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Please use this identifier to cite or link to this item: http://hdl.handle.net/10481/31470

Title: The problems of the co-ordination problem
Authors: Durán, Miguel Ángel
Issue Date: 2005
Abstract: This paper is focused on the Hayekian understanding of the operation of the market as the continuous solution of a co-ordination problem in a decentralised decision-making system. The aim is to show the reasons why the solution of this problem is imperfect. These reasons lie, on the one hand, in deficiencies in the mechanisms to which Hayek ascribes the task of solving the co-ordination problem and, on the other hand, in the implications of the Keynesian view on expectations and the workings of the market process. In this regard, the problem of co-ordination in a Hayekian world would have different implications if Keynes’s theory were taken into consideration and the possibility of mistakes in an uncertain world were not underestimated.
Publisher: Universidad de Granada. Departamento de Teoría e Historia Económica
Series/Report no.: The Papers;05/09
Keywords: Hayekian theory
Keynesian theory
Co-ordination problem
Institutions
URI: http://hdl.handle.net/10481/31470
Rights : Creative Commons Attribution-NonCommercial-NoDerivs 3.0 License
Citation: Durán, M.A. The problems of the co-ordination problem. Universidad de Granada. Departamento de Teoría e Historia Económica (2005). (The Papers; 05/09). [http://hdl.handle.net/10481/31470]
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