common: both Continue Reading…
This paper uses the theory of complex systems as a conceptual lens through which to compare the work of Friedrich Hayek and Vincent and Elinor Ostrom. It is well known that, from the 1950s onwards, Hayek conceptualised the market as a complex adaptive system. It is argued in this paper Continue Reading…
This paper examines the nature of quasi-markets and their significance for the delivery of public services. The nature of quasi-markets is outlined, along with the rationale for their use in the reform of the public services. That theoretical account is then complemented by more concrete discussions of example of quasi-markets, Continue Reading…
The orthodox view of economic policy holds that public deliberation sets the goals or ends, and then experts select the means to implement these goals. This assumes that experts are no more than trustworthy servants of the public interest. David M. Levy and Sandra J. Peart examine the historical record Continue Reading…
This volume provides a comprehensive account of Wilhelm Röpke as a liberal political economist and social philosopher. Wilhelm Röpke (1899-1966) was a key protagonist of transatlantic neoliberalism, a prominent public intellectual and a gifted international networker. As an original thinker, he always positioned himself at the interface between political economy Continue Reading…
Walter Eucken is mostly known for his impact on establishing the Social Market Economy in post-war Germany. In this paper we identify how Eucken was highly influential in the formation of the Mont Pèlerin Society (MPS), and how German ordoliberalism left a significant footprint on the early history of the Continue Reading…
This paper addresses the intellectual relationship between Max Weber and three key proponents of neoliberalism: F.A. Hayek, Walter Eucken and Wilhelm Röpke. This relationship is contextualized in the history of German-language political economy, focusing on the nexus and proximity between early 20th century economic sociology and the emergence and evolution Continue Reading…
The article depicts a controversy among German-speaking members of the Mont Pelerin Society in 1955. It is based on a previously unknown exchange of letters between Wilhelm Röpke, Alexander Rüstow, Friedrich Hayek, and Ludwig Mises, among others. Sparked by an article in a publication edited by Voldkmar Muthesius, the discussion Continue Reading…