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

Author

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  • Nicolai J. Foss
  • Giampaolo Garzarelli

Abstract

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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Suggested Citation

  • Nicolai J. Foss & Giampaolo Garzarelli, 2007. "Institutions as knowledge capital: Ludwig M. Lachmann's interpretative institutionalism," Cambridge Journal of Economics, Oxford University Press, vol. 31(5), pages 789-804, September.
  • Handle: RePEc:oup:cambje:v:31:y:2007:i:5:p:789-804
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    File URL: http://hdl.handle.net/10.1093/cje/bem003
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    References listed on IDEAS

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    1. 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.
    2. Vaughn,Karen I., 1994. "Austrian Economics in America," Cambridge Books, Cambridge University Press, number 9780521445528, May.
    3. Koppl, Roger, 2000. "Fritz Machlup and Behavioralism," Industrial and Corporate Change, Oxford University Press, vol. 9(4), pages 595-622, December.
    4. Armen A. Alchian, 1950. "Uncertainty, Evolution, and Economic Theory," Journal of Political Economy, University of Chicago Press, vol. 58, pages 211-211.
    5. Koppl, Roger & Whitman, Douglas Glen, 2004. "Rational-choice hermeneutics," Journal of Economic Behavior & Organization, Elsevier, vol. 55(3), pages 295-317, November.
    6. Israel M. Kirzner, 1962. "Rational Action and Economic Theory," Journal of Political Economy, University of Chicago Press, vol. 70, pages 380-380.
    7. Peter Lewin, 1997. "Hayekian equilibrium and change," Journal of Economic Methodology, Taylor & Francis Journals, vol. 4(2), pages 245-266.
    8. Searle, John R., 2005. "What is an institution?," Journal of Institutional Economics, Cambridge University Press, vol. 1(01), pages 1-22, June.
    9. 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.
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    Citations

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    Cited by:

    1. Yefimov, Vladimir, 2009. "Comparative historical institutional analysis of German, English and American economics," MPRA Paper 48173, University Library of Munich, Germany.
    2. repec:mje:mjejnl:v:12:y:2017:i:2:p:25-70 is not listed on IDEAS
    3. repec:eee:jbvent:v:32:y:2017:i:5:p:461-475 is not listed on IDEAS
    4. repec:mje:mjejnl:v:13:y:2017:i:2:p:25-70 is not listed on IDEAS
    5. Yefimov, Vladimir, 2009. "Институциональный Подход В Экономической Науке И К Экономической Науке
      [The institutional approach in economics and to economics]
      ," MPRA Paper 48718, University Library of Munich, Germany.
    6. Peter Lewin, 2014. "Hayek and Lachmann," Chapters,in: Elgar Companion to Hayekian Economics, chapter 8, pages 165-194 Edward Elgar Publishing.
    7. Vipin P. Veetil, 2016. "The Mythology of Capital in the Twenty-First Century," Journal of Private Enterprise, The Association of Private Enterprise Education, vol. 31(Spring 20), pages 21-36.
    8. Garzarelli, Giampaolo & Limam, Yasmina Reem & Thomassen, Bjørn, 2007. "Open Source Software and Economic Growth: A Classical Division of Labor Perspective," MPRA Paper 3849, University Library of Munich, Germany.

    More about this item

    JEL classification:

    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; 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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