Institutions as knowledge capital: Ludwig M. Lachmann's interpretative institutionalism
AbstractThe paper revisits the socioeconomic theory of the Austrian School economist Ludwig M. Lachmann. By showing that the common claim that Lachmannâs 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) Lachmannâs 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.
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Bibliographic InfoArticle provided by Oxford University Press in its journal Cambridge Journal of Economics.
Volume (Year): 31 (2007)
Issue (Month): 5 (September)
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Other versions of this item:
- Foss, Nicolai & Garzarelli, Giampaolo, 2006. "Institutions as Knowledge Capital: Ludwig M. Lachmann’s Interpretative Institutionalism," MPRA Paper 3087, University Library of Munich, Germany.
- D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
- B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Institutional; Evolutionary
- B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian
- B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
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