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Weekend reflections

September 15th, 2006

Weekend Reflections is on again. Please comment on any topic of interest (civilised discussion and no coarse language, please). Feel free to put in contributions more lengthy than for the Monday Message Board or standard comments. (Polite) meta-comments on the tipping competition in the previous post are also invited.

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  1. James Farrell
    September 23rd, 2006 at 00:18 | #1

    The identification of equilibrium with teleology seems very unhelpful to me. Setting that aside, the critique of neoclassical economics in terms of open systems and uncertainty is the sort of thing post-Keynesians and critical realists go on about. (Shackle is an important influence on both of those schools.) The challenge to deterministic modelling is hardly the preserve of Austrians, and, as I pointed out when you attacked PAE, you should be grateful to have so many allies in this endeavour.

    In any case, I suspect that what John is after is not evidence that Austrians can match with it with post-Keynesians when it come to ontological speculation, but rather an instance of Austrians identifying some puzzle in economic life, and offering an original and convincing explanation for it. After 1980, he said, so the socialist calculation debate doesn’t count.

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