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  1. Ludwig Lachmann and the Austrians.Peter Lewin - 2019 - Studies in Logic, Grammar and Rhetoric 57 (1):75-89.
    Ludwig Lachmann looked to the Austrian School of economics as an intellectual space of refuge from the sterile formalism that constituted the academic work of the mainstream economics establishment. From an early interest in capital-theory, he moved to broader epistemological, methodological, and institutional concerns – specifically, from the subjectivism of values to the subjectivism of expectations and the implications thereof for human action. Human action in disequilibrium was his central focus. This paper examines the relationship of Lachmann’s views to the (...)
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  • Equilibrium as compatibility of plans.Marek Hudik - 2020 - Theory and Decision 89 (3):349-368.
    This paper uses a game-theoretic framework to formalize the Hayekian notion of equilibrium as the compatibility of plans. To do so, it imposes more structure on the conventional model of strategic games. For each player, it introduces goals, goal-oriented strategies, and the goals’ probabilities of success, from which players’ payoffs are derived. The differences between the compatibility of plans and Nash equilibrium are identified and discussed. Furthermore, it is shown that the notion of compatibility of plans, in general, differs from (...)
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