- •Contents
- •Acknowledgements
- •Notes on contributors
- •1 Introduction
- •WHAT IS HERMENEUTICS?
- •ALTERNATIVE VIEWS OF HERMENEUTICS FROM A PARTICULAR ECONOMIC STANDPOINT
- •NOTES
- •REFERENCES
- •2 Towards the native’s point of view
- •PRELUDE
- •IS THERE A PROBLEM?
- •A note of clarification
- •THREE WAYS OF DEALING WITH A PROBLEM4
- •ECONOMICS ACCORDING TO PICTURE I
- •IRONY IN PICTURE I
- •PICTURE II FOR ECONOMIC DISCOURSE
- •THE NATIVE’S POINT OF VIEW
- •CONCLUSION
- •NOTES
- •REFERENCES
- •3 Getting beyond objectivism
- •INTRODUCTION
- •HERMENEUTICS
- •GADAMER’S CRITIQUE OF OBJECTIVISM
- •RICOEUR’S CRITIQUE OF SUBJECTIVISM
- •EXPLANATION/UNDERSTANDING
- •CONCLUSION
- •NOTES
- •REFERENCES
- •4 Storytelling in economics1
- •NOTE
- •REFERENCES
- •5 The philosophical bases of institutionalist economics
- •THE DURKHEIM/MAUSS/DOUGLAS THESIS
- •PRAGMATISM AND PEIRCE
- •JOHN DEWEY
- •THORSTEIN VEBLEN
- •JOHN R.COMMONS
- •POST-1930s INSTITUTIONALISM
- •REVOLUTIONS IN SCIENCE AND PHILOSOPHY
- •ACKNOWLEDGEMENTS
- •NOTES
- •REFERENCES
- •6 The scope and goals of economic science
- •Keynesian economics and the ‘scientization of politics’
- •Neoclassical economics and distorted communication
- •TOWARD A CRITICAL ECONOMIC SCIENCE
- •NOTES
- •REFERENCES
- •7 Austrian economics
- •INTRODUCTION
- •WHY HERMENEUTICS?
- •WHAT IS HERMENEUTICS?
- •INSTITUTIONS AND THE AUSTRIAN SCHOOL
- •HERMENEUTICAL ALLIES OF THE AUSTRIANS
- •REFERENCES
- •8 Practical syllogism, entrepreneurship and the invisible hand
- •SYNOPSIS OF THE ARGUMENT
- •THE CHALLENGE OF VERSTEHEN
- •CONCLUSION
- •ACNOWLEDGEMENTS
- •NOTES
- •REFERENCES
- •9 What is a price? Explanation and understanding
- •INTRODUCTION
- •NOTES
- •REFERENCES
- •10 The economics of rationality and the rationality of economics
- •INTRODUCTION
- •Description of RE theory
- •Psychological versus philosophical critiques of RE
- •EPISTEMIC ANALYSIS OF RE
- •The problem of epistemic regress
- •THE METHOD OF FOUNDATIONALISM
- •Problems with foundationalism
- •Foundationalism and economic methodology
- •Problems with positivism
- •THE COHERENCE STRATEGY
- •Coherence theory and rational economics
- •Problems with coherence theories
- •The lack of empirical inputs
- •Inter-system indeterminacy
- •Ambiguous coherence criteria
- •Vicious circularity
- •A problematic view of truth
- •Language as a mediator
- •Addressing the problem of relativism
- •ACKNOWLEDGEMENTS
- •NOTES
- •REFERENCES
- •11 On the microfoundations of money
- •PHILOSOPHIC BACKGROUND
- •TOOLS AND METHODS
- •MONEY AND MARKETS
- •SUMMARY AND CONCLUDING REMARKS
- •ACKNOWLEDGEMENTS
- •NOTES
- •REFERENCES
- •12 Self-interpretation, attention, and language
- •SELF-INTERPRETING UTILITY FUNCTIONS
- •SOCIAL THEORY AS PRACTICE
- •WHAT IS A GOOD?
- •ATTENTION AND LANGUAGE
- •ATTENTION AND ECONOMICS
- •IMPLICATIONS FOR ECONOMIC ANALYSIS
- •HERMENEUTICAL EXPECTATIONS
- •CONCLUSION
- •NOTES
- •REFERENCES
- •13 What a non-Paretian welfare economics would have to look like
- •INTRODUCTION
- •HOW DO NON-PARETIAN APPROACHES DIFFER?
