Political and Economic Implications of Hayekian Criticism of ‘Regulation

F. A. Hayek’s basic philosophical arguments based on the criticism of the constructivist rationalism are still generating a framework which has been reserving its popularity in debates related with the problems of contemporary politics and economics. Broadly speaking, Hayek’s that criticism of regulation based on philosophical foundations is a direct result of arguments which are related with the nature of human being and epistemology. This paper claims that Hayek’s criticism on the constructivist rationalism could shed a light the issue of regulation with respect to current discussion about the matter. In this context this work concentrates on the connections and the implications of Hayekian criticism of regulation with regard to the contemporary political and economic discussions which have emerged in the framework of the concepts like state, market, civil society, human rights, rule of law, freedoms and etc. The first main section of the paper introduces Hayek’s main philosophical arguments based on the criticism of the constructivist rationalism. The second section handles the concept of spontaneously generated order with respect to the relation between state/government and competitive market order. The last section includes the criticism of regulation in the context of Hayekian arguments. The paper ends with a conclusion.