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Confidence in Keynes and Hayek: Reply to Burczak

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  • Roger Koppl
  • William Butos

Abstract

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.

Suggested Citation

  • Roger Koppl & William Butos, 2001. "Confidence in Keynes and Hayek: Reply to Burczak," Review of Political Economy, Taylor & Francis Journals, vol. 13(1), pages 81-86.
  • Handle: RePEc:taf:revpoe:v:13:y:2001:i:1:p:81-86
    DOI: 10.1080/09538250150210595
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    References listed on IDEAS

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    1. Diebold, Francis X & Husted, Steven & Rush, Mark, 1991. "Real Exchange Rates under the Gold Standard," Journal of Political Economy, University of Chicago Press, vol. 99(6), pages 1252-1271, December.
    2. William Butos & Roger Koppl, 1993. "Hayekian expectations: Theory and empirical applications," Constitutional Political Economy, Springer, vol. 4(3), pages 303-329, September.
    3. William N. Butos & Roger G. Koppl, 1995. "The Varieties of Subjectivism: Keynes and Hayek on Expectations," Method and Hist of Econ Thought 9505001, University Library of Munich, Germany, revised 17 May 1995.
    4. Walter B. Wriston, 1998. "Dumb Networks and Smart Capital," Cato Journal, Cato Journal, Cato Institute, vol. 17(3), Winter.
    5. 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.
    6. Diebold, Francis X. & Rudebusch, Glenn D., 1989. "Long memory and persistence in aggregate output," Journal of Monetary Economics, Elsevier, vol. 24(2), pages 189-209, September.
    7. Sowell, Fallaw, 1992. "Modeling long-run behavior with the fractional ARIMA model," Journal of Monetary Economics, Elsevier, vol. 29(2), pages 277-302, April.
    8. Horwitz, Steven, 2000. "From The Sensory Order to the Liberal Order: Hayek's Non-rationalist Liberalism," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 13(1), pages 23-40, February.
    9. Bateman, Bradley W, 1991. "Das Maynard Keynes Problem: Review Article," Cambridge Journal of Economics, Oxford University Press, vol. 15(1), pages 101-111, March.
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    Citations

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    Cited by:

    1. William Butos, 2003. "Knowledge Questions: Hayek, Keynes and Beyond," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 16(4), pages 291-307, December.
    2. Miguel A. DurĂ¡n, 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..
    3. Dequech, David, 2006. "The new institutional economics and the theory of behaviour under uncertainty," Journal of Economic Behavior & Organization, Elsevier, vol. 59(1), pages 109-131, January.
    4. William Butos & Roger Koppl, 2004. "Carabelli & de Vecchi on Keynes and Hayek," Review of Political Economy, Taylor & Francis Journals, vol. 16(2), pages 239-247.

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