Austrian Economics & Applied Political Economy— Peter Boettke & Adam Martin
Hayek Program Podcast
00:00
Is It Lockman's Capital Theory or Is It Just Kersner's Middle Ground?
When I read Lockman I get the sense that he has described the problem situation that human choosers confront in an incredibly evocative and useful way. Kirzner gives us more trackability in terms of analyzing how we solve the problem so yeah you brought up Vincent Ostrom Ostrom was also got this great passage in epistemic choice and public choice which then becomes part of the meaning of democracy where he was specifically wants to apply Lockman's capital theory to institutions. So degeneracy doesn't require you to see the whole system from the outside in you only have to ask on the margin does this increase substitutability or do this increase complementarity? It gives us a sort of tract
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