A Hayekian Explanation of Hayek's 'Epistemic Turn'

Abstract

The present essay investigates F.A. Hayek’s epistemology and his methodology of sciences of complex phenomena for implications relevant to an explanation of Hayek’s own so-called “epistemic turn.” The thesis defended here is that Hayek’s dissatisfaction with his technical economics – in particular, his business cycle project – prompted, in keeping with his evolutionary theory of belief revision, the development of an approach less susceptible to the same disappointment.