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

Nicolai Foss () and Giampaolo Garzarelli ()

MPRA Paper from University Library of Munich, Germany

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 evolution; interpretative institutionalism (search for similar items in EconPapers)
JEL-codes: D80 B52 B53 B31 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cbe, nep-knm and nep-soc
Date: 2006
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Related works:
Journal Article: Institutions as knowledge capital: Ludwig M. Lachmann's interpretative institutionalism (2007)
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Persistent link: http://EconPapers.repec.org/RePEc:pra:mprapa:3087

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