Institutions as knowledge capital: Ludwig M. Lachmann's interpretative institutionalism

This article revisits the socioeconomic theory of the Austrian School economist Ludwig M. Lachmann. By showing that the common claim that Lachmann's idiosyncratic (i.e., eclectic and multidisciplinary) approach to economics entails nihilism is unfounded, it reaches the following conclusions. (1...

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Veröffentlicht in:	Cambridge journal of economics 2007-09, Vol.31 (5), p.789-804
Hauptverfasser:	Foss, Nicolai J., Garzarelli, Giampaolo
Format:	Artikel
Sprache:	eng
Schlagworte:	B31 B52 B53 Capital formation Comparative institutional analysis Coordination D80 Economic expectations Economic theory Economics Economists Evolutionary economics Expectation Expectations History of economic thought Human capital Institutional economics Institutional evolution Institutionalism Interpretative institutionalism Knowledge Lachmann, Ludwig New institutional economics Nihilism Social evolution Social institutions Social interaction Society Socioeconomic factors Socioeconomics Sociology Studies Subjectivism
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Beschreibung
Zusammenfassung:	This article revisits the socioeconomic theory of the Austrian School economist Ludwig M. Lachmann. By showing that the common claim that Lachmann's idiosyncratic (i.e., eclectic and multidisciplinary) approach to economics entails nihilism is unfounded, it reaches the following conclusions. (1) Lachmann held a sophisticated institutional position vis-à-vis economics that anticipated developments in contemporary new institutional economics. (2) Lachmann's sociological and economic reading of institutions offers insights for the problem of coordination.
ISSN:	0309-166X 1464-3545
DOI:	10.1093/cje/bem003