Expectations and the Meaning of Institutions: Essays in Economics by Ludwig M. Lachmann (Routledge Foundations of the Market Economy)

This collection of Ludwig Lachmann's essays challenges contemporary attitudes to economics and seeks to apply an interpretive approach to the discipline. The essays, spanning six decades, address a wide range of issues in microeconomics, macroeconomics, methodology and the history of thought. They outline Lachmann's approach to economics, with the emphasis on the meaning of human institutions in a world of unpredictable change, rather than on quantitative and stable relations. Collecting Lachmann's most important work together for the first time, it includes two essays never previously published. Introduction: Expectations And The Meaning Of Institutions / Don Lavoie -- 1. Commodity Stocks And Equilibrium -- 2. Uncertainty And Liquidity-preference -- 3. Investment And Costs Of Production -- 4. Commodity Stocks In The Trade Cycle / Ludwig Lachmann And F. Snapper -- 5. On Crisis And Adjustment -- 6. On The Measurement Of Capital -- 7. Finance Capitalism? -- 8. A Note On The Elasticity Of Expectations -- 9. Investment Repercussions -- 10. Austrian Economics Under Fire: The Hayek-sraffa Duel In Retrospect -- 11. The Salvage Of Ideas: Problems Of The Revival Of Austrian Economic Thought -- 12. John Maynard Keynes: A View From An Austrian Window -- 13. Reflections On Hayekian Capital Theory -- 14. Carl Menger And The Incomplete Revolution Of Subjectivism -- 15. Vicissitudes Of Subjectivism And The Dilemma Of The Theory Of Choice -- 16. From Mises To Shackle: An Essay On Austrian Economics And The Kaleidic Society -- 17. G. L. S. Shackle's Place In The History Of Subjectivist Thought -- 18. The Flow Of Legislation And The Permanence Of The Legal Order -- 19. The Monetary System Of A Market Economy -- 20. Speculative Markets And Economic Complexity -- 21. Austrian Economics: A Hermeneutic Approach -- Appendix: Bibliography Of Works By Ludwig M. Lachmann / Edited By William Tulloh. Edited By Don Lavoie. Includes Bibliographical References And Index. This collection of Lachmann's essays outline his approach to economics and, in particular, his emphasis on the meaning of human institutions in a world of unpredictable change, rather than on quantitative and stable relations.