Carabelli & de Vecchi on Keynes and Hayek

William Butos and Roger Koppl ()

Review of Political Economy, 2004, vol. 16, issue 2, 239-247

Abstract: Carabelli & De Vecchi dispute competing interpretations of Keynes and Hayek, including ours. They mistakenly impute to us the view that Keynes was inconsistent. They deny that Keynes had a subjectivist theory of expectations by noting his rationalist philosophy. We agree that Keynes had a rationalist philosophy, but deny that this implies an objectivist theory of economic expectations. We persist in viewing Keynes as a subjectivist regarding expectations. This short paper reviews these issues and a few other contentious matters regarding Keynes and Hayek.

Date: 2004
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DOI: 10.1080/0953825042000183217

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