By Ludwig Lachmann, Don Lavoie
This number of Ludwig Lachmann's essays demanding situations modern attitudes to economics and seeks to use an interpretive method of the self-discipline. The essays, spanning six a long time, handle quite a lot of concerns in microeconomics, macroeconomics, method and the historical past of notion. They define Lachmann's method of economics, with the emphasis at the which means of human associations in an international of unpredictable swap, instead of on quantitative and strong family members. accumulating Lachmann's most vital interact for the 1st time, it comprises essays by no means formerly released.
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Additional resources for Expectations and the Meaning of Institutions: Essays in Economics by Ludwig Lachmann (Foundations of the Market Economy)
Sample text
Since in Mr Keynes’s theory, share prices express the marginal efficiency of capital,6 Mr Kalecki’s argument is not very convincing. 7 According to him, investment is a function of the rate of increase of consumption. As soon as the latter declines (which is, of course, quite possible even where consumption increases absolutely) investment will fall off and the process of expansion will come to an end. e. an increase in the percentage of profit per unit of output. 8 But surely, of all phases of the cycle it is during prosperity that we should expect new firms to enter the field.
While our conclusion is thus of little, if any, help to the monetary theorist and, of course, entirely useless for purposes of monetary policy, it would be unfair to blame Dr Rosenstein for it. For the task he had set himself was to co-ordinate the general theories of money and of price, and since he endeavours to do it on the Lausanne model, he is entitled to confine himself to inserting a new set of variables into a system of simultaneous equations. As in this system all quantities are interdependent, it is sufficient to show that any variation in uncertainty must have some repercussion on some other magnitudes in order to make the system work and safeguard it, on its own level of abstraction, against theoretical objections.
This goes far to explain the remarkable role of housebuilding as the type of investment activity which has so often in depressions of the past led the first steps towards recovery. EVEN IF POLICY-MAKERS LOWER INTEREST RATES… We have so far rigidly adhered to our initial assumption about a perfectly elastic supply of money. As it was one of our main purposes to show that, even with the most accommodating of monetary policies, the 50 INVESTMENT AND COSTS OF PRODUCTION process of expansion will come sooner or later to an abrupt end, this was, indeed, an indispensable hypothesis.