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Ludwig Lachmann on expectations in his early writings: an aborted theory?

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  • Loïc Sauce

Abstract

This article investigates how Ludwig Lachmann introduced the question of the endogenous formation of expectations in his 1943 and 1945 papers, a theoretical issue that remained at the heart of his research program throughout his career. After presenting the methodological and theoretical characteristics of the question he identified in 1943, I consider the embryonic causal analysis of expectations he tried to develop in 1945 by borrowing from Oskar Lange’s concept of the practical range. I then expose the methodological and theoretical flaws that may explain why he did not develop this analysis further in his subsequent works. Despite these flaws, I show that some insights of his aborted theory may nevertheless be of some usefulness to explain the causes of economic fluctuations. A possible reorientation of how to tackle the question of expectations is proposed in the conclusion.

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  • Loïc Sauce, 2014. "Ludwig Lachmann on expectations in his early writings: an aborted theory?," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 38(5), pages 1115-1131.
    • Handle: RePEc:oup:cambje:v:38:y:2014:i:5:p:1115-1131.
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    File URL: http://hdl.handle.net/10.1093/cje/beu005
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    Cited by:

    1. Loïc Sauce, 2017. "Market process(es) and (un)knowledge," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 30(3), pages 305-321, September.

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