![]() The humanization of something that is not for Hayek to consider the regulation of the market to redress the wrongs, from there one goes to the economic catastrophe and this is immoral because a market does not carry morality, we must return to a moral issue that affects individuals in their action and forget the market in there. We cannot think that a society can be just, that the market can be just because the only people who are holders of determining what is good or moral are individuals and not general entities like the market. If we cannot do anything to organise the market and if we start from the idea that market regulation is necessary to avoid social injustice, if this involves intervention and interference in the market, for Hayek, this is bad because it calls the market into question, but in addition, it will gradually be bad and raise a moral problem because society has no moral conscience. Based on this economic observation, Hayek draws a normative theory. It is an important and extensive defence of the capitalist model, but not only on emancipatory grounds, but above all on the basis of economic efficiency. This makes it impossible to plan or regulate economic dynamics, which also means letting the market operate on its own. It is something that is the product of a myriad of human actions, but that can't be controlled or managed by someone or something outside of it, or else it questions it. ![]() ![]() For him, the market is a spontaneous order referring to Smith's idea of an invisible hand. Hayek gave one of the most powerful demonstrations of the impossibility of functioning of the communist model not based on moral issues, but based on strong criticism of the very possibilities that any central power would have to influence the market. The State questions the very idea of a market economy. For Hayek, the only entities that have any value in understanding how the economy works are the entrepreneurs who are confronted with the competent management of their stocks, the best placed to set prices for their goods and secure the economy. What he points out is that something like the market, which an institution could steer or regulate, is a completely inefficient and ontologically unfounded notion. He drew up a whole critique of the economy of the Keynes era, but also of the Austrian monetarists before. ![]() At first Hayek had mainly economic theses. ![]()
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