Hayek et Kirzner au concours de beauté keynesien

Translated title of the contribution: Hayek and Kirzner at the keynesian beauty contest

William N. Butos, Roger Koppl

Research output: Contribution to journalArticle

18 Scopus citations

Abstract

According to Kirzner, entrepreneurs discover new things. Kirzner’s theory thus requires a theory of learning. Hayek provides one. His theory of mind suggests a theory of economic expectations and thus of learning. We briefly review a Hayekian theory of expectations. If Kirznerian entrepreneurs are Hayekian learners, then the larger institutional environment determines what they will learn and whether they will create a tendency toward equilibrium. The theory of’Big Players” shows that discretionary policies lead Kirznerian entrepreneurs (if they are Hayekian learners) to produce the sorts of results Keynes described as a beauty contest. Since “Keynesian” policies often entail discretion, we may draw the following inference: Keynesian policies produce a Keynesian economy.

Translated title of the contributionHayek and Kirzner at the keynesian beauty contest
Original languageFrench
Pages (from-to)257-275
Number of pages19
JournalJournal des Economistes et des Etudes Humaines
Volume9
Issue number2-3
DOIs
StatePublished - Jan 1 1999
Externally publishedYes

ASJC Scopus subject areas

  • Social Sciences(all)
  • Economics, Econometrics and Finance(all)

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