Subjectvism and intertemporal coordination
AbstractThe disagreement about intertemporal coordination between Austrians and Keynesians is explained pointing out to differences both in the way expectations and motivations are treated and the methodological principles assumed by each view. Austrians believe that research should proceed showing first what guarantees a successful coordination in individualsŠ plans, and only latter showing which could hinder the “natural” course. Keynes, on the contrary, do not start with any ideal state of affairs, but allows economies to work either “good” or “bad” according to the prevailing expectations among entrepreneurs. In this way uncertainty and expectations are fully incorporated into economic theory. A link between Austrian approach and popperian situational analysis is suggested.
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