Abstract

Most economists—old and new classical, old and new Keynesian, and Austrian postulate an immutable reality unchangeable by any human action. They differ only over the amount of information decisionmakers have, in the short run, about this unchanging reality. Keynes and the Post Keynesians provide an axiomatic alternative model that presumes a transmutable economic reality. Runde, Torr, Prychitko, and Boehm and Farmer fail to adequately address this dichotomous analysis of reality in responding to my review of O'Driscoll and Rizzo's book.