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

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INTRODUCTIONthe frontispiece to this volume, and The Mises Institute, forpermission to utilise in this Introduction material that haspreviously appeared in The Austrian Economics Newsletter.ReferencesChick, V. and Caserta, M. (1994) ‘Provisional equilibrium andmacroeconomic theory’, discussion paper, University College, London.Grinder, W. (1977) ‘In pursuit of the subjective paradigm’, Introduction toL.Lachmann, Capital, Expectations and the Market Process, KansasCity: Sheed, Andrews and McMeel (1977 edn).Lachmann, L. (1937) ‘Uncertainty and liquidity preference’, EconomicaN.S., 4:295–308.——(1943) ‘The role of expectations in economics as a social science’, inCapital, Expectations and the Market Process, Kansas City: Sheed,Andrews and McMeel, pp. 65–80 (1977 edn).——(1956) Capital and Its Structure, London: Bell and Sons, Ltd.——(1959) ‘Professor Shackle on the economic significance of time’, inCapital, Expectations and the Market Process, Kansas City: Sheed,Andrews and McMeel (1977 edn).——(1971a) ‘Ludwig von Mises and the market process’, in Capital,Expectations and the Market Process, Kansas City: Sheed, Andrews andMcMeel, pp.181–93 (1977 edn).——(1971b) The Legacy of Max Weber, Berkeley: The Glendessary Press.——(1977) ‘Austrian economics and the present crisis of economicthought,’ in Capital, Expectations, and the Market Process, KansasCity: Sheed, Andrews and McMeel, pp. 25–41.——(1978) ‘An interview with Ludwig Lachmann’, Austrian EconomicsNewsletter, 1:1–15.——(1981) ‘Foreword’, in L.von Mises, Epistemological Problems ofEconomics, New York: New York University Press.——(1982) ‘Ludwig von Mises and the extension of subjectivism’, in I.M.Kirzner (ed.) Method, Process and Austrian Economics: Essays inHonor of Ludwig von Mises, Lexington, MA: D.C.Heath.——(1986) The Market as an Economic Process, Oxford: Basil Blackwell.——(1990) ‘G.L.S.Shackle’s place in the history of subjectivist thought’, inS.F.Frowen (ed.) Unknowledge and Choice: Proceedings of aConference in Honour of G.L.S.Shackle, New York: St Martin’s Press.Thomsen, E. (1992) Prices and Knowledge: A Market Process Perspective,New York: Routledge.11
2LUDWIG M.LACHMANNSubjectivism in economics and theeconomyBrian J.LoasbyI never met Ludwig Lachmann. I did not even begin correspondingwith him until the last years of his life. That was my fault, for Irepeatedly delayed taking the opportunity on the insidious excusethat I would have something more interesting to say in a fewmonths’ time. I should have been more aware, because of what I hadalready learned from his work, that he had many interesting thingsto say at any time. This was immediately demonstrated when I didwrite, as was the courtesy and intellectual curiosity that impressedso many who knew him and his work much better than I did. Sincehis objective was to make what contribution he could—and thatwas not small—to our common understanding of economicquestions, and of the ways in which we might best improve thatunderstanding, it seems appropriate in this chapter to outline thethemes that I have taken from his publications and from hiscorrespondence with me. (I shall cite his final book, which offers anadmirable conspectus of his vision.) As he would be the first to pointout, what follows is an interpretation; but since it is based on someshared points of reference—for example, admiration for the work ofGeorge Shackle and George Richardson, similar ideas about thecompatibility of some of Keynes’s major ideas with an Austrianview, the need to enquire into what happens in markets—and sinceparts of this interpretation were tested in our correspondence, I amreasonably confident that, though certainly not definitive, it isdefensible.12
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Page 9 and 10: CONTENTSNotes 57References 594 Lach
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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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