Lachmann’s transformation

Fabio Barbieri ()
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Fabio Barbieri: Universidade de São Paulo

The Review of Austrian Economics, 2023, vol. 36, issue 3, No 4, 417-439

Abstract: Abstract This article analyzes the evolution of the thought of one of the leading economists of the Austrian school of economics, Ludwig Lachmann. We interpret that evolution, marked by his progressive skepticism about the effectiveness of the price system as part of the learning mechanism in markets, with the aid of a version of evolutionary epistemology. We argue that Lachmann´s earlier work on capital theory, derived from the Hayekian research program, is compatible with a fallibilistic or institutional theory of learning, while his mature view of the market as a kaleidoscope adopts a justificationist conception regarding the knowledge of economic agents and this conception is responsible for his skepticism regarding the usefulness of the concept of equilibrium.

Keywords: Lachmann; Radical subjectivism; Justificationism; Equilibrium (search for similar items in EconPapers)
JEL-codes: B25 B31 B41 B53 (search for similar items in EconPapers)
Date: 2023
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DOI: 10.1007/s11138-021-00555-8

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