HUERTA DE SOTO’S HYPOSTASIS AN EXPLORATION OF THE ROLE OF THEOLOGY IN ECONOMICS
DOI:
https://doi.org/10.52195/pm.v21i2.957Abstract
The central claim of this paper is that neither the macro-economic phenomenon of price coordination nor the micro-economic phenomenon of creativity can be explained by analyzing mere human action, but that we are in need of a transcendental notion — one that cannot be proven scientifically, yet must be assumed, at least if we do not want to fall prey to nihilism. That notion is God. First, some valuable observations by Dr. Huerta de Soto on the similarity between the entrepreneurial function and divine creativity are discussed. Secondly, Catholic and Calvinist metaphysics are compared, together with their implications for economics. And finally, it is shown that Huerta de Soto’s hypothesis is actually not a hypothesis, but a hypo-stasis: a necessary assumption for all analysis, economic or otherwise.
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