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Institutions as knowledge capital: Ludwig M. Lachmann's interpretative institutionalism

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  • Nicolai J. Foss
  • Giampaolo Garzarelli

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.
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Suggested Citation

  • Nicolai J. Foss & Giampaolo Garzarelli, 2007. "Institutions as knowledge capital: Ludwig M. Lachmann's interpretative institutionalism," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 31(5), pages 789-804, September.
    • Handle: RePEc:oup:cambje:v:31:y:2007:i:5:p:789-804
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    Cited by:

    1. Yefimov, Vladimir, 2009. "Comparative historical institutional analysis of German, English and American economics," MPRA Paper 48173, University Library of Munich, Germany.
    2. repec:mje:mjejnl:v:12:y:2017:i:2:p:25-70 is not listed on IDEAS
    3. Vipin P. Veetil, 2016. "The Mythology of Capital in the Twenty-First Century," Journal of Private Enterprise, The Association of Private Enterprise Education, vol. 31(Spring 20), pages 21-36.
    4. Garzarelli, Giampaolo & Limam, Yasmina Reem & Thomassen, Bjørn, 2007. "Open Source Software and Economic Growth: A Classical Division of Labor Perspective," MPRA Paper 3849, University Library of Munich, Germany.
    5. Patrick Spieth & Tobias Röth & Thomas Clauss & Christoph Klos, 2021. "Technological Frames in the Digital Age: Theory, Measurement Instrument, and Future Research Areas," Journal of Management Studies, Wiley Blackwell, vol. 58(7), pages 1962-1993, November.
    6. Yefimov, Vladimir, 2009. "Институциональный Подход В Экономической Науке И К Экономической Науке [The institutional approach in economics and to economics]," MPRA Paper 48718, University Library of Munich, Germany.
    7. Lucas, David S. & Fuller, Caleb S. & Packard, Mark D., 2022. "Made to be broken? A theory of regulatory governance and rule-breaking entrepreneurial action," Journal of Business Venturing, Elsevier, vol. 37(6).
    8. Gabriel A. Giménez Roche & Didier Calcei, 2021. "The role of demand routines in entrepreneurial judgment," Small Business Economics, Springer, vol. 56(1), pages 209-235, January.
    9. Jun Du & Bach Nguyen, 2024. "The ‘play’ of institutions and firm investment: Evidence from a transition economy," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 29(3), pages 2740-2765, July.
    10. Bylund, Per L. & McCaffrey, Matthew, 2017. "A theory of entrepreneurship and institutional uncertainty," Journal of Business Venturing, Elsevier, vol. 32(5), pages 461-475.
    11. Vladimir Yefimov, 2017. "Comparative Historical Institutional Analysis of German, English and American Economics," Montenegrin Journal of Economics, Economic Laboratory for Transition Research (ELIT), vol. 13(2), pages 25-70.
    12. Peter Lewin, 2014. "Hayek and Lachmann," Chapters, in: Roger W. Garrison & Norman Barry (ed.), Elgar Companion to Hayekian Economics, chapter 8, pages 165-194, Edward Elgar Publishing.

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    More about this item

    JEL classification:

    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals

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