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The Austrian economist Ludwig Lachmann claimed that Keynes was a lifelong subjectivist. To evaluate this, we start by distinguishing Keynes’ writings on probability theory from…
Abstract
The Austrian economist Ludwig Lachmann claimed that Keynes was a lifelong subjectivist. To evaluate this, we start by distinguishing Keynes’ writings on probability theory from his writings on economics. In the General Theory (1936), Keynes’ treatment of expectations provides the basis for Lachmann’s view that Keynes was a subjectivist at heart. In his Treatise on Probability (1921), Keynes refers explicitly to the subjectivism–objectivism divide in probability theory and pins his colors to the objectivist mast. In this essay, we present the objectivist slant in Keynes’ earlier writings on probability theory. Thereafter, we evaluate the criteria Lachmann employed to cast Keynes as a subjectivist.
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The methodological individualism and subjectivism of the Austrian tradition in economics is often associated with a methodological dualism, i.e. the claim that the nature of its…
Abstract
The methodological individualism and subjectivism of the Austrian tradition in economics is often associated with a methodological dualism, i.e. the claim that the nature of its subject matter, namely purposeful and intentional human action, requires economics to adopt a methodology that is fundamentally different from the causal explanatory approach of the natural sciences. This paper critically examines this claim and advocates an alternative, explicitly naturalistic and empiricist outlook at human action, exemplified, in particular, by the research program of evolutionary psychology. It is argued that, within the Austrian tradition, a decidedly naturalistic approach to subjectivism can be found in F. A. Hayek’s work.
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…
Abstract
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 chapter examines the relationship of Lachmann’s views to the Austrians, those who preceded him, those of his time, and those who have come after him. During his lifetime, his views sometimes provoked controversy. I examine this from the perspective of 2017 and the concerns of the modern Austrian intellectual community and find that Lachmann’s views are surprisingly much more complementary to those of his contemporary Austrians than have perhaps hitherto been realized.
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Rethinking marketing should start with answers to three questions: Whyhas our discipline made so few original contributions to the strategydialogue? Why have we focused on…
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Rethinking marketing should start with answers to three questions: Why has our discipline made so few original contributions to the strategy dialogue? Why have we focused on dysfunctional, rather than functional, relationships, i.e. on unsuccessful marketing practice rather than successful practice? Why do qualitative studies lack acceptance in marketing? I suggest that the fact that marketing has viewed itself as an “applied discipline” has significantly contributed to our making so few original contributions to the strategy dialogue. Furthermore, the “applied discipline” view has contributed to our focusing on dysfunctional and unsuccessful, rather than functional and successful, relationships. Finally, the lack of acceptance in marketing for qualitative methods has resulted from advocates of those methods embracing relativism, constructionism and subjectivism. In general, the time for obfuscation and obscurantism masquerading as profundity has passed; the time for reasoned rethinking is just beginning.
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This paper discusses Frank H. Knight's thought under three major themes, namely subjectivism, interpretation and social economics. Knight's economics starts with a conscious mind…
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This paper discusses Frank H. Knight's thought under three major themes, namely subjectivism, interpretation and social economics. Knight's economics starts with a conscious mind construct which is able to infer under partial knowledge. Conscious human action is purposive, forward looking and extends towards other individuals. Rejecting neoclassical positivism, Knight points to the need for economics to reconceptualize itself as an interpretative study, a methodology in the Weberian tradition. Furthermore, his allure for phenomenological economics opens a methodological possibility for the Austrian School of Economics. This paper concludes that Knight's insight earns himself a place in the history of subjectivist economics.
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Todd H. Chiles, Sara R.S.T.A. Elias, Tal G. Zarankin and Denise M. Vultee
Austrian economics figures centrally in organizational entrepreneurship research. However, researchers have focussed almost entirely on the Austrian school's “gales of creative…
Abstract
Purpose
Austrian economics figures centrally in organizational entrepreneurship research. However, researchers have focussed almost entirely on the Austrian school's “gales of creative destruction” and “entrepreneurial discovery” metaphors, which are rooted in equilibrium assumptions and thus downplay the more subjective and dynamic aspects of entrepreneurship. The purpose of this paper is to question such assumptions, proposing instead a “kaleidic” metaphor drawn from the radical subjectivist strand of Austrian economics. The paper develops, grounds, and enriches the theoretical concepts this metaphor embodies in order to advance the general understanding of entrepreneurship as a radically subjective, disequilibrium phenomenon, as well as the specific knowledge of entrepreneurs’ career and venture experiences. In doing so, the paper highlights creative imagination as a wellspring of entrepreneurship.
Design/methodology/approach
The paper employs a case study design to inductively develop the theoretical concepts embodied in the kaleidic metaphor and deductively ground them in the accounts 12 entrepreneurs provided about their career and venture experiences. The paper employs symbolist methods to develop thicker descriptions, generate alternative understandings, and facilitate richer interpretations. Moreover, the paper adopts a reflexive approach in considering the study's implications.
