Abstract
This paper discusses the origin of the modern social knowledge theory and Ernst Mach’s role in its development and his contribution to the history of economics. We categorize economic and scientific methodologies based on the dichotomy between“describable” and “indescribable” knowledge. The arguments of both groups drew from Mach’s theory and later developed along different lines. We investigate the reason for this by assessing evolutionism. It is important to assess fallibility and anti-rationalism as causes for the development of both concepts of knowledge. We also discuss Ludwig Mises’ unique standpoint. Although he criticized socialist economy planned rationally, he was also a rationalist. In other words, Mises was politically on the same side as Hayek and M. Polanyi but he was rather in a closer position about knowledge to the Vienna Circle. The aim of this paper is to consider Ernst Mach’s contribution in the history of economics.
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