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Profit Expectations and Confidence: some unresolved issues in the Austrian/Post-Keynesian debate

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Author Info
Theodore A. Burczak
Abstract

Austrian and Post-Keynesian economists both continue to make important contributions to subjectivism in economics. Yet, as the ongoing debate between members of the two schools demonstrates, Austrians and Post-Keynesians have very different views about the possibility of intertemporal coordination in a market economy. This paper returns to the debate between Hayek and Keynes in order to respond to a contemporary Austrian critique of Keynes's theory of expectations. The paper shows that the fundamental difference between the two schools ultimately boils down to the nature of conventional expectations and the question of confidence. If the conventional expectation holds to assume the future will look enough like the present to give investors confidence in their decisions, Hayek's arguments about the possibility of intertemporal coordination merit attention. If, however, this convention does not hold, as Keynes thought was sometimes likely, the self-regulating potential of a market economy is called into question.

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Publisher Info
Article provided by Taylor and Francis Journals in its journal Review of Political Economy.

Volume (Year): 13 (2001)
Issue (Month): 1 (January)
Pages: 59-80
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Handle: RePEc:taf:revpoe:v:13:y:2001:i:1:p:59-80

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Yeager, Leland B, 1976. "Toward Understanding Some Paradoxes in Capital Theory," Economic Inquiry, Oxford University Press, vol. 14(3), pages 313-46, September.
  2. Yeager, Leland B & Burmeister, Edwin, 1978. "Continuity and Capital-Reversal: Reply," Economic Inquiry, Oxford University Press, vol. 16(1), pages 147-49, January.
  3. Lachmann, Ludwig M, 1976. "From Mises to Shackle: An Essay on Austrian Economics and the Kaleidic Society," Journal of Economic Literature, American Economic Association, vol. 14(1), pages 54-62, March. [Downloadable!] (restricted)
  4. Koppl, Roger & Yeager, Leland B., 1996. "Big Players and Herding in Asset Markets: The Case of the Russian Ruble," Explorations in Economic History, Elsevier, vol. 33(3), pages 367-383, July. [Downloadable!] (restricted)
  5. Rosser, J Barkley, Jr, 1978. "Continuity and Capital-Reversal: Comment," Economic Inquiry, Oxford University Press, vol. 16(1), pages 143-46, January.
  6. William N. Butos & Roger G. Koppl, 1995. "The Varieties of Subjectivism: Keynes and Hayek on Expectations," Method and Hist of Econ Thought 9505001, EconWPA, revised 17 May 1995. [Downloadable!]
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  1. Miguel A. Durán, 2005. "The problems of the the Co-Ordination problem," ThE Papers 05/09, Department of Economic Theory and Economic History of the University of Granada.. [Downloadable!]
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