Cultural Evolution and the Free Market: Hayek's Theory of Group Selection

Nobel laureate Friedrich August von Hayek was undoubtedly one of the most consequential thinkers in the twentieth century. He influenced leading economists such as Milton Friedman, as well as policy makers such as Margaret Thatcher, and his defence of the free-market continues to draw appeal. However, the evolutionary theory Hayek developed in support of his political position remains relatively little explored. It is this lacuna that my book seeks to fill. I start with an account of Hayek’s background and proceed to examine his methodological views, in particular the parallels he sought to establish between economics and evolutionary biology and some of the incoherencies they present. The core of my book is dedicated to the examination of Hayek’s theory of cultural group selection, which I compare to past developments (e.g. Darwin) and to recent studies on social evolution (e.g. Boyd & Richerson). My study offers a fresh perspective on Hayek’s thought and an evaluation of key theoretical elements that are often overlooked. It will contribute to the ongoing discussion of the relationship between evolution, economics and politics, as well as to the newly revived debate on cultural group selection.