Institutions as Knowledge Capital: Ludwig M. Lachmann's Interpretative Institutionalism

Nicolai J. Foss; Giampaolo Garzarelli

Institutions as Knowledge Capital: Ludwig M. Lachmann's Interpretative Institutionalism

Nicolai J. Foss, Giampaolo Garzarelli^*

^*Corresponding author for this work

Research output: Working paper › Research

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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.

Original language	English
Place of Publication	København
Publisher	Center for Strategic Management and Globalization
Number of pages	22
ISBN (Print)	8791815347
Publication status	Published - Oct 2006

Series	SMG Working Paper
Number	16/2006

Keywords

Comparative institutional analysis
Coordination
Expectations
Institutional evolution
Interpretative institutionalism

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