Institutions as knowledge capital

This article revisits the socioeconomic theory of the Austrian School economist Ludwig M. Lachmann. By showing that the common claim that Lachmann’s idiosyncratic (i.e., eclectic and multidisciplinary) approach to economics entails nihilism is unfounded, it reaches the following conclusions. (1) Lachmann held a sophisticated institutional position vis-a`-vis 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

Austrian School · Capital (architecture · Economics · Institutional economics · Institutionalism · Neoclassical economics · Political science · Politics · Positive economics · Reading (process · Schools of economic thought · Sociology · Economic Theory and Institutions · Evolutionary Game Theory and Cooperation · Law · Weber, Simmel, Sociological Theory

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