Neoclassical theory assumes perfect knowledge. In turn, Hayekian criticism of this theory affirms that this knowledge is the result of the competitive process, and therefore cannot be considered as a given. The "Hayek Problem" investigates the conditions under which agents’ knowledge approaches the true fundamentals of an economy. In order to solve this problem, our paper uses ideas taken from the methodology of science known as the "growth of knowledge" theory (Popper, Kuhn, Lakatos and others). These ideas are used to understand how agents’ knowledge evolves, especially the knowledge of entrepreneurs. These are seen as active formulators of conjectural entrepreneurial theories that are criticized in the competitive process, and not as passive agents that maximize already known functions as in conventional theory. We use philosophy of science not to methodologically analyze microeconomics, but as an analytical tool that is part of economic theory.
microeconomics; entrepreneurship; methodology; Hayek; Popper