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Ludwig Lachmann and the Austrians

In: Including a Symposium on Ludwig Lachmann

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  • Peter Lewin

Abstract

Ludwig Lachmann looked to the Austrian School of economics as an intellectual space of refuge from the sterile formalism that constituted the academic work of the mainstream economics establishment. From an early interest in capital theory, he moved to broader epistemological, methodological, and institutional concerns – specifically from the subjectivism of values to the subjectivism of expectations and the implications thereof for human action. Human action in disequilibrium was his central focus. This chapter examines the relationship of Lachmann’s views to the Austrians, those who preceded him, those of his time, and those who have come after him. During his lifetime, his views sometimes provoked controversy. I examine this from the perspective of 2017 and the concerns of the modern Austrian intellectual community and find that Lachmann’s views are surprisingly much more complementary to those of his contemporary Austrians than have perhaps hitherto been realized.

Suggested Citation

  • Peter Lewin, 2019. "Ludwig Lachmann and the Austrians," Research in the History of Economic Thought and Methodology, in: Including a Symposium on Ludwig Lachmann, volume 37, pages 55-67, Emerald Group Publishing Limited.
    • Handle: RePEc:eme:rhetzz:s0743-41542019000037b007
    DOI: 10.1108/S0743-41542019000037B007
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    More about this item

    Keywords

    Ludwig Lachmann; Austrian economists; methodology; expectations; subjectivism; capital; B25; B31; B41; B53;
    All these keywords.

    JEL classification:

    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian

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