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Hayek and the Methodenstreit at the LSE

Shearmur, Jeremy

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Friedrich Hayek’s Inaugural Address at the London School of Economics (LSE), ‘The Trend of Economic Thinking’ (1 March 1933), has been recognized as of particular importance for the understanding of his work. In it, Hayek argues that economics has a key role of showing what we cannot achieve: of showing that some attractive ideals are utopian. In developing this theme, Hayek referred to Mises’ arguments about the problems of economic calculation under socialism; but the idea – which I suggest...[Show more]

dc.contributor.authorShearmur, Jeremy
dc.date.accessioned2019-04-29T03:56:58Z
dc.identifier.issn1474-7731
dc.identifier.urihttp://hdl.handle.net/1885/160742
dc.description.abstractFriedrich Hayek’s Inaugural Address at the London School of Economics (LSE), ‘The Trend of Economic Thinking’ (1 March 1933), has been recognized as of particular importance for the understanding of his work. In it, Hayek argues that economics has a key role of showing what we cannot achieve: of showing that some attractive ideals are utopian. In developing this theme, Hayek referred to Mises’ arguments about the problems of economic calculation under socialism; but the idea – which I suggest might be seen as a theory about the structural constraints imposed by a flourishing market economy – becomes a more general motif in Hayek’s work. In the lecture, Hayek’s ideas are developed through engagement with the younger German Historical School of economics, which is criticized for espousing methodological ideas that would call the idea of such constraints into question. In this article, I suggest that there were also local targets at the LSE. I discuss the way in which William Beveridge, the Director of the LSE, and Lancelot Hogben, who held a Chair in Social Biology there, were engaged in an extended empiricist critique of the methodological ideas of the LSE economists and of theoretical economists more generally in ways close to the younger German historical school.
dc.format.mimetypeapplication/pdf
dc.language.isoen_AU
dc.publisherRoutledge, Taylor & Francis Group
dc.rights© 2018 Informa UK Limited, trading as Taylor & Francis Group
dc.sourceGlobalizations
dc.titleHayek and the Methodenstreit at the LSE
dc.typeJournal article
local.description.notesImported from ARIES
local.identifier.citationvolume15
dc.date.issued2018
local.identifier.absfor220319 - Social Philosophy
local.identifier.ariespublicationu4485658xPUB2568
local.publisher.urlhttps://www.routledge.com/
local.type.statusPublished Version
local.contributor.affiliationShearmur, Jeremy, College of Arts and Social Sciences, ANU
local.description.embargo2037-12-31
local.bibliographicCitation.issue7
local.bibliographicCitation.startpage1033
local.bibliographicCitation.lastpage1044
local.identifier.doi10.1080/14747731.2018.1498177
local.identifier.absseo970122 - Expanding Knowledge in Philosophy and Religious Studies
dc.date.updated2019-03-12T07:35:06Z
local.identifier.scopusID2-s2.0-85050340536
CollectionsANU Research Publications

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