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Quotation of the Day…

Posted By Don Boudreaux On November 12, 2011 @ 12:46 pm In Complexity & Emergence,Creative destruction,Curious Task,Seen and Unseen,State of Macro | Comments Disabled

… is from page 108 of the 1977 volume, edited by Walter Grinder, [1] of Ludwig Lachmann’s papers, Capital, Expectations, and the Market Process; in particular, this quotation is from Lachmann’s 1951 review, in Economica, of Mises’s Human Action [2]:

In the Austrian theory existing capital combinations can be reshuffled so as to release scarce resources. In fact, the constructive entrepreneurial task of the readjustment period consists largely in this, and not in indiscriminate investment. The core of the matter lies in this: the existence of unemployment and idle resources does not necessarily indicate “lack of effective demand”; it may indicate lack of complementary capital.

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[1] the 1977 volume, edited by Walter Grinder,: http://www.amazon.com/Capital-Expectations-Market-Process-Economic/dp/0836206789/ref=sr_1_fkmr0_1?s=books&ie=UTF8&qid=1318766123&sr=1-1-fkmr0

[2] Lachmann’s 1951 review, in Economica, of Mises’s Human Action: http://oll.libertyfund.org/?option=com_staticxt&staticfile=show.php%3Ftitle=97&chapter=3253&layout=html&Itemid=27

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