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Russell Cooper and Andrew John, "Coordinating Coordination Failures inKeynesian Models ", Quarterly Journal of Economics, vol. 103, August 1989, pp.
441 - 463.]
For interest of modern economists to Hayek there is also other reason. Today
The market analysis as the mechanism generating well-being, goes in shape Discussions between two parties: defenders of open markets are Economists of "new classical school", starting with assumptions about Superrational behaviour of the market participants armed "the rational
Expectations "and about instant clearing of the markets; and sceptics who carry to
More problematic also consider that the price adaptation occurs
Slowly. In a complete antithesis to it Hayek bases protection of the markets not
On rationality of people, but on their lack of information! "All arguments advantage
Freedom, or the large part of such arguments, is based upon the fact of ours
Lack of information, instead of on the fact of our knowledge "[from Hayek's remarks on
The conference organised by the Congress for freedom of culture, published as
Science and Freedom (London: Martin Secker AND Warburg, 1955), p. 53]. IN Hayek's understanding market agents follow the established rules, answer on
Price signals within the limits of the system which have resulted evolution - in frameworks
Spontaneously arisen, instead of meaningly chosen order; thus them
Actions bring to system as a whole unforeseen benefits which it is impossible
It was reasonable to expect. For the modern economist, for which evolution and
Spontaneity are almost completely not important, it sounds strange. [Interpretation
Economic behaviour as "routine" or mechanical, developed by Richard Nelson and Sydney Vinterom in them Evolutionary Theory of Economic Change (Cambridge, Mass.: Harvard University Press, 1982) has some relation to
To Hayek's idea about following to rules. As it is true at that that the developed
The modern theory of games the balance concept partially reflects the aforementioned
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