Far from a nihilistic crowd: The theoretical contribution of radical subjectivist Austrian economics

Far from a nihilistic crowd: The theoretical contribution of radical subjectivist Austrian economics This paper compares and contrasts the hermeneutic turn advocated by Don Lavoie in his 1985 essay on “The Interpretive Dimension of Economics” with the ontological turn that was gathering momentum amongst other groups of heterodox economists at about the same time. It is argued that an explicit focus on ontological issues can complement and support the ‘interpretive turn’, most notably by helping to show that the charge of nihilism that is sometimes levelled against Lavoie and his followers is unwarranted. The argument is illustrated by a case study of one of the inspirations of, and contributors to, Lavoie’s project, namely Ludwig Lachmann. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Review of Austrian Economics Springer Journals

Far from a nihilistic crowd: The theoretical contribution of radical subjectivist Austrian economics

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Publisher
Springer Journals
Copyright
Copyright © 2011 by Springer Science+Business Media, LLC
Subject
Economics; Public Finance; Political Science; History of Economic Thought/Methodology
ISSN
0889-3047
eISSN
1573-7128
D.O.I.
10.1007/s11138-011-0143-7
Publisher site
See Article on Publisher Site

Abstract

This paper compares and contrasts the hermeneutic turn advocated by Don Lavoie in his 1985 essay on “The Interpretive Dimension of Economics” with the ontological turn that was gathering momentum amongst other groups of heterodox economists at about the same time. It is argued that an explicit focus on ontological issues can complement and support the ‘interpretive turn’, most notably by helping to show that the charge of nihilism that is sometimes levelled against Lavoie and his followers is unwarranted. The argument is illustrated by a case study of one of the inspirations of, and contributors to, Lavoie’s project, namely Ludwig Lachmann.

Journal

The Review of Austrian EconomicsSpringer Journals

Published: Feb 9, 2011

References

  • Hermeneutics and economics: a criticism of hermeneutical thinking in the social sciences
    Albert, H

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