The concepts of "Uncertainty" for Austrians and Post-Keynesians.
What is behind the debate?
DOI:
https://doi.org/10.30800/mises.2018.v6.865Keywords:
Uncertainty, Austrian School, Post-Keynesians, O’Driscoll Jr. e Rizzo, DavidsonAbstract
Distinct in several respects, the Austrian School and the Post-Keynesians consider the idea of "uncertainty" to be fundamental. This work is based on an Austrian perspective to explain to what extent the Post Keynesian approach fails to understand the idea of "uncertainty", with emphasis on the formulation of governmental policies. In particular, the paper addresses an attempt at "reconciliation" between the two schools by Gerald O'Driscoll Jr. and Mario Rizzo, which generated a debate between several Austrian economists and Paul Davidson, a post-Keynesian author. As a cause and solution to the controversy, the great influence on the authors of Economics of Time and Ignorance, namely the contentious nature of Ludwig Lachmann's theory in relation to the Austrian School itself will be highlighted, considering the uncertainty as a fact that makes impractible the observation of an effective coordination among the actions of dispersed agents.
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References
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BARBIERI, Fábio. História do debate do cálculo econômico socialista. São Paulo: Instituto Ludwig von Mises Brasil, 2013.
BARBIERI, Fabio. O processo de mercado na escola austríaca moderna. 2001. Tese de Doutorado. São Paulo: Universidade de São Paulo, 2001.
BOEHM, S; FARMER, K. Why the acrimony? Reply to Davidson, Critical Review. Journal of Politics and Society, 1993.
BOETTKE, Peter. Handbook on contemporary Austrian economics. Northampton: Edward Elgar Publishing, 2010.
BRESSER-PEREIRA, Luiz Carlos. Os dois métodos e o núcleo duro da teoria econômica. Revista de Economia Política, v. 29, n. 2, p. 163, 2009.
CALDWELL, Bruce J. Post-Keynesian methodology: an assessment. Review of Political Economy, v. 1, n. 1, p. 43-64, 1989.
CALDWELL, Bruce; HUTCHISON, Terence. CONTRA KEYNES AND CAMBRIDGE. The collected works of Hayek v.9. Economic Affairs, v. 16, n. 2, 1996.
CARVALHO, Fernando JJ Cardim de. Equilíbrio fiscal e política econômica keynesiana. Análise econômica, v. 26, n. 50, 2008.
DAVIDSON, P. Austrians and Post Keynesians on economic reality: Rejoinder to critics, Critical Review. Journal of Politics and Society, 1993.
DAVIDSON, P. Financial Markets, Money and the Real World. Northampton: Edward Elgar, 2002.
DAVIDSON, P. The economics of ignorance or ignorance of economics?. Critical Review, 1989.
DEMPSTER, Gregory M. Austrians and post keynesians: the questions of ignorance and uncertainty. Quarterly Journal of Austrian Economics, v. 2, n. 4, p. 73-81, 1999.
GARRISON, Roger W. The Austrian School. Snowdon B. and Vane HR, 2005.
GERRARD, B. Method and methodology in Keynes’s General Theory. A Second Edition of the General Theory. London: Routledge, 1997, p. 166-202.
HAYEK, F.A. Individualism and economic order. Chicago: University of Chicago Press, 1948.
HAYEK, F.A. Studies in philosophy, politics and economics. Chicago: University of Chicago Press, 1967.
HAYEK, F. A. The Counter-Revolution of Science: Studies on the Abuse of Reason. Indianapolis: Liberty Fund, 1979.
HAYEK, F.A. Denationalization of Money - The Argument Refined: An Analysis of the Theory and Practice of Concurrent Currencies. Londres: Institute for Economic Affairs, 1976.
KEYNES, J.M. General theory of employment, interest and money. Har-court, Brace and Co., New York, 1936.
KIRZNER, Israel M. Competition and entrepreneurship. Chicago: University of Chicago Press, 2015.
LACHMANN, L.M. Capital, Expectations and the Market Process: Essays on the Theory of the Market Theory. Kansas: Sheed Andrews and McMeel, 1977.
LACHMANN, L.M. Macro-economic thinking and the market economy. Londres: Institute of economic affairs, 1973.
LACHMANN, L.M. The Market as an Economic Process. Oxford: Wiley-Blackwell, 1986.
LEESON, Peter; BOETTKE, Peter. Was Mises Right?. Review of Social Economy, v. 64, p.247-265, 2006.
MENGER, Carl. Principles of Economics. New York: New York University, 1976.
MINSKY, H.P.; KAUFMAN, H. Stabilizing an unstable economy. Nova York: McGraw-Hill, 2008.
MISES, L. Human action. Auburn: Ludwig von Mises Institute, 2004.
O'DRISCOLL JR, G.P.; RIZZO, M. J. Austrian economics re-examined: the economics of time and ignorance. Londres: Routledge, 1996.
PRYCHITKO, L. After Davidson, who needs the Austrians? Reply to Davidson, Critical Review. Journal of Politics and Society, 1993.
RUNDE, J. Paul Davidson and the Austrians: Reply to Davidson, Critical Review. Journal of Politics and Society, 1993.
SALERNO, J.T. Ludwig von Mises as social rationalist. The Review of Austrian Economics, v. 4, n. 1, p. 26-54, 1990.
SALERNO, J.T. Mises and Hayek dehomogenized. The Review of Austrian Economics, v. 6, n. 2, 1993.
TORR, C. What can Austrian economists learn from the post Keynesians? Reply to Davidson, Critical Review. Journal of Politics and Society, 1993.
VAUGHN, K.I. Austrian economics in America: The migration of a tradition. Cambridge: Cambridge University Press, 1998.
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Published
2018-11-26
How to Cite
1.
Andrade III PH. The concepts of "Uncertainty" for Austrians and Post-Keynesians.: What is behind the debate?. MisesJournal [Internet]. 2018 Nov. 26 [cited 2024 Dec. 26];6(3). Available from: https://misesjournal.org.br/misesjournal/article/view/865
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