Subjectivism and Economic Analysis: Essays in memory of Ludwig ...

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LACHMANN’S POLICY ACTIVISMinvestment opportunities actually owe their existence to the failure ofpast capital combinations to achieve the purposes for which they weredesigned’ (1956:9–10).8 Kirzner (1966) provides an overview of the basic conceptual issues ofconcern in alternative formulations of capital theory. Also see Lewin(1994).9 This, of course, is the theme of Hayek’s Nobel Lecture, The pretense ofknowledge’ (Hayek 1974).10 Of course, this analysis minimises or denies that the very subjectivismof expectations that makes speculative markets suspect as coordinatingdevices should be generalised to confront policy makers aswell. In Austrian analysis it is often argued that questions of incentivescannot legitimately be separated from questions concerningknowledge acquisition. For the sake of argument, however, we assumethat one can address these questions separately. Public choice theory,for example, often assumes perfect information on the part ofgovernment officials, but then asks the analyst to consider theincentive system. Austrians, on the other hand, typically assumebenevolence on the part of policy makers, but then examine thedifficulties of information acquisition. A full-blown theory of policymaking would have to account for both information and incentives,but the usefulness of intellectually isolating these problems andexamining the implications cannot be denied.11 It is for precisely this reason that the principle of charitableinterpretation is inapposite in this case—the policy conclusions inCapital and Its Structure (Lachmann 1956) and elsewhere run againstthe grain of what we know to be the knowledge-theoretic thrust of theLachmannian research programme. There can be little question butthat we are engaged in immanent criticism of Lachmann and find hisconclusions wanting.ReferencesGarrison, R. (1986) ‘From Lachmann to Lucas: on institutions,expectations, and equilibrating tendencies’, in I.M.Kirzner (ed.)Subjectivism, Intelligibility, and Economic Understanding: Essays inHonor of Ludwig M. Lachmann on His Eightieth Birthday, New York:New York University Press, pp. 87–101.——(1994) ‘Interview’, in B.Snowdon, H.Vane and P.Wynarczyk AModern Guide to Macroeconomics: An Introduction to CompetingSchools of Thought, Aldershot, UK: Edward Elgar Publishing, pp. 383–97.Hayek, F.A. (1974) ‘The pretense of knowledge’, in New Studies inPhilosophy, Politics, Economics and the History of Ideas, Chicago:University of Chicago Press (1978), pp. 23–34.Kirzner, I.M. (1966) An Essay on Capital, New York: Augustus M.Kelly.Lachmann, L.M. (1935) ‘Capital structure and depression’,unpublishedM.Sc.(Econ.) thesis, London University .——(1937) ‘Uncertainty and liquidity-preference’, in D.Lavoie (ed.)181
PETER J.BOETTKE AND STEVEN T.SULLIVANExpectations and the Meaning of Institutions: Essays in Economics byLudwig M.Lachmann, London: Routledge (1994), pp. 29–41.——(1956) Capital and Its Structure, Menlo Park: Institute for HumaneStudies (1978 edn).——(1976) ‘On the central concept of Austrian economics: marketprocess’, in E.G.Dolan (ed.) The Foundations of Modern AustrianEconomics, Menlo Park: Institute for Humane Studies, pp. 126–32.——(1986) The Market as an Economic Process, Oxford: Basil Blackwell.——(1988) ‘Speculative markets and economic complexity’, in D.Lavoie(ed.) Expectations and the Meaning of Institutions: Essays in Economicsby Ludwig M.Lachmann, London: Routledge (1994), pp. 270–5.Lavoie, D. (ed.) (1991) Economics and Hermeneutics, London: Routledge.——(ed.) (1994) Expectations and the Meaning of Institutions: Essays inEconomics by Ludwig M.Lachmann, London: Routledge.Lewin, P. (1994) ‘Capital theory’, in P.J.Boettke (ed.) The Elgar Companionto Austrian Economics, Aldershot, UK: Edward Elgar Publishing, pp.209–15.O’Driscoll, G.P. and Rizzo, M.J. (1985) The Economics of Time andIgnorance, Oxford: Basil Blackwell.Vaughn, K.I. (1994) Austrian Economics in America, New York:Cambridge University Press.182
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SUBJECTIVISM ANDECONOMIC ANALYSISTh
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SUBJECTIVISM ANDECONOMICANALYSISEss
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CONTENTSNotes 57References 594 Lach
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CONTENTS10 Expectations and stock m
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1INTRODUCTIONRoger Koppl and Gary M
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INTRODUCTIONdirection of Israel Kir
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INTRODUCTIONand revising plans, det
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INTRODUCTIONAs the language of Lach
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INTRODUCTIONits deep insight and me
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INTRODUCTIONthe frontispiece to thi
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SUBJECTIVISM IN ECONOMICS AND THE E
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3MISES AND LACHMANNON HUMAN ACTIONS
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MISES AND LACHMANN ON HUMAN ACTIONM
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MISES AND LACHMANN ON HUMAN ACTIONA
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MISES AND LACHMANN ON HUMAN ACTIONc
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MISES AND LACHMANN ON HUMAN ACTIONH
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MISES AND LACHMANN ON HUMAN ACTION2
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MISES AND LACHMANN ON HUMAN ACTIONc
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4LACHMANN ON THESUBJECTIVISM OF ACT
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THE SUBJECTIVISM OF ACTIVE MINDSThe
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THE SUBJECTIVISM OF ACTIVE MINDSour
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THE SUBJECTIVISM OF ACTIVE MINDSact
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THE SUBJECTIVISM OF ACTIVE MINDSexp
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THE SUBJECTIVISM OF ACTIVE MINDSLan
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SUBJECTIVISM AND IDEAL TYPESthis or
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SUBJECTIVISM AND IDEAL TYPESof Gott
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SUBJECTIVISM AND IDEAL TYPESIn the
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SUBJECTIVISM AND IDEAL TYPESsuffici
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SUBJECTIVISM AND IDEAL TYPESAccordi
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SUBJECTIVISM AND IDEAL TYPESto his
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SUBJECTIVISM AND IDEAL TYPESEconomi
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SUBJECTIVISM AND IDEAL TYPESanswer
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SUBJECTIVISM AND IDEAL TYPES1 B wan
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SUBJECTIVISM AND IDEAL TYPESconclus
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SUBJECTIVISM AND IDEAL TYPESOn the
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SUBJECTIVISM AND IDEAL TYPES——(
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ENDOGENOUS CHANGEIntroductionAmong
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ENDOGENOUS CHANGEconsequences. If,
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ENDOGENOUS CHANGEHahn’s notion of
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ENDOGENOUS CHANGEentertain theories
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ENDOGENOUS CHANGEwords, is it possi
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ENDOGENOUS CHANGEX=X (L*,X*) [1]w=X
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ENDOGENOUS CHANGEP=Wa 0+rP(K/X)wher
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ENDOGENOUS CHANGEThere is no room i
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ENDOGENOUS CHANGEmodel that Dutt ha
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ENDOGENOUS CHANGE3 The difficulty i
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7RADICAL SUBJECTIVISMAND AUSTRIANEC
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RADICAL SUBJECTIVISMdecisions under
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RADICAL SUBJECTIVISMconsidered as
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Page 218 and 219: INDEXmarket 119-20; theory of value
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