Institutions as Knowledge Capital: Ludwig M. Lachmann's Interpretative Institutionalism
Posted: 16 Jun 2008
Date Written: September 2007
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-à-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
JEL Classification: B31, B52, B53, D80
Suggested Citation: Suggested Citation