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.
-----Original Message-----
From: Michael Perelman [mailto:[EMAIL PROTECTED]]
Sent: Thursday, February 22, 2001 12:27 PM
To: [EMAIL PROTECTED]
Subject: [PEN-L:8368] Re: Mises University
Wouldn't the students rationally expect what their teachers would tell
them without going to class. So why couldn't they just sell the diploma
and be done with the university?
On Thu, Feb 22, 2001 at 10:10:26AM -0800, Jim Devine wrote:
> It turns out there's a Mises University, in Auburn Alabama (see
> http://www.mises.org/). Like Doug, they question the "newness" of the U.S.
> new economy. In the spirit of von Mises, I'd bet that the university is
> totally unplanned, since the professors have much more information than any
> central planner could. Further, I bet they use the market to assign
> grades... After all, who could be a better judge of what grade a student
> deserves than the student him or herself?
>
> Jim Devine [EMAIL PROTECTED] & http://bellarmine.lmu.edu/~jdevine
>
--
Michael Perelman
Economics Department
California State University
Chico, CA 95929
Tel. 530-898-5321
E-Mail [EMAIL PROTECTED]
