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- x-efficiency
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Catallaxy
(20th century)
A theory of a desirable society, set out by the Austrian economist and political theorist Friedrich Hayek (1899-1992).
A catallaxy is a market order without planned ends, characterized by the 'spontaneous order' which emerges when individuals pursue their own ends within a framework set by law and tradition.
The function of government is to maintain the rule of law which guarantees fair and equal procedures, but is neutral as to goals.
Source:
F A Hayek, Law, Legislation and Liberty (London, 1982)
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