THE MENGER–LACHMANN TRAJECTORY ON CAPITAL: A COMMENT ON ENDRES AND HARPER

Eduard Braun

Journal of the History of Economic Thought, 2014, vol. 36, issue 1, 97-102

Abstract: Endres and Harper (2011) maintain that, within the Austrian tradition of capital theory, Carl Menger and Ludwig M. Lachmann form a distinguishable trajectory. Both these authors, they argue, consider capital as a heterogeneous structure of higher-order goods. In this comment, it is demonstrated that the opposite is true. Menger and Lachmann endorsed contrasting views on the nature of capital. Whereas Lachmann indeed adhered to a heterogeneous capital concept, Menger considered capital to be a homogeneous concept employed in economic calculation.

Date: 2014
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