Authors
Scott Scheall
Arizona State University
Abstract
The present essay addresses the epistemic difficulties involved in achieving consensus with respect to the Hayek–Keynes debate. It is argued that the empirical implications of the relevant theories are such that, regardless of what is observed, both theories can be interpreted as true, or at least, as not falsified. The essay explicates the respects in which the empirical evidence underdetermines the choice between the relevant theories. In particular, it is argued both that there are convenient responses that protect each theory from what appears to be threatening evidence and that, for particular kinds of evidence, the two theories are empirically equivalent. Larry Laudan's suggestion that ampliative methodological criteria can resolve an underdetermined choice between multiple scientific theories is considered and rejected as a possible means to rational consensus
Keywords F.A. Hayek  John Maynard Keynes  underdetermination  Duhem-Quine  economics  macroeconomics  business cycle theory  Larry Laudan  Austrian economics  Keynesian economics
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Reprint years 2015
DOI 10.1080/1350178x.2015.1024875
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References found in this work BETA

The Structure of Scientific Revolutions.Thomas S. Kuhn - 1962 - University of Chicago Press.
Two Dogmas of Empiricism.Willard V. O. Quine - 1951 - Philosophical Review 60 (1):20–43.
Demystifying Underdetermination.Larry Laudan - 1990 - In C. Wade Savage (ed.), Scientific Theories. University of Minnesota Press. pp. 267-97.

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