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

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MISES AND LACHMANN ON HUMAN ACTIONArguments similar to these can be readily extracted from Mises’swork. For example, Mises argues that we can only differentiateintentional action from reactive behaviour if we assume that allintentional action is rational:Praxeology does not employ the term rational. It deals withpurposive behaviour, i.e., human action. The opposite ofaction is not irrational behaviour, but a reactive response tostimuli on the part of the bodily organs and of the instincts,which cannot be controlled by volition. If we were to assign adefinite meaning to the term rational as applied to behaviour,we could not find another meaning than: the attitude of menintent on bringing about effects.(Mises 1990:23)Consequently, it could be argued, from Mises’s position, that weare a priori committed to discerning rationality in purposivebehaviour. In other words, the concept of rationality is ‘a priori’ inso far as it must be employed prior to identifying anything asaction. As action is assumed, a priori, to be rational, then a certain‘principle of charity’ is in operation: we must assume that, fromthe perspective of individual actors themselves, they are actingrationally:In speaking of human action, we have in mind conduct that, inthe opinion of the actor, is best fitted to attain an end he wantsto attain, whether or not his opinion is also held by a betterinformed spectator or historian.(Mises 1990:45)The problem Mises is addressing can be formulated thus: we do notfirst identify an action, and then work out whether or not it isrational. Rather, in identifying anything as a human action, wealready assume, or assume ‘a priori’, that this action is rational.Consequently, Mises is appealing to a much broader conception ofrationality than that operating in rational choice theories:Economics does not deal with an imaginary homo economicusas ineradicable fables reproach it with doing, but with homoagens as he really is, often weak, stupid, inconsiderate, andbadly instructed…. Its theorems are valid for all actions…. It isthe scope of history and not of praxeology to investigate what37
STEPHEN D.PARSONSends people aim at and what means they apply for therealization of their plans.(ibid.: 24)Whereas rational choice theory is normative, in the sense that itstipulates how individuals ought to behave if their behaviour is to becharacterised as ‘rational’, Mises’s theory assumes a priori that allhuman action is rational, and thus economics ‘does not deal with theought, but with the is’ (ibid.: 23). Consequently, on thisinterpretation, Mises is arguing that we are a priori committed toviewing human behaviour as rational and purposive, and we mustmake this commitment a priori to identifying (‘comprehending’)anything as an action.Given this, as economics is concerned with human actions thatcan only be recognised as such through certain constitutiveprinciples, then economics is logically prior to the historical concernwith the individual. As noted earlier, history is concerned to ‘graspthe meaning of individuality’ (ibid.: 12). However, in order that themeaning of any individual action can be understood, this individualaction must have already been identified as an action. Consequently,praxeology is not only distinct from historical investigations, buthistorical investigations presuppose praxeology: ‘The radicalempiricism of the historicists went astray in ignoring this fact. Noreport about any man’s conduct can do without reference to thepraxeological a priori’ (ibid.: 49).From this perspective, it can be argued that praxeology isconcerned to establish the most basic concepts relevant toidentifying motions as actions. Unfortunately, as noted, Mises’swritings also appear to vindicate alternative interpretations. Forexample, Mises argues that:If we had not in our mind the schemes provided bypraxeological reasoning, we should never be in a position todiscern or grasp any action. We would perceive motions, butneither buying nor selling, nor prices, wage rates, interestrates, and so on.(Mises 1949:40)If this is taken as arguing that we must be a priori committed toapplying certain concepts to motions in order to render themintelligible as human actions, then the ‘Davidsonian argument’ findsadditional support. However, if Mises is also attempting to establish38
Page 4 and 5: SUBJECTIVISM ANDECONOMIC ANALYSISTh
Page 6 and 7: SUBJECTIVISM ANDECONOMICANALYSISEss
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
Page 24 and 25: INTRODUCTIONthe frontispiece to thi
Page 26 and 27: SUBJECTIVISM IN ECONOMICS AND THE E
Page 44 and 45: 3MISES AND LACHMANNON HUMAN ACTIONS
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Page 74 and 75: 4LACHMANN ON THESUBJECTIVISM OF ACT
Page 76 and 77: THE SUBJECTIVISM OF ACTIVE MINDSThe
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Page 94 and 95: SUBJECTIVISM AND IDEAL TYPESthis or
Page 96 and 97: SUBJECTIVISM AND IDEAL TYPESof Gott
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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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