Findings
The results suggest the kaleidic metaphor comprises five overarching ideas that resonate, often very strongly, with entrepreneurs.
Originality/value
The study is the first to theoretically develop and empirically ground the ideas the kaleidic metaphor embodies. The paper contributes to a growing body of conceptual work and joins a handful of empirical studies by organizational entrepreneurship scholars using the radical Austrian perspective.
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Thomas Biedenbach and Ralf Müller
The purpose of this paper is to investigate the philosophical stances and related methodologies used within the last 15 years of project management research using The…
Abstract
Purpose
The purpose of this paper is to investigate the philosophical stances and related methodologies used within the last 15 years of project management research using The International Research Network on Organizing by Projects (IRNOP) conference papers.
Design/methodology/approach
Utilizing a systematic sampling approach, IRNOP conference papers from 1994, 2000 and 2007 were analyzed for prevalent philosophical streams in project management research.
Findings
Results show a dominance of ontological subjectivism and epistemological interpretivism, with a preference for case studies and qualitative methods. Trends indicate a growth of positivist studies and, at the same time, an increase in multi‐case studies.
Research limitations/implications
This paper's contribution to knowledge lies in the identification of predominant research paradigms for research reported at project management conferences using IRNOP as an example. The study shows trends, preferences, and potential differences between published research and conference papers.
Originality/value
Information on the quality, quantity and timely trends of underlying philosophies in project management research are lacking an insightful exploration of the project management research field. This is necessary for a better understanding of the past, present and possible future of research paradigms in project management. The paper's findings can be used to improve the interpretation of the state of knowledge in project management research.
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Menger′s Grundsätze is explored; the Aristotelianbackground of the discourse is probed, as is the problematic image ofMenger sketched in the secondary literature as soon as it is…
Abstract
Menger′s Grundsätze is explored; the Aristotelian background of the discourse is probed, as is the problematic image of Menger sketched in the secondary literature as soon as it is confronted with this Aristotelanism and with the subjective value theory and the motif of time, error and uncertainty. The conflicting elements of this picture are pieced together.
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Hayek favored both classical hermeneutics and science. His scientific reasoning shows the logical necessity of methodological dualism. Bruce Caldwell and Viktor Vanberg oppose…
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Hayek favored both classical hermeneutics and science. His scientific reasoning shows the logical necessity of methodological dualism. Bruce Caldwell and Viktor Vanberg oppose hermeneutics and methodological dualism in favor of science. Their arguments depend on inappropriate interpretations of the doctrine of methodological dualism and an impoverished understanding of hermeneutics that fails to distinguish classical hermeneutics from universal hermeneutics. Hayek showed that “scientific” and “humanistic” approaches to social science can and should be compatible and complementary. Opposing (classical) hermeneutics in favor of science may cause a loss of knowledge by tending to deprive “scientific” social science of insights arising from more “humanistic” traditions.
The purpose of this paper is to study women’s entrepreneurship from the family-firm context and radical subjectivist (RS) economics. While women’s entrepreneurship is a…
Abstract
Purpose
The purpose of this paper is to study women’s entrepreneurship from the family-firm context and radical subjectivist (RS) economics. While women’s entrepreneurship is a long-standing topic of research interest, there have been calls for more theory-oriented research and research which takes context factors in women’s entrepreneurship seriously. The paper responds to this by using an RS’s view of economics as a theoretical lens to consider women’s entrepreneurship in family firms.
Design/methodology/approach
The paper briefly reviews the potential of the family-firm context for examining women’s entrepreneurship in a non-reductive fashion, then outlines radical subjectivism (RS). The three main elements of RS’s “entrepreneurial imagination” are explained, then linked with other theories of family-firm behaviour and applied to casework on women entrepreneurs in family firms.
Findings
Each element of the entrepreneurial imagination, empathy, modularity and self-organization, generates new research questions which contest previous apparently settled views about women entrepreneurs. Protocols for investigating the questions are suggested. The third element, self-organization, while more difficult to operationalize for empirical testing, suggests how women’s entrepreneurship might generate new industries.
Research limitations/implications
While this is primarily a conceptual study, its case studies invite further exploration of both women entrepreneurs and family firms. The RS perspective could also increase understanding of shared leadership and innovation in family firms. Specific research questions and protocols for investigating them are offered.
Practical implications
Insights from the research have practical implications for entrepreneurship education, for understanding entrepreneurship at the level of society, the firm and the individual.
Social implications
The importance of both family firms and women entrepreneurs to society makes it important to understand both of them better. The RS perspective can help.
Originality/value
The paper highlights the value of combining attention to entrepreneurial context (family firms) and theory (RS) to reinvigorate some old research questions about women entrepreneurs. The combination of family firms and RS is also novel.
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