Ludwig M. Lachmann Against the Cambridge School. Macroeconomics, Microfoundations, Expectations, Rate of Profit, Equilibrium and Innovations

Carmelo Ferlito

MPRA Paper from University Library of Munich, Germany

Abstract: While in the early 1930s Keynes and Hayek were the major figures in a heated academic debate about money and capital, in which Keynes also and especially involved the Italian Piero Sraffa, it might seem at first sight that the Austrian economist set aside an organic demolition of the ideas expressed in 1936 by his rival in the General Theory. But the ‘Austrian knight’ of a new Vienna-Cambridge debate, in the subsequent decades, was the German economist Ludwig M. Lachmann (1906-1990), a student of Hayek at LSE during the 1930s and later a professor in Johannesburg and New York. Lachmann was one of the protagonists of the Austrian revival after 1974 and the founding leader of the ‘hermeneutic stream’, opposed by the Rothbardian stream. Lachmann, defending Keynes’s subjectivism and expectation theory, revived the Vienna-Cambridge controversy, criticising not Keynes but his followers, in particular the ‘new’ Cambridge School, developed by Joan Robinson and Piero Sraffa.

Keywords: Lachmann; Sraffa; Hayek; Keynes; Economic Crises; Business Cycles. (search for similar items in EconPapers)
JEL-codes: B13 B24 B25 B31 E32 (search for similar items in EconPapers)
Date: 2014-11-30, Revised 2015-01-22
New Economics Papers: this item is included in nep-his and nep-hpe
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