Capitalism, coordination, and Keynes
Rejoinder to Horwitz
Bibliographic Data
| ID | 6252119 |
|---|---|
| Authors | Greg Hill (0000-0002-3022-3737, Office of Management, corresponding author) |
| Year | 1996 |
| Volume | 10 |
| Issue | 3 |
| Pages | 373-387 |
| Publication date | 1996-06-01 |
| Peer Reviewed | Yes |
| Open Access | No |
| Type | ARTICLE |
| Venue | Critical Review (JOURNAL) |
| Journal identifiers | ISSN: 0891-3811 • E-ISSN: 1933-8007 |
| Publisher | Informa UK Limited (PUBLISHER • GB) |
| DOI | 10.1080/08913819608443429 |
| OpenAlex | W1975879909 |
| Language | EN |
| Citations received | 4 |
| References cited | 3 |
In the ideal market of general equilibrium theory, choices are made in full knowledge of one another, and all expectations are fulfilled. This pre‐harmonization of individual plans does not occur in real‐world markets where decisions must be taken in ignorance of one another. The Austrian school grants this, but claims that real‐world price systems are nonetheless effective in coordinating saving and investment decisions, which are motivated by disparate considerations. In contrast, Keynes held that without the pre‐reconciliation of individual plans, investment and employment would be less than optimal, and the resulting distribution of income arbitrary and inequitable
Capitalism · Distribution (mathematics · Economics · Harmonization · Ideal (ethics · Ignorance · Investment (military · Microeconomics · Neoclassical economics · Political science · Positive economics · Economic theories and models · Economic Theory and Institutions · Economic Theory and Policy · Law
| Unique citing works | 4 |
|---|---|
| Citations per year | 0.14 |
| Citation span | 1998 - 2004 (7) |
| Citation velocity | historical |
| Highly cited | No |
| Citation types | Neutral: 4 |