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

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SUBJECTIVISM AND IDEAL TYPESOn the structure and functions of ideal types, see further Weber(1978:6, 9, 20; 1949:50–113).11 Lachmann is plainly wrong when he asserts that hypotheses orempirical generalisations cannot be tested in the social sciences becauseit is impossible to specify knowledge. Cf. the following characteristicstricture:The scientist who proposes an experiment to test his hypothesismust pay close attention to specifying the conditions in whichthe experiment is to take place. But in the case of human action,even were we to grant the existence of ‘universal laws’, it isimpossible to specify such an initial situation for the simplereason that it is impossible to specify knowledge. Evidently theknowledge of the actor is an important element of his action.Were we to test hypotheses concerning action, the canon ofscientific method would require us to describe in detail all theknowledge possessed by the actors—an evident impossibility.We see thus that while ‘description of the initial situation’ is afairly innocuous requirement in nature, where all we have to dois enumerate objects in time and space, for human action thisrequirement cannot be met because we should have to includesomething unspecifiable—knowledge! A human situationwithout specific knowledge makes no sense. It follows that the‘scientific method’ of the natural sciences will be of little use tothe student of action because he is unable to use the testingprocedure this method prescribes.(Lachmann 1971:35–6)12 Weber (1913) distinguishes between subjectively rational andobjectively rational ideal types (the latter he calls Richtigkeits-Typen)in ‘Über einige Kategorien der verstehenden Soziologie’; this essayrepresents his first attempt at a positive and systematic exposition ofhis methodological views.13 According to Weber:[T]hese theorems—since in fact their elements are derived fromexperience and intensified to the point of pure rationality only ina process of thought—are useful both as heuristicinstrumentalities of analysis and as constructive means for therepresentation of the empirical manifold.(Weber 1908:34)14 On the distinction between actual and motivational understanding seeWeber (1978:8–13). ‘Actual’ understanding (aktuelles Verstehen) isrendered in the English translation, somewhat misleadingly, as ‘directobservational’ understanding.101
LÁSLÓ CSONTOSReferencesAvenarius, R. (1891) Der menschliche Weltbegriff, Leipzig:O.R.Reisland.Bhargava, R. (1992) Individualism in Social Science, New York: OxfordUniversity Press.Carnap, R. (1928) Der logische Aufbau der Welt, Berlin-Schlachtensee:Weltkreis-Verlag.Gottl-Ottlilienfeld, F.von (1925) Wirtschaft als Leben, Jena: Fischer Verlag.Hayek, F.A.von (1952a) The Sensory Order, Chicago: University ofChicago Press.——(1952b) Individualismus und wirtschaftliche Ordnung, Erlenbach-Zürich: E.Rentsch Verlag.——(1964) The Counter-Revolution of Science, Glencoe, Ill: The Free Pressof Glencoe.——(1967) Studies in Philosophy, Politics, and Economics, Chicago:University of Chicago Press.Lachmann, L.M. (1971) The Legacy of Max Weber, Berkeley: GlendessaryPress.——(1976) ‘From Mises to Shackle’, Journal of Economic Literature, 14:55–6.——(1986) The Market as an Economic Process, Oxford: Blackwell.Langlois, R.N. and Csontos, L. (1993) ‘Optimization, rule following, andthe methodology of situational analysis’, in B.Gustaffson, C.Knudsen,and U.Müki (eds) Rationality, Institutions, and EconomicMethodology, London: Routledge.Mach, E. (1905) Erkenntnis und Irrtum, Leipzig: J.A.Barth.——(1915) Die Analyse der Empfindungen (6, vermehrte Auflage), Jena:Fischer Verlag.Menger, C. (1883) Untersuchungen Ober die Methode derSozialwissenschaften, Leipzig: Duncker and Humblot.Mises, L.von (1933) Grundgrobleme der Nationalökonomie, Jena: FischerVerlag.——(1940) Nationalökonomie, Genf: Ed. Union.Ryle, G. (1966) The Concept of Mind, London: Hutchinson.Schumpeter, J.A. (1954) History of Economic Analysis, New York: OxfordUniversity Press.Shackle, G.L.S. (1972) Epistemics and Economics, Cambridge: CambridgeUniversity Press.Weber, M. (1908) ‘Die Grenznutzenlehre und das “psychophysischeGrundgesetz”’, transl. as ‘Marginal utility and “the fundamentallaws of psychophysics”’, The Social Science Quarterly (1975),56:21–36.——(1913) ‘Über einige Kategorien der verstehenden Soziologie’, inGesammelte Autsätze zur Wissenschaftslehre, 4th edn, Tübingen: J.C.B.Mohr [1973].——(1949) ‘“Objectivity” in social science and social policy’, in TheMethodology of the Social Sciences, Glencoe, Ill: The Free Press ofGlencoe.102
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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 ACTIONm
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MISES AND LACHMANN ON HUMAN ACTIONA
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MISES AND LACHMANN ON HUMAN ACTIONt
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MISES AND LACHMANN ON HUMAN ACTIONH
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MISES AND LACHMANN ON HUMAN ACTIONa
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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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Page 96 and 97: SUBJECTIVISM AND IDEAL TYPESof Gott
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Page 118 and 119: ENDOGENOUS CHANGEIntroductionAmong
Page 120 and 121: ENDOGENOUS CHANGEconsequences. If,
Page 122 and 123: ENDOGENOUS CHANGEHahn’s notion of
Page 124 and 125: ENDOGENOUS CHANGEentertain theories
Page 126 and 127: ENDOGENOUS CHANGEwords, is it possi
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Page 138 and 139: 7RADICAL SUBJECTIVISMAND AUSTRIANEC
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Page 148 and 149: RADICAL SUBJECTIVISMeconomic theory
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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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