4 Matching Annotations
  1. Jan 2021
    1. We have a means of identifying what an invisible hand is all about without necessarily using the terms invisible or visible. And should we find it more convenient to do so, we can associate an invisible hand argument with either a spontaneous (Hayek) or an unintended (Otteson) order.
    2. more positive-sounding term spontaneous order than the more mystical-sounding invisible hand. Others, however, prefer to use another term. ‘I prefer the term “unintended order” to the more familiar “spontaneous order” because the former conveys that the system of order was not anyone’s intentional design without suggesting, as “spontaneous” might, that there is no way to account for the creation of the system’ (Otteson 2002, 6; see also Otteson 2007, 21).

      The importance of accountability is implied by introducing the term - "unintended order".

    3. Hayek is thus informing us that the framework of our analysis should include institutions that are ‘The results of Human Action but not of Human Design’.
    4. Hayek notes that if we confine our arguments to the natural and artificial realms confusion is bound to ensure: ‘... one would describe a social institution as “natural” because it had never been deliberately designed, while another would describe the same institution as “artificial” because it resulted from human action’ (Hayek 1967, 130)