- •A central problem
- •Developing a standard
- •Aggregation
- •WHAT AN ACTUAL STANDARD MIGHT LOOK LIKE
- •Discovery and innovation
- •Complexity
- •Provision of consumer goods
- •SECOND-BEST CONSIDERATIONS
- •A NON-FOUNDATIONALIST APPROACH
- •CONCLUDING COMMENTS
- •ACKNOWLEDGEMENTS
- •NOTES
- •REFERENCES
- •14 The hermeneutical view of freedom
- •WE LIVE IN A WORLD OF SIGNIFICANCE
- •THE ‘IS’ WITHIN THE ‘OUGHT’
- •REASON, SPEECH AND PRICES
- •THE SATISFACTION OF GENERATED WANTS
- •PROCESS AND ORDER
- •Advertising
- •Property rights
- •CONCLUSION: COMPETITION AND LIBERTY
- •NOTES
- •REFERENCES
- •Index
Notes on contributors
Lawrence A.Berger is Assistant Professor of Insurance and Risk Management at the Wharton School of the University of Pennsylvania. Professor Berger has published papers on the economics of insurance markets, and his article ‘Economics and Hermeneutics’ appeared in Economics and Philosophy in October, 1989.
Tyler Cowen is Associate Professor of Economics at George Mason University. He is currently working on two books: Exploration in the New Monetary Economics and a book on the theoretical foundations of welfare economics. His The Theory of Market Failure was published in 1988.
Richard Ebeling is the Ludwig von Mises Professor of Economics at Hillsdale College in Michigan. He also serves as the Vice-President for Academic Affairs of The Future of Freedom Foundation in Denver, Colorado. He is the editor of the volume, Money, Method and the Market Process: Essays by Ludwig von Mises, and the author of ‘Inflation and Controls in Revolutionary France: The Political Economy of the French Revolution’ in
Reflections on the French Revolution: A Hillsdale Symposium.
Arjo Klamer is Associate Professor of Economics at George Washington University. He is the author of Conversations With Economists and coauthor with David Colander of The Making of an Economist. He is coeditor with Donald McCloskey and Robert Solow of Consequences of Economic
Rhetoric.
Randall Kroszner is Assistant Professor of Business Economics at the University of Chicago’s Graduate School of Business where he teaches money and banking. His ‘The Development of the New Monetary Economics’, coauthored with Tyler Cowen, was published in the Journal of Political Economy (June 1987). He served on the President’s Council of Economic Advisers during 1987–88.
Ludwig M.Lachmann is Emeritus Professor at the University of Witwatersrand, Johannesburg, South Africa. He is the author of Economics as
a Social Science, Capital and Its Structure, The Legacy of Max Weber, Macroeconomic Thinking and the Market Economy, Capital, Expectations, and the Market Process, and The Market as an Economic Process.
xi
Don Lavoie is Associate Professor of Economics at the Center for the Study of Market Processes at George Mason University. He is the author of Rivalry
and Central Planning and National Economic Planning: What is Left? He is co-editor with Arjo Klamer of a book series with Basil Blackwell Publishers on Interpretive Economics.
Donald N.McCloskey is John F.Murray Professor of Economics and Professor of History at the University of Iowa. He was a co-founder of the Cliometric Society, was co-editor for several years of the Journal of Economic History, and is the author of four books on British economic history. He is the codirector of the Project on Rhetoric of Inquiry, and the author of The Rhetoric of
Economics.
G.B.Madison is Professor of Philosophy at McMaster University and in the Graduate Faculty of the University of Toronto. He is author of The
Phenomenology of Merleau-Ponty, Understanding: A PhenomenologicalPragmatic Analysis, The Logic of Liberty, and The Hermeneutics of Post-modernity: Figures and Themes.
Uskali Mäki is Professor of Economics at the University of Helsinki and is currently a Fellow at the Swedish Collegium for Advanced Study in the Social Sciences in Upsala, Sweden. He has published papers on the methodology of economics, particularly on the issue of realism.
Philip Mirowski is Carl Koch Professor of Economics and History and Philosophy of Science at the University of Notre Dame. He is author of More Heat than Light and Against Mechanism and editor of The Reconstruction of Economic Theory. His Who’s Afraid of Random Trade? is forthcoming from Princeton University Press.
Tom G.Palmer is Director of Student Affairs and Director of Eastern European Outreach Programmes at the Institute for Humane Studies at George Mason University. He has published widely on intellectual property rights and on economic policy.
Ralph A.Rector is a graduate student in economics at George Mason University and the recipient of a Bradley Fellowship. He is writing a doctoral dissertation on organizational culture and the decision-making process within business firms.
Jon D.Wisman is Professor of Economics at The American University in Washington, D.C. He has published widely in the history of economic thought, methodology, worker issues, and general topics in economics. His most recent work is the edited book, Worker Empowerment: The Struggle for
Workplace Democracy.
