Understanding Ludwig Lachmann's Economics

Virgil Henry Storr; Solomon M. Stein

doi:10.1017/9781009083539

Series: Elements in Austrian Economics

Understanding Ludwig Lachmann's Economics

Published online by Cambridge University Press: 25 December 2023

Virgil Henry Storr and

Solomon M. Stein

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Virgil Henry Storr: Affiliation:
George Mason University, Virginia
Solomon M. Stein: Affiliation:
George Mason University, Virginia

Summary

Ludwig Lachmann is a central but underappreciated figure within the Austrian school of economics. Although his understanding of institutions, his appreciation of the heterogeneity of capital, his emphasis on subjectivity, and his focus on the dynamism and uncertainty of the real world have become dominant positions amongst Austrian economists, he is still viewed as something of an outsider. As such, the contributions of Lachmann's economics are arguably misunderstood. This Element attempts to tease out and discuss the critical contributions of Lachmann's economics. Arguably, one way in which to understand Lachmann's economics is by seeing it as unified in considering, in various ways, a single conceptual 'problem' – the apparent tension between the dynamic nature of social reality and the intelligible nature of the social world. Approaching Lachmann with this theme in mind allows us to put things together more coherently than other exegetical strategies.

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Ludwig Lachmann plan institutions Austrian economics F.A. Hayek

Type: Element
Information: Series: Elements in Austrian Economics

DOI: https://doi.org/10.1017/9781009083539 [Opens in a new window]

Online ISBN: 9781009083539

Publisher: Cambridge University Press

Print publication: 01 February 2024

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