> but they don't believe in rational expectations. not at all. Lachmann was very
> close to Shackle in many resepcts. Lachmann is considered by some Austrians to
> be a "nihilist" because he takes the Austrian notion of radical uncertainty so
> seriously he almost doesn't get market coordination or spontaneous order.
>
> this is what I respect about the Austrian research program. It is very easy to
> get market coordination or spontaneous order when you assume away all the
> problems, like the neoclassicals. Perfect information, perfect foresight,
> perfect competition, big deal you get a result that markets are efficient. But
> recognize radical uncertainty, no equilibrium, etc., and still argue that
> spontaneous order is achieved, that is a much bolder claim. That is
> how I became
> interested in how the Austrians actually explain this achievement.
Not to mention leaving spontaneous and efficient pretty undefined.
Ian
