Epistemological and Ontological Indeterminism: Hayek and Schumpeter

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dc.authorid0000-0002-3183-1179
dc.contributor.authorSoylu, Fatma Esra
dc.date.accessioned2026-01-24T12:29:21Z
dc.date.available2026-01-24T12:29:21Z
dc.date.issued2024
dc.departmentAlanya Alaaddin Keykubat Üniversitesi
dc.description.abstractThe aim of this article is to compare and contrast the ideas of Friedrich von Hayek and Joseph Alois Schumpeter, who both adopted an indeterminist approach in their economic analyses, through a discussion of their relative strengths and weaknesses. The analysis makes extensive references the ideas of Karl Popper and Roy Bhaskar because of their profound impact on philosophical as well as economic thought. The article examines the indeterminism that marks the theories of Hayek and Schumpeter from an ontological and epistemological standpoint. More specifically, it addresses Popper and Hayek on the side of epistemological indeterminism as they theorized indeterminacy on the basis of the uncertainty of the future, and temporality in general, as well as the everchanging and always incomplete nature of knowledge, whereas it analyzes Bhaskar and Schumpeter as ontological indeterminists who saw indeterminacy as resulting from the nature of economic and social systems. The article's conclusion is that epistemological approaches to the study of indeterminacy are bound to remain within a static framework and that an ontological reasoning is needed for a transition to a dynamic framework. In other words, the reasons lying behind discontinuity in economic systems can be found only within the inherent characteristics of those systems. Therefore, any economic analysis should start with a careful assessment of the social reality's nature, because faulty assumptions about it will inevitably lead to disconnect between theory and practice.
dc.identifier.doi10.2298/PAN200602025S
dc.identifier.issn1452-595X
dc.identifier.issn2217-2386
dc.identifier.issue1
dc.identifier.scopus2-s2.0-85184205125
dc.identifier.scopusqualityQ2
dc.identifier.urihttps://doi.org/10.2298/PAN200602025S
dc.identifier.urihttps://hdl.handle.net/20.500.12868/5305
dc.identifier.volume71
dc.identifier.wosWOS:001164725700002
dc.identifier.wosqualityQ3
dc.indekslendigikaynakWeb of Science
dc.indekslendigikaynakScopus
dc.language.isoen
dc.publisherSavez Ekonomista Vojvodine
dc.relation.ispartofPanoeconomicus
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanı
dc.rightsinfo:eu-repo/semantics/openAccess
dc.snmzKA_WoS_20260121
dc.subjectEconomic reality
dc.subjectOpen systems
dc.subjectIndeterminacy
dc.subjectUncertainty
dc.subjectPopper
dc.subjectHayek
dc.subjectBhaskar
dc.subjectSchumpeter
dc.titleEpistemological and Ontological Indeterminism: Hayek and Schumpeter
dc.typeArticle

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