Rev Austrian Econ (2011) 24:91–128 DOI 10.1007/s11138-010-0137-x The interpretive dimension of economics: Science, hermeneutics, and praxeology Don Lavoie Published online: 20 January 2011 Springer Science+Business Media, LLC 2011 . . . . Keywords Hermeneutics Praxeology Interpretive dimension Gadamer Schutz 1 Introduction A crisis of the method of economic thinking is taking shape. The question arises, to what extent the style of economic thought which has been predominant for about half a century, at least in the Western World, can do justice to the problems of human action in a rapidly changing world, and, in particular, in a tempestuous epoch. Ludwig M. Lachmann (1984,p.1) This essay confronts three bodies of methodological literature with one another: the growth of knowledge literature on the methods of the sciences in general, the continental philosophy known as “hermeneutics” (or the science of interpretation) on the methods of the social sciences, and the methodology that the Austrian school economist Ludwig von Mises called “praxeology” (or the science of human action) on the methods of economics in particular. The upshot of this confrontation will be that all three bodies of literature argue for what will be called an “interpretive” approach to scientific explanation. My aim is
The Review of Austrian Economics – Springer Journals
Published: Jan 20, 2011
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