Pluralism in economics : from epistemology to hermeneutics

Abstract

The objective of this paper is to bring elements from the philosophical movement ofhermeneutics and pragmatism to the discussion on methodology in economics, with aspecific concern on the theory of truth. Our aim is to present the concept of thehermeneutic space, developed by the philosopher Richard Rorty, as a rational justificationfor pluralism in economics. We consider the hermeneutic space an interesting conceptwhich should allow us to overcome the void left by the incapacity of epistemologicaltheories to explain the evolution of sciences. It defends the idea that our culture, values andways of interpreting things are what build the sciences, not any closed epistemologicalmethod. In this sense, pluralism is nothing more than letting the hermeneutic space work,without epistemological barriers, and understanding that this is desirable for the futuredevelopment of economics as a science. This approach differs from all othermethodological justifications for pluralism because it does not rely on any epistemologicalmethod, but assumes that the hermeneutic space can entirely fulfill the gap created by them