THE SURPRISING PLACE OF COGNITIVE PSYCHOLOGY IN THE WORK OF F.A. HAYEK

The article traces the influences of the theory of cognitive psychology and consciousness, Hayek's earliest contribution to science, on the rest of his work. In Hayek's theory of the business cycle, his second scientific endeavour, individual perceptions form a crucial explanatory factor....

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Bibliographic Details
Published in:History of economic ideas 1999-01, Vol.7 (1/2), p.43-84
Main Author: Birner, Jack
Format: Article
Language:English
Subjects:
Cognitive psychology
Economic fluctuations
Economic research
Economic theory
Monetary theory
Psychology
Social evolution
Social psychology
Social sciences
Subjectivism
Subjectivism, information and knowledge in Hayek's economics
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Summary:The article traces the influences of the theory of cognitive psychology and consciousness, Hayek's earliest contribution to science, on the rest of his work. In Hayek's theory of the business cycle, his second scientific endeavour, individual perceptions form a crucial explanatory factor. It is therefore surprising that his own theory of psychology did not influence his economics. This is explained by the focus and the internal dynamics of Hayek's research programme in economics, and by the methodological principle of anti-psychologism to which he subscribes. Subsequently, the ways in which Hayek's psychology influenced his methodology and theory of societal evolution are described. The article concludes by indicating that the most surprising effect of Hayek's theory of the mind is that it threatens the consistency of the whole of his work, except perhaps for his economics.
ISSN:1122-8792
1724-2169