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Big Players and the Economic Theory of Expectations
 
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Big Players and the Economic Theory of Expectations
 
 
Palgrave Macmillan
 
 
 
 
 
19 Jun 2002
|
£97.00
|Hardback In Stock
  
9780333678268
||
 
 
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DescriptionReviewsContentsAuthors

Investment and all other economic actions depend on 'subjective' expectations. The problem is how to construct a theory of expectations that assumes people interpret their situations in unpredictable ways. Building on the evolutionary economics of F.A.Hayek, Koppl gives us such a theory. This includes a theory of 'Big Players', demonstrating that discretionary policy interventions create ignorance and uncertainty. The volume uses innovative methods to address many vital problems in economic theory, and connects with many other schools of economics including New Institutional Economics, Constitutional Economics and Post Walsarian Economics.


Description

Investment and all other economic actions depend on 'subjective' expectations. The problem is how to construct a theory of expectations that assumes people interpret their situations in unpredictable ways. Building on the evolutionary economics of F.A.Hayek, Koppl gives us such a theory. This includes a theory of 'Big Players', demonstrating that discretionary policy interventions create ignorance and uncertainty. The volume uses innovative methods to address many vital problems in economic theory, and connects with many other schools of economics including New Institutional Economics, Constitutional Economics and Post Walsarian Economics.


Reviews

'The research contained... is of a very high level.' - Giampaolo Garzarelli, Journal of Public Finance and Public Choice


Contents

PART I: INTRODUCTION
An Overview of the Book
PART II: METHODOLOGY
Mises
Schutz
Hayek
PART III: THEORY
Language Games and Economic Theory
Expectations
Big Players
PART IV: APPLICATIONS
Ruble
Angular Distribution
Money Demand
Coda
Appendices
Index


Authors

ROGER KOPPL is Professor of Economics and Finance at Fairleigh Dickinson University, Madison, USA.