Capital read by Moishe Postone: Alchemy or astrology?

Abstract Moishe Postone’s book Time, Work and Social Domination (Postone 1993), is meant to be a Hegelian interpretation of Marx’s Capital. Capital is the great subject that moves itself under the impulse of value. Its “movement” is related not to class relations, nor to the market, which is supposedly external to labor, but to the temporal constraint inherent in … Continue reading Capital read by Moishe Postone: Alchemy or astrology?

Hermeneutics and economics: The valued, valuable and usable

The aim of this paper is to identify the conditions (and limitations) of the extension of the hermeneutic paradigm to economic science. The discussion focuses on the project that looks for an epistemological matrix capable of countering the positivist ambitions of neoclassical economists in the textual sciences. Rather than explaining market mechanisms based on the model of natural sciences to identify principles, we must understand their meaning, based on the model of a text that must be interpreted. The price to pay for this epistemological extension is to sacrifice the explanatory part of economic science and the place of institutions.