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Economics as a Coordination Problem: The Contributions of Friedrich A. Hayek; O'Driscoll, Gerald P., Jr.
4 paragraphs found.
Chapter 1

It has been argued that this description of scientific discovery is inaccurate. In a pathfinding work, T. S. Kuhn suggested that a science develops by a way of "revolutions." *2 Day-to-day scientific activity is seen as "filling the empty boxes" of accepted theory with empirical content. An accepted body of theory together with an accepted research methodology constitutes what Kuhn called a "scientific paradigm."

Chapter 2
See Imre Lakatos, "Methodology of Scientific Research Programmes," in Criticism and the Growth of Knowledge, ed. Imre Lakatos and Alan Musgrave (Cambridge: Cambridge University Press, 1970), pp. 174-75.
Chapter 6

Hayek's change of interests may also be thus explained. For he fairly abruptly ceased writing on monetary theory proper. He saw that his dissatisfaction with the New Economics (which to him was Very Old Economics) could only be brought out in work on the fundamentals of economics. Accordingly, he began a project on scientific methodology in the early 1940s, and he has moved further in this direction in his interests ever since. His Nobel Laureate lecture represents the culmination of this intellectual phase. *16 Nowhere else has he more clearly spelled out his disagreement with macroeconomic thinking as fundamental and methodological.


I would emphasize once again that many of Ricardo's insights in capital theory and some even in monetary and value theory play an important role in Hayek's own analysis. Many have noted the Ricardian or classical roots of Austrian capital theory. What I have endeavored to juxtapose is Ricardian macro-formalism, or Ricardian methodology, and consistent methodological individualism and subjectivism. The Cambridge rediscovery of Ricardo has focused precisely on what are to economists in the Austrian tradition the most objectionable features of Ricardianism (for example, analysis by social classes rather than individuals and manipulation of aggregate variables rather than attention to the relevant micro signals). Insufficient attention is thereby paid to the interesting (to Austrian economists) Ricardian insights on capital (for example, the importance of the period of production) and value theory (for example, see chapter 5 on the Ricardo effect).