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A Hayekian Explanation of Hayek's 'Epistemic Turn'

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  • Scott Scheall

    (Department of Science, Technology, and Society, Arizona State University, USA)

Abstract

The present essay aims to account for F.A. Hayek's oft-noted 'turn' away from technical economics to concerns of a more philosophical nature. In particular, the paper seeks an explanatory principle that reconciles various elements of both continuity and discontinuity in Hayek's intellectual development, especially with respect to the evolution of his arguments concerning economic fluctuations. The essay uncovers such an explanatory principle in Hayek's own methodology of sciences of complex phenomena. According to this principle, an inquirer who confronts phenomena too complex for adequate explanation on the basis of current knowledge must move to a more general, albeit less testable, explanation. This is precisely what occurred in the evolution of Hayek's thought concerning trade cycles. The concluding section considers the implications of the argument for the extensive secondary literature on Hayek's 'transformation'.

Suggested Citation

  • Scott Scheall, 2015. "A Hayekian Explanation of Hayek's 'Epistemic Turn'," Economic Thought, World Economics Association, vol. 4(2), pages 1-32, September.
    • Handle: RePEc:wea:econth:v:4:y:2015:i:2:p:32
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    References listed on IDEAS

    as
    1. Hayek, F. A., 2014. "The Market and Other Orders," University of Chicago Press Economics Books, University of Chicago Press, number 9780226089553 edited by Caldwell, Bruce, December.
    2. Hayek, F. A. & Caldwell, Bruce, 2007. "The Pure Theory of Capital," University of Chicago Press Economics Books, University of Chicago Press, number 9780226320991 edited by White, Lawrence H., December.
    3. Dekker,Erwin, 2019. "The Viennese Students of Civilization," Cambridge Books, Cambridge University Press, number 9781107565661, January.
    4. Boettke, Peter, 2015. "The Methodology Of Austrian Economics As A Sophisticated, Rather Than Naive, Philosophy Of Economics," Journal of the History of Economic Thought, Cambridge University Press, vol. 37(1), pages 79-85, March.
    5. Bruce J. Caldwell, 1988. "Hayek's Transformation," History of Political Economy, Duke University Press, vol. 20(4), pages 513-541, Winter.
    6. Ulrich Witt, 1997. "The Hayekian Puzzle: Spontaneous Order and the Business Cycle," Scottish Journal of Political Economy, Scottish Economic Society, vol. 44(1), pages 44-58, February.
    7. Bruce Caldwell, 2009. "A skirmish in the Popper Wars: Hutchison versus Caldwell on Hayek, Popper, Mises, and methodology," Journal of Economic Methodology, Taylor & Francis Journals, vol. 16(3), pages 315-324.
    8. Hayek, F. A., . "Money, Capital, and Fluctuations," University of Chicago Press Economics Books, University of Chicago Press, number 9780226321271 edited by McCloughry, R. K., December.
    9. repec:ucp:bkecon:9780226320625 is not listed on IDEAS
    10. Birner, J., 1995. "The surprising place of cognitive psychology in the work of F.A. Hayek," Research Memorandum 019, Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR).
    11. F. A. v. Hayek, 1936. "The Mythology of Capital," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 50(2), pages 199-228.
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