IDEAS home Printed from https://ideas.repec.org/a/kap/revaec/v25y2012i4p283-297.html
   My bibliography  Save this article

Viennese kaleidics: Why it’s liberty more than policy that calms turbulence

Author

Listed:
  • Richard Wagner

    ()

Abstract

The idea of a kaleidic economy or society is strongly associated with George Shackle and his vision of Keynesian kaleidics. This essay asserts that the central thrust of the Austrian tradition in economic analysis can be described by the term Viennese kaleidics. In either version of kaleidics, the analytical stress is placed on treating time seriously and not just notionally. Either version of kaleidics leads to recognition that economic processes are better treated as turbulent than as equilibrated. While that turbulence is a natural feature of the unavoidable incompleteness of intertemporal coordination, it is subject to mitigation. This essay explains how it is that individual liberty and private ordering is generally superior to state policy and public ordering in calming the turbulence that naturally characterizes a kaleidic economy. Copyright Springer Science+Business Media, LLC 2012

Suggested Citation

  • Richard Wagner, 2012. "Viennese kaleidics: Why it’s liberty more than policy that calms turbulence," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 25(4), pages 283-297, December.
  • Handle: RePEc:kap:revaec:v:25:y:2012:i:4:p:283-297
    DOI: 10.1007/s11138-012-0172-x
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1007/s11138-012-0172-x
    Download Restriction: Access to full text is restricted to subscribers.

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. J. M. Keynes, 1937. "The General Theory of Employment," The Quarterly Journal of Economics, Oxford University Press, vol. 51(2), pages 209-223.
    2. 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.
    3. Clower, Robert & Leijonhufvud, Axel, 1975. "The Coordination of Economic Activities: A Keynesian Perspective," American Economic Review, American Economic Association, vol. 65(2), pages 182-188, May.
    4. Koppl, Roger, 2001. "Alfred Schutz and George Shackle: Two Views of Choice," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 14(2-3), pages 181-191, September.
    5. Leland B. Yeager, 1997. "Austrian Economics, Neoclassicism, and the Market Test," Journal of Economic Perspectives, American Economic Association, vol. 11(4), pages 153-165, Fall.
    6. Agnello, Richard J & Donnelley, Lawrence P, 1975. "Property Rights and Efficiency in the Oyster Industry," Journal of Law and Economics, University of Chicago Press, vol. 18(2), pages 521-533, October.
    7. Vincent Ostrom, 1996. "Faustian bargains," Constitutional Political Economy, Springer, vol. 7(4), pages 303-308, December.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. repec:eme:aaeczz:s1529-213420150000019007 is not listed on IDEAS
    2. repec:jpe:journl:1481 is not listed on IDEAS
    3. William Luther, 2014. "Evenly rotating economy: A new modeling technique for an old equilibrium construct," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 27(4), pages 403-417, December.
    4. repec:eee:quaeco:v:67:y:2018:i:c:p:227-236 is not listed on IDEAS
    5. repec:eme:aaeczz:s1529-213420140000018005 is not listed on IDEAS
    6. Richard Wagner, 2013. "What kind of state in our future? Fact and Conjecture in Vito Tanzi’s Government versus Markets," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 26(1), pages 93-104, March.
    7. repec:eme:aaeczz:s1529-213420140000018000 is not listed on IDEAS
    8. repec:eme:aaeczz:s1529-213420150000019005 is not listed on IDEAS

    More about this item

    Keywords

    Kaleidic economy; George Shackle; Time and economics; Monetary non-neutrality; Private vs. public ordering; B20; D20; D80; E30; E52; E62;

    JEL classification:

    • B20 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - General
    • D20 - Microeconomics - - Production and Organizations - - - General
    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
    • E30 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - General (includes Measurement and Data)
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:kap:revaec:v:25:y:2012:i:4:p:283-297. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Sonal Shukla) or (Andrew Huffard) The email address of this maintainer does not seem to be valid anymore. Please ask Andrew Huffard to update the entry or send us the correct email address. General contact details of provider: http://www.springer.com .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.