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Yong-Shik Lee, "Law and Development: Theory and Practice, 2nd edition" (Routledge, 2021)

New Books in Economics

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Challenges of Spontaneous Order in Development

This chapter examines the limitations of Friedrich Hayek's spontaneous order theory in developing economies, stressing the necessity of information and rational choices for market functionality. It discusses the political will's influence on economic development, drawing parallels between South Korea's historical context and current U.S. issues. The conversation advocates for a more active federal role in addressing economic disparities and emphasizes the importance of inclusive growth and innovation in developmental policies.

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