The Radical Subjectivist.It is worth a read.
I will just note that some commentator on the first post accuses Lachmann of having “sympathies towards Keynesian economics” (shock!, horror!). I, however, seriously doubt that. Lachmann placed a strong emphasis on subjective expectations and uncertainty in economics, as Post Keynesians do, and appreciated some of Keynes’s work where these ideas are expressed. That doesn’t necessarily mean Lachmann had “sympathies towards Keynesian economics” at all. Walter Block says this of Lachmann:
“I remember fondly Ludwig saying to me in his heavy accent: ‘Ve must smash zem!’ And he was talking about non Austrians. Inspirational.”I.e., Lachmann was just as hostile to other economic schools as any Rothbardian.
Walter Block, Comment at ThinkMarkets @November 27, 2009 at 10:21 pm
http://thinkmarkets.wordpress.com/2009/11/23/what-is-austrian-economics/#comment-3666
“Ve must smash zem!”
ReplyDeleteThis blog speaks highly of Lachmann only, and I mean ONLY, because of his apologia towards state intervention into people's personal economic lives. Everything else is pretentiousness, dishonest openmindedness, nudge nudge wink wink "he's one of us" bootlicking.
ReplyDelete"Oh, you support violent monopolistic institutions in the market? Huh, OK, well, "It is worth reading your rather interesting work, it is at times "fascinating", and now I can use you as a straw man against those pesky Rothbardian Austrians who won't support ANY state violence. Thank you Mr. Lachmann for enabling me to reference you in order to boost the alleged credibility of my own state bootlicking."
what?! his blog is worth a read? his whole vision of austrian economics is wrong... why would you want to read a blog from a self described austrian if he doesnt understand austrian economics to begin with? the radical subjectivists are a complete joke... enough said
ReplyDelete"Lance -true austrian- said...
ReplyDeletewhat?! his blog is worth a read? his whole vision of austrian economics is wrong..."
LOL.. yes, I am sure it is... when Austrian economics is reduced to Rothbard the loonie.
Christof said...
.... "and now I can use you as a straw man against those pesky Rothbardian Austrians who won't support ANY state violence. "
Except for ... violence against innocent fractional reserve bankers!
I know what lurks in your evil Rothbardian heart: hatred of free entreprise, free contract and the callable loan. You just yearn to use vicious, wicked, collectivist violence against innocent parties voluntarily contracting to make callable loans. Blah, Blah, Blah.
first off... thanks LK for the shout out.... I appreciate it very much...
ReplyDeletechristof,
your interpretation of Lachmann is false... you comment is almost the same as a comment by 'David' in which I respond by saying to read his book 'Capital, Expectations, and the Market Process' and read carefully parts 3 and 5 ... it debunks your whole claim that Lachmann spoke so highly about state intervention. Now obviously he was not an anarchist and he did give credit when state intervention worked,or helped, but that does not mean he wanted imtervention in itself.
Lance,
To say I know nothing about Austrian Economics is funny. Instead of generalizing your statement to,"he does know what he is talkimg about," can you actually point out specific things where you think I am completely wrong?
At the risk of being a jerk here, I wonder if LK might be able to do a post linking to his series on FR banking... similar to this one on ABCT.
ReplyDeletePerhaps these 'compendia' could be linked to from a side bar above 'blog archive' or something. Not sure if blogspot lets you do that.
These discussions tend to repeat ad nauseam, and this might be a way of directing some of the non-novel objections to FR Banking.
Anyway, it's gotten to the point of beating dead horses with pipe wrenches-- I cant bear to watch any more of it. it is valuable material, but the marginal value of another post and 75 comments from 'Major Proteus' on FR banking is rapidly diminishing, from my subjective point of view.
Anyway, well done, great blog on the whole, and looking forward to more on post-keynsian and heterodox economics. You're doing god's work, LK.
Argosy Jones,
ReplyDeletehttp://socialdemocracy21stcentury.blogspot.com/2011/12/my-posts-on-fractional-reserve-banking_19.html