Institutions as knowledge capital: Ludwig M. Lachmann's interpretative institutionalism |
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| Authors: | Foss Nicolai J; Garzarelli Giampaolo |
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| Institution: | * Copenhagen Business School and Norwegian School of Economics and Business Administration, Bergen; and School of Economics and Business Sciences, University of the Witwatersrand, Johannesburg and University of Catanzaro, Italy, respectively |
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| Abstract: | This article revisits the socioeconomic theory of the AustrianSchool economist Ludwig M. Lachmann. By showing that the commonclaim that Lachmann's idiosyncratic (i.e., eclectic and multidisciplinary)approach to economics entails nihilism is unfounded, it reachesthe following conclusions. (1) Lachmann held a sophisticatedinstitutional position vis-à-vis economics that anticipateddevelopments in contemporary new institutional economics. (2)Lachmann's sociological and economic reading of institutionsoffers insights for the problem of coordination. |
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| Keywords: | Comparative institutional analysis Coordination Expectations Institutional evolution Interpretative institutionalism |
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