Market Economy: The Economic Basis of Private Law Autonomy

Abstract

The economic basis of the principle of autonomy of private law is market economy. With the continuous development of society, the limitations of the market economy itself have been exposed. The development of big data has greatly improved people's ability to obtain information, and thus the ability to plan as a whole. The "new planned economy" concept of managing economy with big data came into being. If the market economy gives way to the "new planned economy", the foundation of private law autonomy will be lost. But Hayek shows that although there are many defects in market economy, what it needs is supplement, correction, not replacement, through the inconsistency of preferences and the stimulation of self-respect and ability of personality. The market economy has its own inevitability, and the concept of autonomy of private law in line with it should also maintain its position as the "fundamental principle" in private law.