Expectations and the Meaning of Institutions: Essays in Economics

By Ludwig Lachmann; Don Lavoie | Go to book overview

14

CARL MENGER AND THE INCOMPLETE REVOLUTION OF SUBJECTIVISM [1978]

I have to start by dispelling misunderstandings to which my title may give rise. In the first place, it is not suggested that Menger, if anybody, has to bear the blame for the incompleteness of the subjectivist movement, and there are few pioneers in the history of thought to whom it is given to witness the completion of what they have set in motion. Secondly, I have to confess that I know of no criterion that would permit us to decide whether a movement of thought has reached its 'end' and is thus 'complete'. Subjectivism has in this century been extended from human preferences to expectations. In years to come it may be extended to the interpretation of so-called information. What, then, does its incompleteness at Menger's time signify?

In this paper I am concerned with certain features of Menger's work which appear to have prevented him from carrying his subjectivist intentions quite as far as, in the light of the later development of the train of thought he set in motion, might have been possible; in other words, with certain obstacles to his subjectivist mode of thought that he failed to surmount.

At the Menger Symposium in 1971, Professor Hayek characterized the style of Menger's subjectivism in a memorable passage:

Menger believes that in observing the actions of other persons we are assisted by a capacity of understanding the meaning of such actions in a manner in which we cannot understand physical events. This is closely connected with one of the senses in which at least Menger's followers spoke of the 'subjective' character of their theories, by which they meant, among other things, that they were based on our capacity to

-213-

Notes for this page

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items
Notes
Cite this page

Cited page

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Note: primary sources have slightly different requirements for citation. Please see these guidelines for more information.

Cited page

Bookmark this page
Expectations and the Meaning of Institutions: Essays in Economics
Table of contents

Table of contents

Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this book

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen
Items saved from this book
  • Bookmarks
  • Highlights & Notes
  • Citations
/ 331

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Search by... Author
    Show... All Results Primary Sources Peer-reviewed

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.