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Real Time and Relative Indeterminacy in Economic Theory" in Baert, P. (ed.), Time in Contemporary Intellectual Thought
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" Real Time and Relative Indeterminacy in Economic Theory " in
order"? While classical liberals and Hayekian legal theorists, among others, use the term often, there is insufficient understanding of what it means. Although both words are difficult, the more difficult, by far, is the word "order." So it will be useful, at the beginning, to concentrate our attention on the meaning that Hayek attaches to this term, both in the context of the law and of an economy or "catallaxy." An order is a relatively permanent structure that "can be preserved throughout a process of change". 1 To marry thus the idea of order to the idea of change is a formidable intellectual challenge. Hayek was by no means the first to attempt this. He was preceded in this effort by the philosopher Henri Bergson 2 who sought to understand both the continuity and inventiveness of time. In the analysis of law and legal systems, there is also a large literature - some of which predates Hayek's work - among French and German jurisprudents which is concerned with the closely related question of what it means to say that the law is a "system".3 Hayek makes it clear that the main sense in which he means the common
Journal des Économistes et des Études Humaines – de Gruyter
Published: Dec 1, 1999
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