Ethical Review of Social SciencesVolume 1, issue 1Pages 36–4711 February 2025https://doi.org/10.70150/dgk3a826
Friedrich Hayek’s The Use of Knowledge in Society presents a seminal argument for the virtues of decentralized knowledge and the price mechanism, positing that markets, by leveraging dispersed, context-specific knowledge, can achieve efficient resource coordination without central oversight. Hayek’s work has deeply influenced economic thought, particularly in its defence of spontaneous order and its critique of central planning. However, Hayek’s framework, developed in a pre-digital and less interconnected economic landscape, reveals limitations when confronted with today’s challenges, such as digital monopolies, ecological degradation, and economic inequality. This article critically examines Hayek’s theoretical positions, revealing inconsistencies and limitations when applied to the complexities of modern global economies. The article then presents an evolved framework—the Ethically Resilient Market Theory (ERMT)—which builds upon Hayek’s insights, incorporating principles of ethical accountability, ecological valuation, and resilience to address the ethical and practical demands of contemporary economic life.
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