The Role of Social Norms in the Emergence of a Spontaneous Order

Authors

Giorgia Lucchini (LUMSA)

Abstract

Spontaneous order (Hayek, 1937, 1945, 2021[1973]) methodologically revolutionized economics. The emergence of an economic order is the outcome of the integration of the dispersed knowledge through the price system mechanism as well as social norms. Analysis is needed to clarify the role played by patterns of behaviour that influence the maintenance and the evolution of the order. Social norms functioning better explains why the interconnections between individuals matter in leading to an order. This approach to understanding spontaneous order entails examining rationality and methodological individualism. Also, it entails epistemic problems that affect how knowledge encapsulated in social norms functions. Notwithstanding attempts to detect the roots of behavioural economics in Hayekian thought (Sunstein, 2023a, and the subsequent Behavioural Public Policy debate), further studies are needed to explore this idea and the contribution it could give to the studies of the role of social norms in the emergence of a spontaneous order.