Abstract
The present work analyses the writings of Mises and Hayek on the relation between a liberal order and a free market, and the role of economic theory in advancing the appreciation of democratic institutions, considering the context of their expositions. Subsequently, it tries to address the contemporary state of political and economic affairs in the light of their teachings, highlighting missing aspects in today’s public debate and what should be taken into account for a coherent defense of the liberal order.
Highlights
Over the 20th century, economists transcended the usual inquiries of technical economics and re-engaged in the more broad debate on the role of liberal institutions for a peaceful social order that marked the scholarship of Adam Smith and John Stuart Mill
We reviewed Mises’ and Hayek’s writings on the relation between the market economy and the liberal peace
Whether in the form of the Hayek-Friedman Hypothesis, i.e. that economic freedom is a precondition of political freedom, or the similar reciprocal, that democracy is necessary for economic freedom, we found that both Mises and Hayek devoted enormous attention to these topics, and emphasized its various aspects
Summary
Over the 20th century, economists transcended the usual inquiries of technical economics and re-engaged in the more broad debate on the role of liberal institutions for a peaceful social order that marked the scholarship of Adam Smith and John Stuart Mill. To Hayek, the enemy of the liberal order was scientism, and the abuse of knowledge – whether in economic matters in central planning projects, or in the conduction on human affairs through positive legislation Together, these three areas of knowledge contributed to a deeper understanding human affair, and they were essential to promote a rational discussion toward a consensus around the importance of a liberal order. These three areas of knowledge contributed to a deeper understanding human affair, and they were essential to promote a rational discussion toward a consensus around the importance of a liberal order These two authors provide a unique assessment of the intersection between economic theory and the quest for a liberal society.
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