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Institutions as knowledge capital: Ludwig M. Lachmann's interpretative institutionalism

  • Nicolai J. Foss
  • Giampaolo Garzarelli

The paper revisits the socioeconomic theory of the Austrian School economist Ludwig M. Lachmann. By showing that the common claim that Lachmann’s 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) Lachmann’s 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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File URL: http://hdl.handle.net/10.1093/cje/bem003
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Article provided by Oxford University Press in its journal Cambridge Journal of Economics.

Volume (Year): 31 (2007)
Issue (Month): 5 (September)
Pages: 789-804

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Handle: RePEc:oup:cambje:v:31:y:2007:i:5:p:789-804
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  1. Armen A. Alchian, 1950. "Uncertainty, Evolution, and Economic Theory," Journal of Political Economy, University of Chicago Press, vol. 58, pages 211.
  2. Lewis, Paul & Runde, Jochen, 2007. "Subjectivism, social structure and the possibility of socio-economic order: The case of Ludwig Lachmann," Journal of Economic Behavior & Organization, Elsevier, vol. 62(2), pages 167-186, February.
  3. Searle, John R., 2005. "What is an institution?," Journal of Institutional Economics, Cambridge University Press, vol. 1(01), pages 1-22, June.
  4. Sidney G. Winter, 1964. "Economic "Natural Selection" and the Theory of the Firm," LEM Chapters Series, in: Yale Economic Essays, pages 225-272 Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
  5. Peter Lewin, 1997. "Hayekian equilibrium and change," Journal of Economic Methodology, Taylor & Francis Journals, vol. 4(2), pages 245-266.
  6. Koppl, Roger, 2000. "Fritz Machlup and Behavioralism," Industrial and Corporate Change, Oxford University Press, vol. 9(4), pages 595-622, December.
  7. Israel M. Kirzner, 1962. "Rational Action and Economic Theory," Journal of Political Economy, University of Chicago Press, vol. 70, pages 380.
  8. Koppl, Roger & Whitman, Douglas Glen, 2004. "Rational-choice hermeneutics," Journal of Economic Behavior & Organization, Elsevier, vol. 55(3), pages 295-317, November.
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