Confidence in Keynes and Hayek: Reply to Burczak

Roger Koppl () and William Butos

Review of Political Economy, 2001, vol. 13, issue 1, 81-86

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.

Date: 2001
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DOI: 10.1080/09538250150210595

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