Philosophy and Methodology

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Pierre Perrin

Confronted with the limitations of formalism, many economists have adopted alternative epistemological approaches which are supposed to favor a better understanding of economic phenomena. Among those, hermeneutics has enjoyed a certain success. Hermeneutics is a general theory of understanding based on the interpretation of an external reality testifying to an internal subjective reality. In economics, the interpretive act (or the process of theorization) consists in the ongoing dialogic confrontation between what contemporary economists know and what the individuals under scrutiny express of their own interpretation of the world.