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Tags: highres icon, www ig fpms ac be bibadmin images icons sw8, eikon icon, gandolfi icons, icon and the black roses

Russell Cooper and Andrew John, "Coordinating Coordination Failures in

Keynesian 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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