Time and IGNORANCE

["Roger Koppl" <KOPPL@xxxxxxxxxxxxxxx>]

An earlier post of mine got the title of the O'Driscoll and Rizzo
book all wrong.  It was "The Economics of Time and Ignorance."

The mistake matters.  O'Driscoll and Rizzo were alluding to J.M.
Keynes.  They say on page 9 that "It is evident that there is much
common ground between post-Keynesian and Austrian subjectivism."
So they weren't engaged in a more or less neoclassical exercise in
"[Newtonian] time and [probabalitic] uncertainty," but subjectivist
exercise in "[real] time and [radical] uncertainty."  And that was
the point of my earlier post: The Austrians often operate in
"historical" time, not "logical" time.



Roger Koppl