Does anyone know of any attempts at what might be called a “Keynesian-Austrian synthesis” other than Garrison’s work? I’ve sketched something out recently that I want to try and make more formal and I’m curious what other work has been done - I haven’t come across much. One concern I have with Garri…

You are bringing up an important distinction, and pentahedron would do well to learn from you, but let’s not be so quick to call another forum member’s intellectual honesty into question.

Daniel, Precisely because Hayek’s business cycle theory in no way exclusively relies on praxeology, and precisely because he fails to give it a praxeological grounding. I’m not so sure this is true. Hayek is no praxeologist, but his methodology is very close. See his discussion on methodology in…

Ludwig Lachmann called himself an ‘Austro-Keynesian’ and his work has similarities to the Post-Keynesianism of today.

I do need to read more Lachmann, but any of these various post-Keynesian/Austrian affinities that crop up aren’t necessarily going to be sympathetic to the thoroughly neoclassical synthesis Keynesianism I’m thinking about!

Jonathan - Right, I’m not saying there’s a huge gulf between the two men. But there’s nothing particularly praxeological about his work in Prices and Production. Hayek certainly took many fruitful approaches. I think the capital structure has the best potential for integration with mainstream theor…

That a theory is praxeologically derived doesn’t mean its incompatible with something that isn’t praxeologically derived. The conclusions he derives in Prices and Production, however, are praxeological in the sense that they aren’t based on empirical observation. It’s a work of pure logic.

re: “That a theory is praxeologically derived doesn’t mean its incompatible with something that isn’t praxeologically derived.” Right. re: “The conclusions he derives in Prices and Production, however, are praxeological in the sense that they aren’t based on empirical observation. It’s a work o…

But it is not derived from premises about human action seeking satisfaction, so I’d hesitate to call it “praxeological”. Maybe Hayek did not put as much emphasis on the axiom of human action as Mises did, but Hayek was a follower of Menger (who do you think influenced Mises?) and did practice “me…

May you cite where he said/wrote that he was an austrokeynesian? I have read alot of Lachmann and I never heard him write such a thing.

Keynesian-Austrian synthesis

Economics Economics Questions

Lilburne May 11, 2011, 4:27pm 39

William posted this last week: Lachmann discussing the commonalities shared by the two schools, but he does not call himself an Austro-Keynesian therein.

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Keynesian-Austrian synthesis

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