The efficiency properties of institutional evolution :with particular reference to the social-philosophical works of F.A. Hayek
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Evolution, unhampered and unconstrained, does not always generate efficient and desirable institutional forms. The evolutionary process is just as likely to lead one to the (inefficient) lower-right hand box in the prisoners' dilemma game as it is to lead one to the (efficient) upper-left hand box. Once this is noted, and accepted, the myth that "emergence means efficiency: is finally ejected from the economists' and social philosophers' list of beliefs. Then, finally, the important work of :improving: institutions orders-outcomes can commence on a larger scale.
- Doctoral Dissertations