Subjectivism, Social Structure and the Possibility of Socio-Economic Order: The Case of Ludwig Lachmann

34 Pages Posted: 6 Dec 2014

See all articles by Paul A. Lewis

Paul A. Lewis

King's College London

Jochen Runde

University of Cambridge - Judge Business School

Date Written: December 5, 2005

Abstract

We address the challenge of attempting to advance a strong and consistently subjectivist view of economic agency without simultaneously undermining the possibility of providing a coherent account of social institutions and socio-economic order. The argument is presented as a case study and development of the ideas of Ludwig Lachmann, a prominent and self-confessed ‘radical subjectivist’ member of the modern Austrian School, who was both aware of the challenge and sought to meet it. Two significant tensions are revealed in Lachmann’s account, and it is shown how, drawing on recent contributions to realist social theory, these tensions may be resolved.

Keywords: Austrian economics, subjectivism, institutions, social structure, socio-economic order, ontology, Ludwig Lachmann

JEL Classification: B4, B5

Suggested Citation

Lewis, Paul Andrew and Runde, Jochen, Subjectivism, Social Structure and the Possibility of Socio-Economic Order: The Case of Ludwig Lachmann (December 5, 2005). Journal of Economic Behavior and Organization, Vol. 62, No. 2, February 2007. Available at SSRN: https://ssrn.com/abstract=2534273

Paul Andrew Lewis (Contact Author)

King's College London ( email )

Bush House
Aldwych
London, WC2R 2LS
United Kingdom
+44 0 20 7848 3970 (Phone)
+44 0 20 7848 3970 (Fax)

HOME PAGE: http://www.kcl.ac.uk/sspp/departments/politicaleconomy/people/academic/lewis.aspx

Jochen Runde

University of Cambridge - Judge Business School ( email )

Trumpington Street
Cambridge, CB2 1AG
United Kingdom

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