The Review of Austrian Economics, 18:1, 121–124, 2005. 2005 Springer Science + Business Media, Inc. Manufactured in The Netherlands. Book Review R. KOPPL (2002) Big Players and the Economic Theory of Expectations, Basingstoke, Palgrave Macmillan. Roger Koppl’s book is a major contribution to the Austrian theory of expectations and markets. It is insightful in its theoretical approach, erudite, and grounded in a solid method- ological discussion. In addition, it deals with important issues and leads us to a frontier that is just beginning to be explored. Although economists have paid a lot more of attention to institutions and to cognition in recent decades, only a small minority has worked where these two lines of research cross. This book, which puts together work done over several years, marks Koppl’s presence in this frontier. The book is very well organized. Part I introduces and summarizes the main arguments. Part II deals with methodology, devoting a chapter each to Mises, Hayek, and Schutz. Part III is theoretical. It opens with a chapter that develops the language-games framework formulated by Koppl with Richard Langlois. It then applies this framework to the issue of expectations, on which Koppl had already published very interesting work
The Review of Austrian Economics – Springer Journals
Published: Jan 1, 2005
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