The problems of the co-ordination problem
Identificadores
URI: http://hdl.handle.net/10481/31470Metadata
Show full item recordAuthor
Durán, Miguel ÁngelEditorial
Universidad de Granada. Departamento de Teoría e Historia Económica
Materia
Hayekian theory Keynesian theory Co-ordination problem Institutions
Date
2005Referencia bibliográfica
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]
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.