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Spontaneous authorized orders will include rules which have yet to be formulated in phrases. But the task allotted to evolution in the clarification of real regulation is clearly meant to parallel that of the ‘invisible hand’ in the clarification of harmony available in the market economy. Hayek gave no suggestion at this time that authorities should lose its monopoly over legal tender. Rather he claimed that the disequilibrating effects of this might be mitigated by institutional procedures. The curious feature of this proposal is its contrast with previous theorists of spontaneous financial order who had argued that the removal of presidency from money would produce a commodity-based cash . Hayek, however, appears to assume that competitors between paper currencies will produce stability.
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The proven truth that we cannot fully comprehend or state such guidelines is not a cause for doubting their efficacy, since that efficacy itself would appear to be a perform of their very survival. They are ‘learnt guidelines’ which, although they could not but be formulated explicitly, have been transmitted by way of a strategy of cultural evolution. Since an evolutionary order is unpredictable it follows that “we could have less energy over the small print of such an order than we would of one which we produce by association.”
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