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Knowledge Questions: Hayek, Keynes and Beyond

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  • William Butos

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Abstract

This paper discusses the “knowledge problem” in terms of both the use and generation of knowledge. This is analyzed in the context of Hayek's failure to respond to the “Keynes Challenge”—the claim that markets fail to produce relevant knowledge—by suggesting that in the aftermath of The General Theory he was not well-positioned to address that problem. Ironically, his post-World War II work in cognitive psychology, The Sensory Order, offers a theory of the generation of knowledge which can provide a useful analogy for understanding the generation of market-level knowledge. Copyright Kluwer Academic Publishers 2003

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File URL: http://hdl.handle.net/10.1023/A:1027344804554
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Bibliographic Info

Article provided by Springer in its journal The Review of Austrian Economics.

Volume (Year): 16 (2003)
Issue (Month): 4 (December)
Pages: 291-307

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Handle: RePEc:kap:revaec:v:16:y:2003:i:4:p:291-307

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Web page: http://www.springerlink.com/link.asp?id=100335

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Keywords: Hayek; Keynes; knowledge;

References

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  1. Roger Koppl & William Butos, 2001. "Confidence in Keynes and Hayek: Reply to Burczak," Review of Political Economy, Taylor & Francis Journals, Taylor & Francis Journals, vol. 13(1), pages 81-86.
  2. William Butos & Roger Koppl, 2004. "Carabelli & de Vecchi on Keynes and Hayek," Review of Political Economy, Taylor & Francis Journals, Taylor & Francis Journals, vol. 16(2), pages 239-247.
  3. William N. Butos & Roger G. Koppl, 1995. "The Varieties of Subjectivism: Keynes and Hayek on Expectations," Method and Hist of Econ Thought, EconWPA 9505001, EconWPA, revised 17 May 1995.
  4. Hicks, John R, 1969. "Automatists, Hawtreyans, and Keynesians," Journal of Money, Credit and Banking, Blackwell Publishing, Blackwell Publishing, vol. 1(3), pages 307-17, August.
  5. Hayek, F. A., 1995. "Contra Keynes and Cambridge," University of Chicago Press Economics Books, University of Chicago Press, edition 1, number 9780226320656 edited by Caldwell, Bruce.
  6. Runde, Jochen, 1994. "Keynesian Uncertainty and Liquidity Preference," Cambridge Journal of Economics, Oxford University Press, Oxford University Press, vol. 18(2), pages 129-44, April.
  7. William Butos & Roger Koppl, 1993. "Hayekian expectations: Theory and empirical applications," Constitutional Political Economy, Springer, vol. 4(3), pages 303-329, September.
  8. Koppl, Roger & Yeager, Leland B., 1996. "Big Players and Herding in Asset Markets: The Case of the Russian Ruble," Explorations in Economic History, Elsevier, Elsevier, vol. 33(3), pages 367-383, July.
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Cited by:
  1. Robert Mulligan, 2006. "Accounting for the business cycle: Nominal rigidities, factor heterogeneity, and Austrian capital theory," The Review of Austrian Economics, Springer, Springer, vol. 19(4), pages 311-336, December.
  2. Andrea Migone, 2011. "Embedded markets: A dialogue between F.A. Hayek and Karl Polanyi," The Review of Austrian Economics, Springer, Springer, vol. 24(4), pages 355-381, December.
  3. R. Koppl, 2006. "Austrian economics at the cutting edge," The Review of Austrian Economics, Springer, Springer, vol. 19(4), pages 231-241, December.
  4. Daniel Kuehn, 2011. "A critique of Powell, Woods, and Murphy on the 1920–1921 depression," The Review of Austrian Economics, Springer, Springer, vol. 24(3), pages 273-291, September.

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