부산대학교 도서관

Recently, liberalism in the economic in the economic theory has been highlightened as the macro-government's inefficiency increases. Hayek's theory of the free market economy took a part in supporting his libetarian thought and it could be summed up as the principles of the game of 'catallxy'. The starting point of Hayek's theory is the '&vision of knowledge'. It is about how well decentralized-competition-system is utilizing dispersed knowledge. His market economy is automatic mechanism that autogenously makes harmony and balance. The concept of knowledge in Hayek is that it is useful when used to get information of what kind of product and service is needed and how quickly needed in the market. The knowledge is 'competition' that is continuously detected process, not something that is previously given. The function of competition is supplying proper knowledge to participants through trial and error in the market. The merit of decentralized market economy is that all individual's dispersed knowledge is put to use, and establishment of competition system through free company is expected. Although the competition is efficient when controlled by the government's activity, it is critical that how we minimize government's interruption of market. We need to consider that the cost calculation of centralized government is practically impossible because of the charactor of the knowledge. Also, the features of Hayek's market economy theory are subjectivism, methodological individualism, and balance which discover new information continously, analysis of relative price system. He firmly believes in 'the existence of tendency toward equilibrium' and also believes that solution of economic problem by market price organization is better than by centralized scheme. Furthermore, the flexibility of labor fee is important to achieve perfect employment through recovery of market function. He suggests that the perfect employment is possibly achieved when all the price is flexible in the market function. It is because his economic theory is mainly to apply to developed country. Hayek plays critical role to highlighten free market economy to protect human value which is buried in the pursuit of macro-efficiency. He suggests to establish rule of law to protect freedom, and he mentions disperse of power and holding each other in check which are also important. According to him, freedom is important factor in evolution. Lastly, free market theory and planned economy theory can be considered together even though Hayek's theory is prominent, and we need to consider Keyne's economics also in the view point of macro-economy.