Economic Themes (2012) 50 (4) 4, 487-501

THE CONTRIBUTION OF KEYNES AND HAYEK TO THE DEVELOPMENT OF THE THEORETICAL METHODOLOGICAL PLURALISM IN THE ECONOMIC SCIENCE


Dragan Petrović

Abstract: With the appearance of Keynes and Hayek, the economic science started to change the principles of its development from monism toward pluralism. Their ideas became the source of the new conceptions, which was a good basis for the appearance of numerous theoretical methodological variations and interpretations. The progress toward the methodological heterodoxy was followed by the important differences among these authors, but also by numerous similarities. Therefore, the aim of this work is to shed light on the relations and understand the differences and possible connections of the scientific research programmes of Keynes and Hayek. In relation to it, this will be an attempt to determine the theoretical basis and the conceptual content that can help analyse to what extent was the work of these authors the alternative to the neoclassical economic theory, as well as the inspiration to the further development of the economic theory and methodology.

Keywords:  methodological pluralism; economic equilibrium; uncertainty; bounded rationality; formalisation of the economic science

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