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Rationality, hermeneutics, and communicational processes: On L. Lachmann's approach of hermeneutical economics

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  • Priddat, Birger P.

Abstract

Only a few economists knew about hermeneutical economics. But my request is to confirm hermeneutical economics only for the reason to make it criticable. Without any doubt, hermeneutical economics is worth to be criticized; but it is an incomplete approach. The first part presents Ludwig M. Lachmann's version of hermeneutical economics. Lachmann is picked up from the scenario of hermeneutical economists (i.e. Ebeling, Berger, Lavoie, some authors of Kirzner 1986, etc.), because he is the most prominent one of this small group. His approach is more typical than original, but a profound basement for our handling with the rationality-problem in economics. The second part analyzes some critical issues of this approach, touches some methodological problems, and ends with some helpful reasoning on the relation of hermeneutics and economics.

Suggested Citation

  • Priddat, Birger P., 2012. "Rationality, hermeneutics, and communicational processes: On L. Lachmann's approach of hermeneutical economics," Wittener Diskussionspapiere zu alten und neuen Fragen der Wirtschaftswissenschaft 18/2012, Witten/Herdecke University, Faculty of Management and Economics.
    • Handle: RePEc:zbw:uwhdps:182012
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    3. Machlup, Fritz, 1978. "Methodology of Economics and Other Social Sciences," Elsevier Monographs, Elsevier, edition 1, number 9780124645509 edited by Shell, Karl.
    4. James Buchanan, 1990. "The domain of constitutional economics," Constitutional Political Economy, Springer, vol. 1(1), pages 1-18, December.
    5. Hans Albert, 1988. "Hermeneutics and Economics A Criticism of Hermeneutical Thinking in the Social Sciences," Kyklos, Wiley Blackwell, vol. 41(4), pages 573-602, November.
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