 Hayek’s Transformation on Knowledge in EconomicsArie Arnon ()
Chapter Chapter 6 in Debates in Macroeconomics from the Great Depression to the Long Recession, 2022, pp 97-107 from Springer Abstract: Abstract “Economics and Knowledge,” which Hayek published in 1937, signified a break with his past thinking and was a decisive new beginning in his methodological approach. Hayek had always been deeply interested in the methodological and philosophical aspects of social thinking. This article, both in Hayek’s mind and as others read it, marked the start of a transformation in Hayek’s intellectual journey. He came to share the methodological skepticism so typical of the Austrian School, which threw the theoretical possibility of knowing society into doubt. The weaknesses in the economic method of equilibrium that Hayek described concerned the “assumptions about foresight.” Hayek referred to both the absolute need to extend the static equilibrium method to dynamic situations if we wanted a satisfactory description of reality, and to the related need to have knowledge about individuals’ expectations. Moreover, equilibrium theory, described by Hayek as the “system of tautologies,” usually applied to an individual, while the extension of the theory to many individuals and their interactions remained inapplicable. Date: 2022 There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:spr:spshcp:978-3-030-97703-0_6 Ordering information: This item can be ordered from DOI: 10.1007/978-3-030-97703-0_6 Access Statistics for this chapter More chapters in Springer Studies in the History of Economic Thought from Springer |
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