INDEXefficient allocation/co-ord<strong>in</strong>ation 13Ellsberg paradox 131empowerment 23endogenous change 135–6;provisional equilibrium 9,104–22endogenous expectations 64, 68endogenous uncerta<strong>in</strong>ty 130–1,132ends/means 4, 44–5, 48–9, 54,96, 97entrepreneurship 20, 22–4, 27,105, 127–8, 168, 169epistemological isolationism 85,86–7epistemology 36, 40, 66, 67, 83–7,149equilibration 17, 20equilibrium 4, 5, 6, 7, 14, 127–8,130, 132, 134–5, 165; Harm’snotion 109–13; <strong>in</strong>dividual 104,122; Marshall <strong>and</strong> 15–18, 20;prices 188, 189; provisional 9,104–22; see also generalequilibrium theoryEquilibrium <strong>and</strong> Evolution(Loasby) 14equity prices: divergentexpectations <strong>and</strong> 184, 186–8,197; diverse op<strong>in</strong>ion <strong>and</strong>188–96evaluative conclusions 44evolutionary approach 136exchange theory (catallactics)18–20excess capacity 175exogenous change 105–7, 114–16,121expectations 2, 3, 4, 5, 7, 18, 164;balance <strong>of</strong> 183, 193, 196;convergent 10, 184, 186, 187,194, 196; dispositional 62, 74,75, 76–7; divergent 10, 26–7,183–4, 186–8, 194, 196–7;endogenous 64, 68; Lachmannproblem 8, 61–77;psychological 62, 64, 74–5,76–7; rational 13, 64, 75, 77; <strong>in</strong>stock markets 16, 183–97Expectations <strong>and</strong> the Mean<strong>in</strong>g <strong>of</strong>Institutions (Lavoie) 164explanation 107–8, 111, 113–14;causal 50–1, 63, 87, 89–91, 94,95; <strong>in</strong>tentional 9, 92–3, 96–8explanations <strong>of</strong> pr<strong>in</strong>ciple 88external <strong>in</strong>stitutions 144, 147–8, 155false assumptions/policies 13false production economy 20feedback effects 150f<strong>in</strong>ancial <strong>in</strong>termediaries, law <strong>and</strong>155–8f<strong>in</strong>ancial markets/assets 23–4Fisher, F.M. 130Fogel, R.W. 27forecasts 18, 20, 27, 188–9; seealso predictionformalism 6, 14, 18–19, 21–2, 29,34, 81–2fractional reserve bank<strong>in</strong>g 155–6future <strong>in</strong>tentions (problem <strong>of</strong>)42–8Gadamer, H-G. 53game theory 21, 138, 145Garrison, Roger 163, 164general equilibrium theory 1, 16,17, 19, 20, 27, 88, 132, 134,195General Theory (Keynes) 22, 67,70, 193–5German Historical School 2, 7, 31,33G<strong>in</strong>et, C. 45G<strong>in</strong>tis, H. 9, 132, 137–8gold stocks 155Gottl-Ottlilienfeld, F. von 82, 84,86–7Great Depression 2, 164Gr<strong>in</strong>der, W. 2Grossman, S. 132growth regimes 115, 118–22Habermas, J. 54Hahn, F. 29; equilibrium 106,109–13, 122, 130, 132Hart, O. 131Hayek, F.A. 2, 3, 8, 27, 163–4,203
INDEX170; <strong>in</strong>stitutionalism 143,144–5, 148; Lachmann problem<strong>and</strong> 62, 67, 68, 72–7; radicalsubjectivism 125, 132–9;subjectivism 81–4, 86–8, 91hermeneutics 7, 74heterogeneity 167, 168, 173Hicks, J.R. 2, 23hierarchical metaphors 9–10,143–58history <strong>and</strong> economics (Mises <strong>and</strong>Lachmann) 32–4Holstrom, B. 131Horwitz, S. 136human action 20–4, 128–9, 144;ideal types <strong>of</strong> 92–7; Lachmannon 31–57; Mises on 8, 31–48,67Human Action (Mises) 67Husserl, E. 62Hutt, W.H. 163ideal types 8–9, 50, 69, 71, 80,92–8imag<strong>in</strong>ation 18<strong>in</strong>come distribution 119, 120–1<strong>in</strong>complete contracts 131<strong>in</strong>cremental change 108, 111<strong>in</strong>dividual agents (behaviour)127–30, 134, 136–7, 146<strong>in</strong>dividual equilibrium 104, 127<strong>in</strong>dividual plan 134, 144<strong>in</strong>dividuality/<strong>in</strong>dividual action32–3, 38, 39, 55–6, 136, 144<strong>in</strong>duction 67, 184–5<strong>in</strong>flation premium 74<strong>in</strong>formation: asymmetries 130,132–3, 137; knowledge <strong>and</strong> 9,14, 22, 86–7<strong>in</strong>stitutional order 147, 148–51,152<strong>in</strong>stitutionalism (hierarchicalmetaphors) 9–10, 143–58<strong>in</strong>stitutions 7–8, 77; Austriantheories <strong>of</strong> capital <strong>and</strong>(parallels) 9–10, 151–4;economic 133–8<strong>in</strong>tentional explanation 9, 92–3,96–8<strong>in</strong>tentions 37, 85–6; future(problem <strong>of</strong>) 42–8<strong>in</strong>ter-market relationships 22, 25–8<strong>in</strong>terest rates 65; own 195–6; pricesystem 170–3<strong>in</strong>ternal <strong>in</strong>stitutions 144, 147–8,155<strong>in</strong>terpretation, subjectivism <strong>of</strong> 6–7,63–4, 65, 66, 72, 89–90<strong>in</strong>tersubjectivity/<strong>in</strong>tersubjectivemean<strong>in</strong>g 8, 56–7, 90<strong>in</strong>tra-market processes 19<strong>in</strong>trospective knowledge 86, 87,89–91, 166, 167, 169–70<strong>in</strong>vestment: decision 119, 173;function 114–15, 118–19, 120irrationality 32–3, 37Jevons, W. S. 13, 16, 20Kaldor, N. 2‘kaleidic society’ 62, 82Kant, I. 41Kauder, E.1, 2Kelv<strong>in</strong>, Lord 18Keynes, J.M. 2, 12, 22, 24, 27–8,152; Austrian critique 10, 163,166–7; equity prices 184,192–6; Lachmann problem <strong>and</strong>8, 62, 63, 64, 67–8, 70, 77Keynesian economies (Austriancritique) 10, 163–79Kirzner, I.M. 3, 22, 27, 127–8,129, 132, 134, 164Knight, F. 2, 70knowledge 24–6, 127, 137–8, 145,151, 176, 178; epistemology36, 40, 66–7, 83–7, 149;human action <strong>and</strong> 20–2, 49;<strong>in</strong>formation <strong>and</strong> 9, 14, 22,86–7; <strong>in</strong>trospective 86, 87,89–91; nomological 90, 97;perfect 129; personal 132; self-86, 90; social 83; technological132, 167Koppl, R. 66, 67, 68, 71, 73–4, 76Kreps, D.M. 130, 131labour: division <strong>of</strong> 16, 22, 26;204
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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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ENDOGENOUS CHANGEIntroductionAmong
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