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

Authors: Foss, Nicolai J.; Garzarelli, Giampaolo

Source: Cambridge Journal of Economics, Volume 31, Number 5, 15 September 2007 , pp. 789-804(16)

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Abstract:

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--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.

Keywords: Comparative institutional analysis; Coordination; Expectations; Institutional evolution; Interpretative institutionalism; B31; B52; B53; D80

Document Type: Research article

DOI: http://dx.doi.org/10.1093/cje/bem003

Publication date: 2007-09-15

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The Cambridge Journal of Economics, founded in 1977 in the traditions of Marx, Keynes, Kalecki, Joan Robinson and Kaldor, provides a forum for theoretical, applied, policy and methodological research into social and economic issues.