The Intellectual Orders of a Market Economy

Mike, Károly (2016) The Intellectual Orders of a Market Economy. Journal of Institutional Economics. ISSN 1744-1374 (Submitted)

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Abstract

Not only do ideas matter for economic development but so do the institutions of intellectuals debates in which ideas are formed. Scholars usually point to intellectual debates whose institutions are largely exogenous to the economy (e.g. religion or science). I suggest that economists should also consider intellectual debates that are initiated by economic actors. I set out to understand the role of intellectual debate in the economy and, drawing on Polanyi’s concept of ‘intellectual order’, the institutions that emerge endogenously to support it. Professional communities and public intellectual spheres are shown as the most important examples. Three historical cases are given as illustrations. I conclude that these intellectual orders should be included among the fundamental ‘institutions of capitalism’, besides the catallactic institutions of property and contract.

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