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

Expectations and the Meaning of Institutions

Essays in Economics by Ludwig M. Lachmann

By: Don Lavoie (Editor)

Hardcover

Published: 22nd June 1994
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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.

Acknowledgementsp. viii
Introductionp. 1
Uncertainty, Investment and Economic Crisesp. 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 Repercussionsp. 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 Firep. 147
The Salvage of Ideasp. 164
John Maynard Keynesp. 184
Reflections on Hayekian Capital Theory [1975]p. 198
Subjectivism and the Interpretation of Institutionsp. 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 Shacklep. 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 Economicsp. 276
Appendixp. 291
Notesp. 297
Referencesp. 316
Indexp. 323
Table of Contents provided by Publisher. All Rights Reserved.

ISBN: 9780415107129
ISBN-10: 0415107121
Series: Foundations of the Market Economy Series
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 344
Published: 22nd June 1994
Country of Publication: GB
Dimensions (cm): 22.3 x 14.73  x 3.02
Weight (kg): 0.53
Edition Number: 1