Hayek's later work extended beyond the 1945 information-and-prices argument to suggest that a wide variety of voluntary private organizations (including nonprofits) might solve social problems, and that the way to discover whether such forms work is to observe whether they survive and attract enough donations or revenue to operate—an evolutionary, Hayekian test that economists cannot specify in advance.

factualpending

Speaker

Michael Munger

Evidence Quote

no one has enough information we the scholars the economists can't say well markets have to do this it may be some kind of voluntary private organization that solves the donation problem

Source

Mike Munger on Love, Money, Profits, and Non-profits 04/19/2010EconTalk
Created: 6/17/2026, 10:31:45 AM

My Notes

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