Confidence in Keynes and Hayek
Reply to Burczak
Bibliographic Data
| ID | 12230338 |
|---|---|
| Authors | Roger Koppl (0000-0002-4807-2770, Fairleigh Dickinson University, corresponding author), William Ν Butos (Hartford Financial Services (United States)), William Butos |
| Year | 2001 |
| Volume | 13 |
| Issue | 1 |
| Pages | 81-86 |
| Publication date | 2001-01-01 |
| Open Access | No |
| Type | ARTICLE |
| Venue | Review of Political Economy (JOURNAL) |
| Journal identifiers | ISSN: 0953-8259 • E-ISSN: 1465-3982 |
| Publisher | Taylor & Francis (PUBLISHER • GB) |
| DOI | 10.1080/09538250150210595 |
| OpenAlex | W2114898471 |
| Language | EN |
| Citations received | 2 |
| References cited | 16 |
We agree with Burczak's identification of the crucial issues. We disagree with his interpretation of them. We expand our defense of the claim that Keynes was a rationalist. We introduce the "horizon principle" to critize Keynes' dichotomy between short-term and long-term expectations. We question the statistical simile guiding some Post Keynesian dsiscussions of uncertainty. We point to the role of evolution in shaping conventions that fit the economic environment in a world with novel events. We think the evidence favors our view over Burczak's. Finally, we put in a plea for framing the issues in a way that facilitates empirical testing
Economics · Framing (construction · Identification (biology · Interpretation (philosophy · Keynesian economics · Neoclassical economics · Plea · Political science · Positive economics · Post-Keynesian economics · Complex Systems and Time Series Analysis · Economic theories and models · Economic Theory and Institutions · Law · Philosophy
The general theory of employment, interest, and money
Tiresias, or Our Knowledge of Future Events
Studies in Philosophy, Politics, and Economics
Collected Papers
The Origins of Order
The Origins of Order
Hayekian expectations
Profit Expectations and Confidence
Real Exchange Rates under the Gold Standard
Big Players and Herding in Asset Markets
The economics of ignorance or ignorance of economics
The Varieties of Subjectivism
| Citations per year | 0.08 |
|---|---|
| Citation span | 2001 - 2004 (4) |
| Highly cited | No |