Abstract

http://ssrn.com/abstract=982142
 
 

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


Nicolai J. Foss


Copenhagen Business School - Department of Strategic Management and Globalization

Giampaolo Garzarelli


University of the Witwatersrand - School of Economics and Business Sciences

October 2006


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.

Number of Pages in PDF File: 28

Keywords: Comparative institutional analysis, coordination, expectations, institutional

JEL Classification: B31, B52, B53, D80

working papers series


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Date posted: April 26, 2007  

Suggested Citation

Foss, Nicolai J. and Garzarelli, Giampaolo, Institutions as Knowledge Capital: Ludwig M' Lachmann's Interpretative Institutionalism (October 2006). Available at SSRN: http://ssrn.com/abstract=982142 or http://dx.doi.org/10.2139/ssrn.982142

Contact Information

Nicolai J. Foss
Copenhagen Business School - Department of Strategic Management and Globalization ( email )
Porcelænshaven 24
Frederiksberg, 2000
Denmark
+45 3815 3030 (Phone)
+45 3815 3035 (Fax)
HOME PAGE: http://www.cbs.dk/staff/nicolai_foss
Giampaolo Garzarelli (Contact Author)
University of the Witwatersrand - School of Economics and Business Sciences ( email )
Private Bag 3
P.O. Wits 2050
Johannesburg
South Africa
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