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Economics, Methodology and Praxiology

Vol. 3 No. 1 (2015)

Economics and Knowledge

  • Friedrich August von Hayek
DOI
https://doi.org/10.30800/mises.2015.v3.715
Submitted
June 21, 2018
Published
2015-06-01

Abstract

The author develops arguments to criticize the view that the equilibrium models mentioned by conventional economic theory are appropriate to reality. His argument shows the subjectivity inherent in the social science phenomena and shows the limitations of economic science, imposed both by the lack of complete knowledge and by its dispersion in society.

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