Understanding Ludwig Lachmann's economics / Virgil Henry Storr, Solomon M. Stein.

Format:

Book

Author/Creator:

Storr, Virgil Henry, 1975- author.

Stein, Solomon M., author.

Series:

Cambridge elements. Elements in Austrian economics, 2399-651X.

Cambridge elements. Elements in Austrian economics, 2399-651X

Language:

English

Subjects (All):

Lachmann, Ludwig M.

Austrian school of economics.

Economics.

Physical Description:

1 online resource (45 pages) : digital, PDF file(s).

Edition:

First edition.

Place of Publication:

Cambridge : Cambridge University Press, 2023.

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.

Contents:

Cover

Title page

Copyright page

Understanding Ludwig Lachmann's Economics

Contents

1 Introduction

2 Radical Subjectivism, the Consequences of Active Minds, and the Problem of Kaledic Nihilism

3 Markets as Adjustment Processes for Reconciling Plans, the Challenge of Plan Adjustment Outside a Market, and the Role of Institutions

4 The Similarities and Differences between Lachmann and Kirzner on Equilibrium

5 The Self-Similar Structure of Social Systems, the Notion of Orientation, the Centrality of the Plan, and the Theory of Institutions (Again)

6 On Capital Goods as Institutions

7 Lachmann's Enduring Influence

References.

Notes:

Title from publisher's bibliographic system (viewed on 02 Jan 2024).

Includes bibliographical references.

ISBN:

9781009099554

1009099558

9781009092524

1009092529

9781009083539

1009083538

OCLC:

1481797043