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L. Lachmann, D. Lavoie and a Critical Look to the Austrian School’s Revival: Can Hermeneutics be a Solution to the Agent-Structure Problem?

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  • Turkan Mine Kara

    (Bilkent University, Department of Economics)

Abstract

In this paper, Austrian’s school revival and some of their members’ U turn toward hermeneutics is questioned, regarding the agent-structure problem in social sciences. Rather than reconciling individual and social structure, the mainstream neoclassical school dichotomize these two constructs. Austrian economics criticize neoclassical economics due to its several reductionist assumptions related with its human agent. On the other hand Austrian school recognizes the significance of “cognitive and subjective individual” as a central unit of analysis related with its action theory. Here in this paper the idea of reconciliation of “subjective individualism with hermeneutics” after the revival of Austrian economics is questioned and it is tried to shown that this attempt is not successful methodologically.

Suggested Citation

  • Turkan Mine Kara, 2018. "L. Lachmann, D. Lavoie and a Critical Look to the Austrian School’s Revival: Can Hermeneutics be a Solution to the Agent-Structure Problem?," Yildiz Social Science Review, Yildiz Technical University, vol. 4(2), pages 125-136.
    • Handle: RePEc:aye:journl:v:4:y:2018:i:2:p:125-136
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    Keywords

    Austrian School; Hermeneutics; Agent-StructureJournal: Yildiz Social Science Review;
    All these keywords.

    JEL classification:

    • F00 - International Economics - - General - - - General
    • F30 - International Economics - - International Finance - - - General
    • G00 - Financial Economics - - General - - - General
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • K00 - Law and Economics - - General - - - General (including Data Sources and Description)
    • K20 - Law and Economics - - Regulation and Business Law - - - General
    • M00 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - General - - - General
    • M20 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - General
    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General

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