11min chapter

The Answer Is Transaction Costs cover image

Caldwell: Hayek's Intellectual Journey

The Answer Is Transaction Costs

CHAPTER

Hayek's Evolutionary View on Successful Institutions

Exploring Hayek's optimism and evolutionary perspective on the emergence and survival of liberal institutions amidst uncertainty and human instincts. The chapter discusses the importance of reducing transaction costs and navigating constant change in the context of radical subjectivism and the role of institutions.

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