Institutions as Knowledge Capital

Ludwig M. Lachmann's Interpretative Institutionalism

Nicolai Juul Foss, Giampaolo Garzarelli

    Research output: Working paperResearch

    Abstract

    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.
    Original languageEnglish
    Place of PublicationKøbenhavn
    PublisherDjøf Forlag
    Number of pages28
    ISBN (Print)8791815347
    Publication statusPublished - 2006

    Cite this

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    abstract = "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.",
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    Institutions as Knowledge Capital : Ludwig M. Lachmann's Interpretative Institutionalism. / Foss, Nicolai Juul; Garzarelli, Giampaolo.

    København : Djøf Forlag, 2006.

    Research output: Working paperResearch

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    AB - 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.

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