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

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1INTRODUCTIONRoger Koppl and Gary MongioviThe extraordinary heterogeneity of the scholars interested in thework of Ludwig Lachmann testifies to the importance of his ideas.Lachmann gets serious attention from Austrians, Keynesians, PostKeynesians, New Institutional economists, Old Institutionaleconomists, and even some Sraffians. Most of these schools arerepresented in this volume. Even the two editors of this volume arevery far apart on issues of political economy, technical economictheory, and methodology. This unusual diversity suggests that whatLachmann had to say was significant. He was working at thefoundations of our science, where depth of insight counts for morethan technical prowess. And the problems Lachmann found at thefoundations have been recognised as important by very diverseeconomists. The path leading to Lachmann’s broad influence ledhim through four different countries on three different continentsspeaking two different languages, uniting one very long anddistinguished career.Lachmann’s career as an economist began in his native Berlinduring the years of the Weimar Republic. In 1924 he enrolled inthe University of Berlin where Werner Sombart would become hisdissertation advisor. As a member of the ‘younger historicalschool’, Sombart had a respect for the ideas of Max Weber and adistaste for the Austrian school. While a student in Berlin,Lachmann hired Emil Kauder as his tutor. Studying both Paretoand the Austrians, they came to view the subjective theory of valueas essentially correct and the general equilibrium theory of Walrasand Pareto as inadequate. Thus, Lachmann ended his studies inGermany an adherent of both the method of understanding(Verstehen) practised by German interpretive sociology and of theAustrian theory of marginal utility.The intellectual position to which Lachmann was led by his1
ROGER KOPPL AND GARY MONGIOVIstudies with Sombart and Kauder was hardly welcome or natural inGerman academic circles. The German historical school had alwaysbeen hostile to the Austrians. Moreover, Lachmann was a liberaland, in his own words, ‘support for, and understanding of, themarket economy, never very strong in these circles, had almostvanished’ by the late twenties (Lachmann 1981). Lachmann was tospend most of his professional life defending positions that weredismissed out of hand by academic orthodoxy.Lachmann, twice damned as both Jew and liberal, left Hitler’sGermany for England in 1933. There he studied under Hicks andHayek at the London School of Economics. In London, he metanother student of Hayek, George Shackle. But it was not Shacklewho taught him the importance of expectations in economics. It wasthrough his contacts with another refugee scholar, Paul Rosenstein-Rodan, that Lachmann learned the importance of expectations.Rosenstein-Rodan had been an assistant to Hans Mayer, who heldMenger’s chair in the University of Vienna. ‘It was Rosenstein-Rodan’, Lachmann once explained, ‘who in discussing Austriantrade cycle theory with me said, “Ah yes, but whatever happens inthe business cycle is in the first place determined by expectations”’(Lachmann 1978). The subjectivism of expectations was to becomea peculiarly Lachmannian theme.In the 1930s, Hayek’s thought dominated discussion at the LSE.The Great Depression put an end to that. Keynes had the rightmedicine. Or so it seemed. Hayek and the Austrians were eclipsed.Hicks, Kaldor, Lerner, and Shackle were all carried along in theKeynesian tide. Even Robbins quietly distanced himself from hisearly indiscretion, the Mises-Hayek theory of the trade cycle. AsWalter Grinder (1977) has put it, by the time the war began, ‘theonly consistent and thoroughgoing Hayekians left were Lachmannand Hayek himself. Lachmann found himself in considerableintellectual isolation once again, just as in Berlin before.After a fellowship which permitted him to visit many schools inthe United States including the University of Chicago where heparticipated in Frank Knight’s seminar, Lachmann taught at theUniversity of London and then the University of Hull. In 1949, hewas appointed to the chair in Economics and Economic History atthe University of Wittwatersrand in South Africa. During theseyears he developed his radical subjectivist position with a constancyof purpose that never flagged in the face of mainstream indifference.The renaissance of the Austrian school began in the 1970s andsoon came to be centred at New York University. Under the2
Page 4 and 5: SUBJECTIVISM ANDECONOMIC ANALYSISTh
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Page 9 and 10: CONTENTSNotes 57References 594 Lach
Page 11 and 12: CONTENTS10 Expectations and stock 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
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MISES AND LACHMANN ON HUMAN ACTION2
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MISES AND LACHMANN ON HUMAN ACTIONW
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MISES AND LACHMANN ON HUMAN ACTIONT
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MISES AND LACHMANN ON HUMAN ACTIONA
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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 MINDSsho
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THE SUBJECTIVISM OF ACTIVE MINDStha
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THE SUBJECTIVISM OF ACTIVE MINDSour
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THE SUBJECTIVISM OF ACTIVE MINDSor
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THE SUBJECTIVISM OF ACTIVE MINDSa p
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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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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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