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Hayek’s Legacy

In: The Economics of Friedrich Hayek

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  • G. R. Steele

Abstract

Hayek considered that some of the distinctions he had chosen to make were of such importance as to warrant a special vocabulary. Since this vocabulary has not entered into common usage, a reiteration of the salient features of Hayek’s legacy is an opportunity to present a brief glossary of his preferred terminology. Praxeology is the science of human action, in which the a priori approach is adopted: the surest axioms are those discovered through introspection. This use of introspection is an important advantage the social sciences have over the physical sciences, and it contrasts with scientism which is the slavish and misguided imitation of the method and language of the physical sciences. The use of statistical aggregates to estimate parameters pertaining to market forces at work is bogus.

Suggested Citation

  • G. R. Steele, 2007. "Hayek’s Legacy," Palgrave Macmillan Books, in: The Economics of Friedrich Hayek, edition 0, chapter 12, pages 201-208, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-80148-6_12
    DOI: 10.1057/9780230801486_12
    as

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