Extended order
From Wikipedia, the free encyclopedia
Extended order is an economics and sociology concept introduced by Friedrich Hayek. It is a description of what happens when a system embraces specialization and trade. The result is an interconnected web where people can benefit from the actions and knowledge of those they don't know. This is possible and efficient because a proper legal framework replaces trust, which is only practical in small circles of people who know each other socially.
 |
This sociology-related article is a stub. You can help Wikipedia by expanding it. |
