Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

According to Friedrich Hayek, self-interest leads to justice because it drives individuals to participate in a market system that, through competition and the price mechanism,

According to Friedrich Hayek, self-interest leads to justice because it drives individuals to participate in a market system that, through competition and the price mechanism, results in a fair distribution of resources. Hayek argues that monopolies disrupt this system and are detrimental to social justice. He also believes that social institutions should be designed to facilitate the functioning of this spontaneous order rather than trying to control or direct it

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Microeconomics and Behavior

Authors: Robert Frank

9th edition

9780077723750, 78021693, 77723759, 978-0078021695

More Books

Students also viewed these Economics questions

Question

Explain how religious attitudes affect firm behavior.

Answered: 1 week ago