The Playfulness of the Market: Reading Hayek in the Light of Huizinga

In an appendix to The Fatal Conceit: The Errors of Socialism, F.A. Hayek says, “The practices that led to the formation of the spontaneous order have much in common with rules observed in playing a game. To attempt to trace the origin of competition in play would lead us too far astray, but we can learn much from the masterly and revealing analysis of the role of play in the evolution of culture by the historian Johan Huizinga, whose work has been insufficiently appreciated by students of human order.”

In Homo Ludens: A Study of The Play Element of Culture, Huizinga argues that “civilization is rooted in noble play and that, if it is to unfold in full dignity and style, it cannot afford to neglect the play-element.” He discusses the play-element in human activities including: art, language, poetry, sport, law, and war. And he helpfully provides a thorough criteria for what constitutes real play. Play is “voluntary activity,” “disinterested activity,” “creates order, is order,” “has rules,” and so on.

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