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

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3MISES AND LACHMANNON HUMAN ACTIONStephen D.ParsonsIn his book on Weber, Lachmann sets out a framework forinvestigating human action, which he retained in his final works(e.g. Lachmann 1990). Lachmann’s analysis is interesting for anumber of reasons. First, from the perspective of the history ofAustrian economics, Lachmann must have been aware of the extentto which his approach would be controversial. Lachmann claims to‘carry forward Weber’s ideas in the circumstances of today’(Lachmann 1971:1), although recognising that Weber, as a studentof Schmoller, ‘remained very much the heir of the German HistoricalSchool all his life’ (ibid.: 17). This, of course, was the very schoolthat Menger had subjected to a rather vitriolic attack. Further, Weberwas a friend of, and influenced by, Rickert, whom Mises had similarlyaccused of being ‘bound to historicism’ (Mises 1981:5). 1 There thusarises the suspicion that, in drawing his analysis of human actionfrom the one provided by Weber, Lachmann may be adopting aperspective that earlier Austrians had specifically rejected.Second, although Lachmann’s analysis was published in 1971, itanticipates, in significant ways, some of the arguments recentlyadvanced in the philosophy of action (e.g. Bratman 1987). Third,once this perspective on Lachmann’s argument is appreciated, hisanalysis can be read as an implicit critique of the rational choicetheory that underpins conventional neoclassical economics. 2Fourth, given the above, it is somewhat surprising that Lachmann’sanalysis appears not to have been taken up by economistssympathetic to the Austrian tradition. 3It will be argued that Lachmann’s theory of human action, ratherthan signifying some betrayal of the Austrian tradition, can be31
STEPHEN D.PARSONSinterpreted as an attempt to develop a more coherent understandingof human action than that prevalent in the work of Mises. This isbecause Mises’s account is deficient both in terms of hisunderstanding as to how human action is to be investigated and inhis understanding as to what human action consists of. In fact, thesetwo problems are interrelated: it is precisely because of hismethodological approach that Mises encounters problems inexplaining human action. Lachmann’s theory can thus beunderstood as a criticism of and an attempt to resolve difficulties inboth Mises’s and rational choice theories of human action. Thesetheories can be classified together in this respect because Lachmannis implicitly drawing attention to a problem they both share:explaining future intentions.Mises and Lachmann on history and economicsInitially, it seems quite clear that Mises and Lachmann are in directopposition concerning the subject matter of economics. Misesdefined economics as an a priori universally valid science of humanaction:The science of human action that strives for universally validknowledge is the theoretical system whose hitherto bestelaborated branch is economics. In all its branches this scienceis a priori, not empirical…it is not derived from experience; itis prior to experience.(Mises 1981:12–13)The science of human action, or praxeology, was concerned withestablishing certain universal categories, which are necessary withreference to human action: ‘The cognition of praxeology isconceptual cognition. It refers to what is necessary in human action.It is a cognition of universals and categories’ (Mises 1949:51).The ‘necessity’ referred to here is meant in a dual sense: the apriori categories of human action are required both in order to actand in order to comprehend the actions of others. As praxeologywas a ‘cognition of universals’, then it could not comprehend theindividual and unique. Because the unique could not be brought underuniversal categories, it was ‘irrational’, and thus the concern of history,not economics: ‘Individuality is given to the historian, it is exactlywhat cannot be exhaustively explained or traced back to other entities.In this sense individuality is irrational’ (Mises 1990:12).32
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Page 9 and 10: CONTENTSNotes 57References 594 Lach
Page 11 and 12: CONTENTS10 Expectations and stock m
Page 14 and 15: 1INTRODUCTIONRoger Koppl and Gary M
Page 16 and 17: INTRODUCTIONdirection of Israel Kir
Page 18 and 19: INTRODUCTIONand revising plans, det
Page 20 and 21: INTRODUCTIONAs the language of Lach
Page 22 and 23: INTRODUCTIONits deep insight and me
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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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RADICAL SUBJECTIVISMnot simply enta
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RADICAL SUBJECTIVISMperformed by th
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RADICAL SUBJECTIVISMeconomic theory
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RADICAL SUBJECTIVISMAustrian resear
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RADICAL SUBJECTIVISMoutcomes of the
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RADICAL SUBJECTIVISM——(1990)
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8HIERARCHICALMETAPHORS IN AUSTRIANI
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HIERARCHICAL METAPHORScoordination
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HIERARCHICAL METAPHORSpioneering ef
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HIERARCHICAL METAPHORSbe understood
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HIERARCHICAL METAPHORSlegal order.
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HIERARCHICAL METAPHORSMany of these
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HIERARCHICAL METAPHORSBanking and t
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HIERARCHICAL METAPHORSdemand’, th
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HIERARCHICAL METAPHORS(eds) (1993);
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HIERARCHICAL METAPHORS——(1988)
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9LACHMANN’S POLICYACTIVISMAn Aust
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LACHMANN’S POLICY ACTIVISMLachman
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LACHMANN’S POLICY ACTIVISMcapital
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LACHMANN’S POLICY ACTIVISM‘plan
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LACHMANN’S POLICY ACTIVISMcapital
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LACHMANN’S POLICY ACTIVISMwithdra
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LACHMANN’S POLICY ACTIVISM…Supp
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LACHMANN’S POLICY ACTIVISMchain o
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LACHMANN’S POLICY ACTIVISMKnowled
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LACHMANN’S POLICY ACTIVISMinvestm
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10EXPECTATIONS ANDSTOCK MARKET PRIC
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EXPECTATIONS AND STOCK MARKET PRICE
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INDEXaction: individual 32-3, 38-9,
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INDEXefficient allocation/co-ordina
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INDEXmarket 119-20; theory of value
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INDEX19; stock market expectations1
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