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

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EXPECTATIONS AND STOCK MARKET PRICESanalysis by limiting each investor to one share, thereby avoidingquestions about the relative size of each individual investor’s holdingof the share. This assumption does not substantially affect theargument.12 Save for a few special cases discussed below.13 Short selling would of course also shift the supply curve to the right byincreasing the effective supply of the share.14 This may often, but not necessarily, be the consequence of expectationsabout future prices or yields converging in Lachmann’s sense (see thesection on own rates of interest below).15 In fact this is a limiting case in which trade occurs at an unchangedprice and the diversity of opinion, though changing at the individuallevel, is neither decreasing nor increasing in the aggregate. Moregenerally, trading at an unchanged price could also occur in all casesin which the slope and the position of the demand curve change in anexactly offsetting way. This includes cases where opinion is eitherconverging (the demand curve flattening out while shifting upwards)or diverging (the demand curve steepening while shiftingdownwards).16 Much of what we have said about risk and risk aversion applies in thesame way in the case of ambiguity.17 Modern futures and options exchanges can be subsumed withoutmuch difficulty.18 Readers familiar with the emerging literature on Critical Realism willrecognise this as an example of the retroductive mode of argument thatit advocates (see Lawson 1994b).ReferencesBibow, J. (1998) ‘On Keynesian theories of liquidity preference’, TheManchester School, 66:238–73.Keynes, J.M. (1971) Treatise on Money, vol. 1. The Collected Writings ofJohn Maynard Keynes, vol. V, London: Macmillan.——(1973) The General Theory. The Collected Writings of John MaynardKeynes, vol. VII, London: Macmillan.Kreps, D.M. (1990) Game Theory and Economic Modelling, Oxford: TheClarendon Press.Lachmann, L.M. (1976) ‘From Mises to Shackle: an essay on Austrianeconomics and the Kaleidic Society’ , Journal of Economic Literature,14: 54–62.——(1977) Capital, Expectations, and the Market Process, Kansas City:Sheed Andrews and McMeel, Inc.——(1978) Capital and Its Structure, 2nd edn, Kansas City: SheedAndrewsand McMeel, Inc. (1st edn 1956).Lange, O. (1944) Price Flexibility and Employment, Bloomington:Principia Press.Lawson, T. (1994a) ‘Tendencies’, unpublished manuscript, Cambridge:Cambridge University.199
JOCHEN RUNDE AND JÖRG BIBOW——(1994b) ‘A realist theory for economies’, in R.E.Backhouse (ed.) NewDirections in Economic Methodology, London: Routledge, pp. 257–85.Miller, E.M. (1977) ‘Risk, uncertainty and divergence of opinion’, TheJournal of Finance, 32:1151–68.Shackle, G.L.S. (1949) Expectations in Economics, Cambridge: CambridgeUniversity Press.200
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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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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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Page 176 and 177: 9LACHMANN’S POLICYACTIVISMAn Aust
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Page 194 and 195: LACHMANN’S POLICY ACTIVISMinvestm
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Page 198 and 199: EXPECTATIONS AND STOCK MARKET PRICE
Page 214 and 215: INDEXaction: individual 32-3, 38-9,
Page 216 and 217: INDEXefficient allocation/co-ordina
Page 218 and 219: INDEXmarket 119-20; theory of value
Page 220 and 221: INDEX19; stock market expectations1
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