1,330 research outputs found
...and Contractual Consent
Get PDFIn Part I, the author contends that when economists persistently ignore the importance of contractual consent, they are missing the crucial problem of legitimacy. In Parts II and IV, he responds to the criticisms of his consent theory of contract advanced by Jay Feinman and Dennis Patterson. Both Feinman and Patterson object to the enterprise in which the author and others are engaging, and he explains why each is wrong to dismiss the current debate over default rules. Finally, in contrast, in Part III the author shows how Steven Burton\u27s theory of default rules, which he finds most congenial, is quite compatible with his despite the fact that Burton thinks they disagree
The surprising place of cognitive psychology in the work of F.A. Hayek
Get PDFIn 1920, when Hayek was a student, he wrote a manuscript on cognitive psychology, which was published in 1952 as The Sensory Order. From the 1920s to the early 1940s Hayek developed his business cycle theory. The perceptions of economic agents play a central part in this theory. Contrary to what one might expect, however, none of the mental mechanisms of his earlier theory on perception and cognition play a part in his economics. The answer to this apparent anomaly lies in the programmatic character of the whole of Hayek''s work, and in the specific way in which his ideas evolved. His psychology played a prominent role in the later development of his ideas. If Hayek''s psychology influenced his early economics, it did so indirectly, by shaping his methodology. However, there may also be a common influence underlying both Hayek''s psychology and his economic methodology.Economics ;
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