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CONTEMPORARY PHILOSOPHICAL SUPPORT FOR HAYEKIAN LIMITS TO ECONOMIC MODELLING
Author(s) -
Williamson Bryan A.
Publication year - 2011
Publication title -
economic affairs
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.24
H-Index - 18
eISSN - 1468-0270
pISSN - 0265-0665
DOI - 10.1111/j.1468-0270.2011.02076.x
Subject(s) - skepticism , position (finance) , epistemology , positive economics , sociology , philosophy , economics , social science , political science , finance
F. A. Hayek was a well‐known and outspoken critic of the formal mathematisation of economics, making a clear distinction between the theoretical capabilities of the natural sciences and the absence of such capabilities in the social sciences. Contemporary philosophical literature expresses a similar scepticism toward economic model derivations. Though the motivation for this scepticism may differ, the accordance of these conclusions serves to support and validate the Hayekian position.