The Hayek-Sraffa controversy in 1932:a philosophy of science perspective

Analysing the intense controversy between Hayek and Sraffa in 1932, this article throws light on whether their arguments were logically consistent and which philosophy of science axioms concerning knowledge, society and human beings their arguments were based upon. The purpose is to use the controversy as an example for clarifying the elemental preconditions of the economic science in order to validly reach the core of the economic theories and thus throw light on their historical and ideological conditions, range and validity of the knowledge produced. As an analytical tool the article makes use of Lakatos’ thoughts on research programmes and formal logic.Analysing the intense controversy between Hayek and Sraffa in 1932, this article throws light on the logical consistency of their arguments and the philosophy of science axioms concerning knowledge, society, and human beings upon which these were based. The purpose is to use the controversy as an example to clarify the elemental preconditions of economic science to validly reach the core of economic theories and thus throw light on their historical and ideological conditions and range and the validity of the knowledge produced. The article uses Imre Lakatos’ thoughts on research programmes and formal logic as an analytical tool