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

Posted: 16 Jun 2008

See all articles by Nicolai J. Foss

Nicolai J. Foss

Copenhagen Business School - Department of Strategy and Innovation

Giampaolo Garzarelli

University of the Witwatersrand - School of Economics and Business Sciences

Date Written: September 2007

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-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

Foss, Nicolai J. and Garzarelli, Giampaolo, Institutions as Knowledge Capital: Ludwig M. Lachmann's Interpretative Institutionalism (September 2007). Cambridge Journal of Economics, Vol. 31, Issue 5, pp. 789-804, 2007, Available at SSRN: https://ssrn.com/abstract=1146008 or http://dx.doi.org/10.1093/cje/bem003

Nicolai J. Foss

Copenhagen Business School - Department of Strategy and Innovation ( email )

Kilen
Frederiksberg, 2000
Denmark

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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