Quarterly Journal of Austrian Economics
Author:
G. P. Manish
Online Publish Date:
Quarterly Journal of Austrian Economics 20, no. 3 (Fall 2017) Abstract: Ludwig Lachmann claimed that expectations are subjective, and argued that this phenomenon, coupled with the ceaseless change characterizing market data, greatly undermines the strength of any process of equilibration. This paper compares his views on this subject with those