INDEXmarket 119–20; theory <strong>of</strong> value149Lachmann, <strong>Ludwig</strong> M. 1–7;expectations <strong>in</strong> stock markets10, 183–97; hierarchicalmetaphors 9–10, 143–58; onhistory <strong>and</strong> economics 32–4;<strong>and</strong> Mises on human action 8,31–57, 67; policy activism 10,163–79; provisional equilibrium(endogenous change <strong>and</strong> opensystems) 9, 104–22; radicalsubjectivism 9, 125–39;subjectivism <strong>of</strong> active m<strong>in</strong>ds 8,61–77; subjectivism <strong>in</strong>economics/the economy 8,12–29; subjectivism <strong>and</strong> idealtypes 8–9, 80–98Lachmann problem 8, 61–3;Hayek <strong>and</strong> 72–7; Keynes <strong>and</strong>67–8; Mises <strong>and</strong> 64–7; Schutz<strong>and</strong> 68–72‘Lachmann’s Law’ 163Lakatos, I. 65Lange, O. 185Langlois, R.N. 71, 73, 138, 144–8passimlanguage 154late classical formalism’ 6Lavoie, D. 164law/legal <strong>in</strong>stitutions 10, 150, 153,155–8Law, Legislation <strong>and</strong> Liberty(Hayek) 133learn<strong>in</strong>g process 109–12, 114, 120,122Legacy <strong>of</strong> Max Weber, The(Lachmann) 3, 7, 8, 9, 144Leibniz, G.W. 69Lerner, A. 2, 3LeRoy, S.R. 76life-world 56liquidity 10, 77, 188, 192;premium 193, 195–6Loasby, B.J. 108, 111Lucas, R. 64Mach, E. 84, 85Mach<strong>in</strong>a, M.J. 131Machlup, F. 71, 73, 74marg<strong>in</strong>al analysis 39–41marg<strong>in</strong>al cost 17marg<strong>in</strong>al productivity theory <strong>of</strong>distribution 114–15marg<strong>in</strong>al utility 1, 17, 87–8, 93Margl<strong>in</strong>, S.A. 115market-clear<strong>in</strong>g hypothesis 118–19Market as an <strong>Economic</strong> Process,The (Lachmann) 169market equilibrium 5, 9market process 5, 13, 22–3, 28,64, 67–8, 72, 104, 126, 136,149–50, 152markets: conventions 22, 23;coord<strong>in</strong>ation functions 7, 14,26–8, 64; efficiency 64, 74,75–6; evolutionary selectionmechanism 73–4, 75; <strong>in</strong>termarketrelationships 22, 25–8;rules 22, 73–4, 133Marshall, A. 19–20, 27; <strong>and</strong>equilibrium 15–18mart<strong>in</strong>gales 75–6mass psychology 67, 68Mayer, H. 2mean<strong>in</strong>g <strong>of</strong> action 35, 52–4means/ends 4, 44–5, 48–9, 54, 96,97Menger, C. 2, 3, 6, 16, 24, 31, 51,82, 88–9, 125, 133, 138, 143,144, 147, 149, 151mental acts/activity 4–5‘mental pictures’ 184mental states 86mental structures 83–4, 86–7metaphors 82, 83; hierarchical (<strong>in</strong><strong>in</strong>stitutionalism) 9–10, 143–58methodological dualism 84methodological <strong>in</strong>dividualism 4,81, 136, 138methodological legacy <strong>of</strong> Weber80–98methodological solipsism 81, 82–3,84–9, 91, 98methodological subjectivism 74–5methodology (subjectivism <strong>in</strong>economics) 4, 13–15Milgrom, R 132205
INDEXMiller, E.M. 10, 184, 188–9,190–3, 195Mises, L. von 3, 6, 23, 27, 125,135, 163; a priori approach <strong>and</strong>34–42; on history <strong>and</strong>economics 32–4; on humanaction 8, 31–48; Lachmannproblem <strong>and</strong> 62, 64–7;subjectivism 81–4, 86–7Modica, S. 130money: bull-bear position 187,193–5; theory <strong>of</strong> 138, 147Moss, L.S. 133, 134motivational underst<strong>and</strong><strong>in</strong>g 97Moya, C.J. 47multiple specificity 168, 173multiplier effects 28natural prices 17natural sciences 34–5, 36, 41, 81,88, 91, 92–3natural value 17, 19negative heuristics 125–6Neo-Marxism 120Neo-Ricardianism 6, 18neoclassical economics 6, 17, 31,34, 127–9, 131–3, 135neoclassical equilibrium 126neoclassical model 21, 29, 105New Classical approach 64, 179New Institutional economists 1nihilism 61, 132, 151, 164‘nodal po<strong>in</strong>ts’ 77, 151, 154nomological knowledge 90, 97non-additive probability theory130–1non-anonymous types 71, 72, 76novelty 9, 105, 106–7, 108, 111,113–14, 128, 130Oakes, G. 33objectively rational ideal type 96–7objectives 85–6O’Driscoll, G.P. 127, 135–6, 138,144, 164, 179Ohl<strong>in</strong>, B. 28Old Institutional economists 1ontological doctr<strong>in</strong>e 82, 83, 84–5open-systems approach,provisional equilibrium <strong>and</strong> 9,104–22op<strong>in</strong>ion, diversity <strong>of</strong> (equity prices)188–96option clause 156–7order 132; economic 133–8, 143;<strong>in</strong>stitutional 147, 148–51, 152;social 69, 133, 135–6, 143,147, 151, 153; spontaneous126, 134, 136, 143orientation 53–4, 94‘orientation maps’ 53–4Pareto,V. 1, 15Pareto-constra<strong>in</strong>ed efficiency 132Pareto optimality 154partial specification 9, 105–6path-dependency 20, 154, 168pattern co-ord<strong>in</strong>ation 135–6,144–5Penrose, E.T. 25, 26perfect competition 17, 19, 27phenomenology 36, 40, 62, 68, 74,170physical assets 24‘Plan’ notion 8, 9, 42, 48–57, 95–6plan co-ord<strong>in</strong>ation 134, 135, 144,171, 173plan complementarity 169–70planned economy 13–14plann<strong>in</strong>g models 13–14, 16plutology 18Polanyi, M. 149policy activism 10, 163–79Popper, K. 13, 14, 18positivism 84–5Post-Keynesians 1, 3, 8, 158‘Practical Range’ theory 185praxeology 8, 32, 33, 35–9, 41,43–5, 87, 94, 97, 147prediction 18, 63, 70–1; see als<strong>of</strong>orecastspreferences 5, 21, 63, 164price adjustments 28price signals 5price system 17, 137–8, 145, 165,170–3prices: equity, divergentexpectations <strong>and</strong> 186–8; relative206
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CONTENTSNotes 57References 594 Lach
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1INTRODUCTIONRoger Koppl and Gary M
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