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<blockquote data-quote="bartoma" data-source="post: 326305" data-attributes="member: 969"><p>I wouldn't say that Hayek assumed markets produced spontaneous order - he would say that markets are spontaneous order... </p><p></p><p>Of course, institutions, like a lot of things, change over time - just like language and morals... Informal or otherwise, they do arise out of deliberate action, but their character - at least in a liberal society - changes to reflect practices that generally accrue benefit... Property rights, for example, continue evolve as technology changes underlying circumstances...</p></blockquote><p></p>
[QUOTE="bartoma, post: 326305, member: 969"] I wouldn't say that Hayek assumed markets produced spontaneous order - he would say that markets are spontaneous order... Of course, institutions, like a lot of things, change over time - just like language and morals... Informal or otherwise, they do arise out of deliberate action, but their character - at least in a liberal society - changes to reflect practices that generally accrue benefit... Property rights, for example, continue evolve as technology changes underlying circumstances... [/QUOTE]
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