Hayek’s decommodification

Hayek’s concept of decommodification refers to reducing individuals’ reliance on the market for essential needs like healthcare, education, and social support. In essence, it involves implementing social policies that provide these services as rights or entitlements, rather than making them solely subject to market forces and personal wealth. This approach aims to promote individual freedom by ensuring everyone has access to basic needs regardless of income, while still maintaining a competitive market for non-essential goods and services. Decommodification balances economic efficiency with social security, fostering a society where personal liberty is supported through social provisions.