Tim Mort

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Spontaneous order may be thought of as the order that emerges from the interaction of disparate acting agents, in a bottom-up dynamic that emphasizes the role of the individual—not the top-down control of, for instance, state intervention. To specifically reference this internal regulation, Hayek even coined a term, “catallaxy,” to replace the word “economy.” Thus, spontaneous order might be viewed as haphazardly designed though purposeful organization out of what appears to be highly disorganized—the order in the flock, or the ant colony (of Douglas Hofstadter) whose hidden social ...more
The Dao of Capital: Austrian Investing in a Distorted World
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