Munich Personal RePEc Archive

Institutions as Knowledge Capital: Ludwig M. Lachmann’s Interpretative Institutionalism

Foss, Nicolai and Garzarelli, Giampaolo (2006): Institutions as Knowledge Capital: Ludwig M. Lachmann’s Interpretative Institutionalism.

[img]
Preview
PDF
MPRA_paper_3087.pdf

Download (186kB) | Preview

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.

UB_LMU-Logo
MPRA is a RePEc service hosted by
the Munich University Library in Germany.