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The paper revisits the socioeconomic theory of the Austrian School economist Ludwig M. Lachmann. By showing that the common claim that Lachmann's idiosyncratic (read: eclectic and multidisciplinary) approach to economics entails nihilism is unfounded, it reaches the following conclusions. (1) Lachmann held a sophisticated institutional position to 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. (3) Lachmann extends contemporary new institutional theory without simultaneously denying the policy approach of comparative institutional analysis. (90 words.)KeywordsComparative institutional analysis, coordination, expectations, institutionalevolution, interpretative institutionalism.JEL CodesB31, B52, B53, D80.

Publication information

Original languageEnglish
Place of PublicationKøbenhavn
PublisherDjøf / Jurist- og Økonomforbundet
Number of pages28
ISBN (print)8791815347
StatePublished - 2006

ID: 124701