By Roger Koppl (auth.)
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Additional resources for Big Players and the Economic Theory of Expectations
As we shall see, they are not. Both Hayek and Schutz replaced Mises’ account of understanding with a different account. ” Hayek relied on his own innovative theory of mind, based on evolutionary biology. In both cases, however, the essence of the matter is replacing Mises’ Bergsonian account of inter-subjective understanding with another account. And in both cases, the replacement produced a system free of the limits of Mises’ original position. Considering the differences between them, it is surprising to ﬁnd that the two systems are compatible and may be ﬁtted together with little The Misesian Context 39 modiﬁcation to either one.
He found that this knowledge is ideal-typical. ” We can act in this world because we interpret it. Our interpretations arise from experiences, “our own or those handed down to us by parents or teachers” (1953, p. 7). These direct and indirect experiences give us a “scheme of reference” in the form of our “knowledge at hand” (1953, p. 7). The “stock of knowledge at hand” with which we interpret the world tells us that the world is full of “more or less well circumscribed objects” having “more or less deﬁnite qualities” (1953, p.
In Human Action the difference is framed largely in terms of the general and the speciﬁc. ” In Theory and History, Mises credits “ﬁrst Dilthey” and “then Windelbrand, Rickert, Max Weber, Croce, and Collingwood” with having “succeeded brilliantly in elucidating the epistemological features of the study of history” (1957, p. 308). Dilthey was not untouched by error (1957, p. 308) and drew on Hume and others (1957, p. 312). Dilthey’s “chief contribution” was showing that understanding “was epistemologically and methodologically different from the natural sciences and therefore also from experimental psychology” (1957, p.