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

Dimensions(cm)
21.59 x 13.97 x 2.06

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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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