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This article revisits the socioeconomic theory of the Austrian School economist Ludwig M. Lachmann. By showing that the common claim that Lachmann's idiosyncratic (i.e., eclectic and multidisciplinary) approach to economics entails nihilism is unfounded, it reaches the following conclusions. (1)...
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In his seminal 1945 essay Hayek argued that the dispersed nature of much commercially relevant knowledge places strong … efficient use of such knowledge (the first Hayekian knowledge problem). He realized that firms, because they make use of … authority, are also challenged by dispersed knowledge, and his emphasis on delegation as a response to dispersed knowledge may …
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The paper revisits the socioeconomic theory of the Austrian School economist Ludwig M. Lachmann. By showing that the common claim that Lachmann's idiosyncratic (read: eclectic and multidisciplinary) approach to economics entails nihilism is unfounded, it reaches the following conclusions. (1)...
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