Carabelli & De Vecchi on Keynes and Hayek

William N. Butos, Roger G. Koppl

Research output: Contribution to journalReview articlepeer-review

4 Scopus citations


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.

Original languageEnglish (US)
Pages (from-to)239-247
Number of pages9
JournalReview of Political Economy
Issue number2
StatePublished - Apr 2004
Externally publishedYes

ASJC Scopus subject areas

  • Economics, Econometrics and Finance (miscellaneous)
  • Political Science and International Relations


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