The Epistemological Implications of Machlup's Interpretation of Mises's Epistemology
2015. Journal of the History of Economic Thought, Vol. 37, No. 1, pp. 111-138
48 Pages Posted: 7 Mar 2013 Last revised: 15 Feb 2020
Date Written: November 4, 2013
We argue that Machlup's (1955) interpretation of Mises’s epistemology is at least, if not more, plausible than Rothbard's (1957). The implications of Machlup’s interpretation of Mises and Austrian epistemology affect Austrians, non-Austrians and how they relate to each other. Machlup’s interpretation shows that Austrian’s epistemology is well grounded and that most criticisms of Austrian economics based on their aprioristic characteristic are misplaced. Furthermore, Machlup’s interpretation provides a potential road to re-built the academic interaction between Austrians and non-Austrians that was characteristic of the early twentieth century.
Keywords: Austrian economics, non-Austrian economics, Mises, Machlup, Rothbard, a priori, apriorism, Lakatos, Kuhn
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