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

28 Pages Posted: 26 Apr 2007  

Nicolai J. Foss

Bocconi University

Giampaolo Garzarelli

University of the Witwatersrand - School of Economics and Business Sciences

Date Written: 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.

Keywords: Comparative institutional analysis, coordination, expectations, institutional

JEL Classification: B31, B52, B53, D80

Suggested Citation

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

Nicolai Foss

Bocconi University ( email )

Via Sarfatti, 25
Milan, MI 20136
Italy

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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