No abstract

The present essay addresses the epistemic difficulties involved in achieving consensus with respect to the Hayek-Keynes debate. In particular, it is argued that the debate cannot be settled on the basis of the observable evidence; or, more precisely, that the empirical implications of the theories of Hayek and Keynes are such that, regardless of what is observed, both of the theories can be interpreted as true, or at least, not falsified. Regardless of the evidence, both Hayek and Keynes can be interpreted as right.The underdetermination of theories by evidence is an old and ubiquitous problem in science. The present essay makes explicit the respects in which the empirical evidence underdetermines the choice between the theories of Hayek and Keynes. In particular, it is argued both that there are convenient responses one can offer that protect each theory from what appears to be threatening evidence (i.e., that the choice between the two theories is underdetermined in the holist sense) and that, for particular kinds of evidence, the two theories are empirically equivalent (i.e., with respect to certain kinds of evidence, the choice between the two theories is underdetermined in the contrastive sense). iii ACKNOWLEDGMENTS

The paper argues that Terence Hutchison's ( 1981 ) argument that the young F. A. Hayek maintained a methodological position markedly similar to that of Ludwig von Mises fails to support the relevant conclusion. The fi rst problem with Hutchison's argument is that it is not clear exactly what conclusion he meant to establish. Mises (in)famously maintained a rather extreme methodological apriorism. However, the concept of a priori knowledge that emerges from Hayek's epistemology as implied in his work on theoretical psychology is the opposite of Mises's treatment of a priori knowledge. Thus, it cannot be maintained-if, indeed, Hutchison meant to establish-that Hayek was a Misesian apriorist during the years in question. What's more, the paper shows that Hutchison's argument does not support a weaker interpretation of the relevant conclusion. There are alternative interpretations of Hutchison's evidence, more charitable and more consistent with Hayek's epistemology, which undermine Hutchison's conclusion.

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