Hayek's theory of the market system Select one: O a

Economics Nov 04, 2020

Hayek's theory of the market system Select one: O a. is not based on rationalist foundations O b. has strongly 'laissez-faire' conclusions O c.assumes that specific knowledge' is a least as important as 'scientific knowledge d. All of the above O e.

Expert Solution

Answer option b)

Hayek theory is based on rationalist assumption

a is false, so d is false , e is false

this theory is anti govt, & promotes idea that free market is best System, where there is no govt intervention

b) true

he advocated division of knowledge , a scientific knowledge & knowledge related to particular situation

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