Expectations and the Meaning of Institutions : Essays in Economics by Ludwig M. Lachmann - Don Lavoie

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Expectations and the Meaning of Institutions

Essays in Economics by Ludwig M. Lachmann

By: Don Lavoie (Editor)

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Hardcover | 26 May 1994 | Edition Number 1

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Hardcover
340 Pages

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22.3 x 14.8 x 2.8

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Ludwig M. Lachmann provided a unique voice in twentieth century economics. While most of economics has been untouched by the reaction against positivism and formalism, and consequently unable to offer anything towards an understanding of real social institutions, Lachmann consistently emphasized the interpretive and institutional dimensions of economics.
This volume collects Lachmann's most important work in English together for the first time. The essays span six decades and address key topics in micro and macro economics, methodology and the history of thought. Throughout, expectations and institutions are seen as pivotal in the determination of economic affairs: the emphasis is not on stable and readily quantifiable relationships, but on the role of social institutions in a world of unpredictable change. The essays show that Lachmann was far from nihilistic, and that although he considered real world market processes to be complex, he also consistently found that they were ordered. This collection includes two essays which have not been previously published.

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Non-Fiction Economics Economic Theory & Philosophy History General & World History Earliest Times to Present Day 20th Century History from 1900 to 2000

Acknowledgements	p. viii
Introduction	p. 1
Uncertainty, Investment and Economic Crises	p. 21
Commodity Stocks and Equilibrium [1936]	p. 23
Uncertainty and Liquidity-Preference [1937]	p. 29
Investment and Costs of Production [1938]	p. 42
Commodity Stocks in the Trade Cycle [1938]	p. 57
On Crisis and Adjustment [1939]	p. 76
Capital and Investment Repercussions	p. 89
On the Measurement of Capital [1941]	p. 91
Finance C Apitalism ? [1944]	p. 107
A Note on the Elasticity of Expectations [1945]	p. 124
Investment Repercussions [1948]	p. 131
Diagnosing the Austrian School's 'Great Depression'	p. 145
Austrian Economics Under Fire	p. 147
The Salvage of Ideas	p. 164
John Maynard Keynes	p. 184
Reflections on Hayekian Capital Theory [1975]	p. 198
Subjectivism and the Interpretation of Institutions	p. 211
Carl Menger and the Incomplete Revolution of Subjectivism [1978]	p. 213
Vicissitudes of Subjectivism and the Dilemma of the Theory of Choice [1978]	p. 218
From Mises to Shackle	p. 229
G.L.S.Shackle's Place in the History of Subjectivist Thought [1990]	p. 241
The Flow of Legislation and the Permanence of the Legal Order [1979]	p. 249
The Monetary System of a Market Economy [1986]	p. 261
Speculative Markets and Economic Complexity [1988]	p. 270
Austrian Economics	p. 276
Appendix	p. 291
Notes	p. 297
References	p. 316
Index	p. 323
Table of Contents provided by Publisher. All Rights Reserved.

Expectations and the Meaning of Institutions

Essays in Economics by Ludwig M. Lachmann

At a Glance

Hardcover

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