Catallaxy

Discipline: Economics

A theory of a desirable society, set out by the Austrian economist and political theorist Friedrich Hayek (1899-1992).

A catallaxy is a market order without planned ends, characterized by the 'spontaneous order' which emerges when individuals pursue their own ends within a framework set by law and tradition.

The function of government is to maintain the rule of law which guarantees fair and equal procedures, but is neutral as to goals.

Source:
F A Hayek, Law, Legislation and Liberty (London, 1982)

Share

Facebook Twitter