chapter  6
15 Pages

Knowledge in neoclassical economic theory

Shackle’s critique is perhaps the most interesting (and dangerous) of the above critiques and it is therefore of interest that the Austrian economist, Ludwig Lachmann [1976], has argued that Shackle’s critique constitutes a successful and decisive challenge to neoclassical economics. Lachmann sees Shackle’s results as even grounds for rehabilitating Austrian views which give a more fundamental role to knowledge and changes in knowledge, notably the Austrian theories of Hayek and Ludwig Mises.