Jump to ContentJump to Main Navigation
Private GovernanceCreating Order in Economic and Social Life$
Users without a subscription are not able to see the full content.

Edward Peter Stringham

Print publication date: 2015

Print ISBN-13: 9780199365166

Published to Oxford Scholarship Online: August 2015

DOI: 10.1093/acprof:oso/9780199365166.001.0001

Show Summary Details
Page of

PRINTED FROM OXFORD SCHOLARSHIP ONLINE (www.oxfordscholarship.com). (c) Copyright Oxford University Press, 2018. All Rights Reserved. Under the terms of the licence agreement, an individual user may print out a PDF of a single chapter of a monograph in OSO for personal use (for details see www.oxfordscholarship.com/page/privacy-policy).date: 15 December 2018

Applying Hayek’s Insights about Discovery and Spontaneous Order to Governance

Applying Hayek’s Insights about Discovery and Spontaneous Order to Governance

Chapter:
(p.206) Chapter 13 Applying Hayek’s Insights about Discovery and Spontaneous Order to Governance
Source:
Private Governance
Author(s):

Edward Peter Stringham

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199365166.003.0013

The theory of emergent order discusses how markets help bring about a complex outcome that was not necessarily designed or intended by anyone. Hayek refers to the competitive process of the market as a “discovery process” and argues that without markets, we have no way of knowing what set of goods should be produced. Hayek also uses similar terminology about discovery in the area of law. Although Hayek did not conclude that courts should be subject to market competition, this chapter makes the case that if one takes his insights about the need for competition in markets seriously, one should apply this thinking to governance. Without market feedback, even well-meaning law enforcers have little knowledge about whether their rules and regulations are augmenting markets or hindering them. Accepting that governance is as complex as other market phenomena should lead one to support a market for governance.

Keywords:   knowledge problem, common law, competing courts, market-chosen law, Hayek, Hayekian anarchism

Oxford Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us .