Austrian Hermeneuticism : a critique of Austrian methodology

Hayman, Philip. (1998). Austrian Hermeneuticism : a critique of Austrian methodology Honours Thesis, School of Economics, The University of Queensland.

       
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Author Hayman, Philip.
Thesis Title Austrian Hermeneuticism : a critique of Austrian methodology
School, Centre or Institute School of Economics
Institution The University of Queensland
Publication date 1998
Thesis type Honours Thesis
Total pages 64
Language eng
Subjects 14 Economics
Formatted abstract In opposition to empiricism, Austrian economics has advocated the notion of an economic knowledge grounded in the consistent application of subjectivism. That Austrians have sought to judge their theoretical toolkit in terms of subjectivism has lead them to draw philosophical guidance not from the modernist philosophical tradition which informs the mainstream, but from the realms of phenomenology and hermeneutics. This thesis investigates the tradition of hermeneutic theorising within the Austrian program. Special attention is given to the work of Ludwig Lachmann and his most recent followers. Although themes of nascent hermeneuticism have been traced within the works of leading Austrians, including F.A. Hayek, attempts to develop an explicitly interpretive or hermeneutic economics stem from the radical subjectivism of Lachmann. Lachmann in an attempt to develop an interpretive economics looks to Weber and his method of Verstehen. For contemporary neo-Austrian hermeneuts, inspired by Lachmann's interpretive bent, Weberian hermeneutics has given way to a method informed by contemporary philosophical hermeneutics. It is argued that whilst hermeneutics does not provide any answers to the questions of economic order, it does provides a robust philosophical framework within which a productive methodology may be developed.

 
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