Marx's value forms and Hayek's rules: A reinterpretation in the light of the dichotomy between physis and nomos

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Abstract

This paper argues that both Marx and Hayek objected to the dichotomy between physis and nomos, and offered concepts which integrate, or mediate between, the two. Marx's value forms and Hayek's rules aim to grasp something neither purely natural nor purely artificial or social, but 'socially natural'. Value forms and rules are natural in the sense that they pre-exist agents and are taken by agents as given. On the other hand, forms and rules are social in that production relations or spontaneous order are reproduced as the unintended consequences of agents' using forms or following rules. Thus value forms and rules stand as links between agents and production relations or spontaneous order.

Original languageEnglish
Pages (from-to)613-635
Number of pages23
JournalCambridge Journal of Economics
Volume26
Issue number5
Publication statusPublished - 2002 Sep 1

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Dichotomy
Karl Marx
Spontaneous order
Unintended consequences

All Science Journal Classification (ASJC) codes

  • Economics and Econometrics

Cite this

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Marx's value forms and Hayek's rules : A reinterpretation in the light of the dichotomy between physis and nomos. / Hong, Hoon.

In: Cambridge Journal of Economics, Vol. 26, No. 5, 01.09.2002, p. 613-635.

Research output: Contribution to journalArticle

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