Institutions as Knowledge Capital

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Institutions as Knowledge Capital

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Title: Institutions as Knowledge Capital
Ludwig M. Lachmann’s Interpretative Institutionalism
Author: Foss, Nicolai J.; Garzarelli, Giampaolo
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. (90 words.) Keywords Comparative institutional analysis, coordination, expectations, institutional evolution, interpretative institutionalism. JEL Codes B31, B52, B53, D80.
URI: http://hdl.handle.net/10398/7417
Date: 2006-10-11
Notes: September 28, 2006; forthcoming, Cambridge Journal of Economics

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