Liberty Matters

Equilibrium and Institutions


Mario Rizzo has raised something very interesting with respect to equilibrium and institutions, a theme that first got my attention when I recently read Lachmann's final response to Larry White in the Fall 1979 Austrian Economics Newsletter, "On the Recent Controversy Concerning Equilibration".
It's worth a look, especially for how Lachmann raises the example of U.S. railroads in 1900 and the coordination of plans.