It is important to note, however, that while Hayek has a model of rational action as the centerpiece of his view, his is most emphatically not a form of rationalism. On the contrary, he puts particular emphasis upon the way that various economic phenomena can emerge as the unintended consequences of rational action. Even though the outcomes that people achieve may bear no resemblance to the ones that they intended, it is still important to know what they thought they were doing when they chose to pursue to course of action that they chose – not least because it is important to know why they persist in pursuing that course of action, despite the fact that it is not producing the intended consequences.
Posted on: Sun, 31 Aug 2014 15:38:23 +0000
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