“Both, business expectation and scientific hypothesis serve the same purpose; both reflect an attempt at cognition and orientation in an imperfectly known world, both embody imperfect knowledge to be tested and improved by later experience. Each expectation does not stand… — Ludwig Lachmann Copy Share
“The Keynesian world is a world in which there are two distinct classes of actors: the skilled investor, ‘who, unperturbed by the prevailing pastime, continues to purchase investments on the best genuine long-term expectations he can frame’, and, on the other hand, the ignorant ‘game-player’. It does not seem to have occurred to Keynes that either of these two may… — Ludwig Lachmann Copy Share
“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 embody imperfect knowledge to be tested and improved by later experience. Each expectation does not stand by itself but is the cumulative result of a series of former expectations which have been revised in the light… — Ludwig Lachmann Copy Share
“...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
