Action plans in Ludwig Lachmann’s economics
DOI:
https://doi.org/10.32826/reyf.v1i1.340Keywords:
Lachmann, action plans, intentionality, ecology of plans, kaleidic societyAbstract
The paper elaborates on the concept of action plans that is central in Lachmann’s writings. Human action is rational action guided by reasons to act —and within a society this fact implies strategic behaviour. Strategies are plans of action that individuals adopt primarily for reasons to achieve preferred outcomes considering expectations of the likely strategies of others. Action plans depend on the beliefs, expectations, theories about the world, values, ethical statements, etc. held by each agent on a precise spatial and social location at a particular instant of time —that is, a subjective position. For Lachmann subjectivism relates not only to the direction of human intentions and plans, but also to unintended resultants of human action —which includes spontaneous orders. Departing from an analytical framework that integrates intentions, actions, and the economic outcome of interaction, the economy may be understood as an ecology of plans where phenomena such as entrepreneurship, knowledge, innovation, the structure of capital, etc. are emergent properties. This framework not only illuminates Lachmann’s connection with Shackle and Loasby, but also to the recent literature on evolutionary economics, complexity, ABM and AI. In this sense, Lachmann’s contribution may well be projected into XXI Century economic theory.
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