“The Austrian theory rests fundamentally upon the non-reversibility of the investment operation. Once "free capital" has been converted into buildings and machinery, any failure of events to conform to expectations will upset everything.” — Ludwig Lachmann Copy Share Image
“The Keynesian world is a world in which there are two distinct classes of actors: the skilled investor, ‘who, unperturbed by the prevailing pastime,… — Ludwig Lachmann Copy Share Image
“Formalism, in opting for the functional mode making possible precise quantitative determinations within a closed system of variables, forgoes the possibility of making meaningful… — Ludwig Lachmann Copy Share Image
“Both, business expectation and scientific hypothesis serve the same purpose; both reflect an attempt at cognition and orientation in an imperfectly known world, both… — Ludwig Lachmann Copy Share Image
“...industrial growth is the outcome of conscious and sustained human effort about which "dynamic equations" tell us less than nothing. Growth then is the… — Ludwig Lachmann Copy Share Image
“The Austrian theory rests fundamentally upon the non-reversibility of the investment operation. Once "free capital" has been converted into buildings and machinery, any failure… — Ludwig Lachmann Copy Share Image
“The generic concept of capital without which economists cannot do their work has no measurable counterpart among material objects; it reflects the entrepreneurial appraisal… — Ludwig Lachmann Copy Share Image
“The task of the economist is not merely, as in equilibrium theory, to examine the logical consistency of various modes of action, but to… — Ludwig Lachmann Copy Share Image
