One slightly long essay and four short articles interpreting insights of Friedrich Hayek.
1. Mechanisms of Political Economy
Essay elaborates Friedrich Hayek’s theories on economics, complexity, knowledge problem and just rules of conduct within the context of Indian socio-political order. It also attempts a causal explanation for the corruption of Indian political institutions while drawing a contrasting comparison with the productive role played by markets.The topic is broad and the content is focused on succinctly explaining the underlying mechanisms. Such an approach also reveals Hayek’s powerful explanatory framework structured on spontaneous orders.
Markets are not exactly planned but they do exhibit certain designed arrangement like qualities. Adam Smith most famously termed the mechanism as the ‘invisible hand’. Interestingly we do inhabit an environment with numerous transient variables like changing individual preferences, resource constraints, technological breakthroughs, material and human capital turnover etc. All these changing equations and yet no noticeable dramatic disruptions.
The first computational theory of mind and brain had a significant influence on theoretical computer science, especially through von Neumann. Such a shared lineage between neurophysiology and digital computers should indeed have numerous implications. An interesting one would definitely be the use of automata theory to reconstruct certain critical aspects of the chapter „Nomos: The Law of Liberty‟ from Hayek‟s magnum opus „Law, Legislation and Liberty‟
Theory of special relativity explains how relative positions of observers can often lead to contradicting perceptions, for example two actors who are in different inertial frames can both claim to be in a state of rest, or they both can observe that the clock possessed by the other one is running slower, or dispute the length of the stick they are carrying. The vantage point matters, but thankfully with physics we have an explanatory scheme, once we prove the consequences of space and time in special relativity we can appease both the actors.
A catallaxy does not possess a constant prioritized set of aggregate ends, hence the resource allocation cannot be predetermined or predicted. Scope is open-ended and limited only by the resources at our disposal. Hence it is incompatible with a rigid tree organization. Unlike applied sciences the challenge in economics is not about prioritizing requirements and then designing an optimal structural arrangement of resources but it is to solve an abstract coordination problem.