[136] in libertarians
Laissez Faire Book News: Ludwig Lachmann
daemon@ATHENA.MIT.EDU (Chris Whitten)
Wed Aug 24 16:57:40 1994
Date: Wed, 24 Aug 1994 16:39:51 -0400 (EDT)
From: Chris Whitten <lfb@panix.com>
Apparently-To: <libertarians@mit.edu>
Stalwart Ludwig Lachmann, who helped spark the revival of
Austrian economics
EXPECTATIONS AND
THE MEANING
OF INSTITUTIONS
essays in economics
by Ludwig Lachmann
edited by Don Lavoie
series editors: Mario J. Rizzo
and Lawrence H. White
(reviewed by Jim Powell)
Although Ludwig Lachmann (1906-1990) is a lesser-known
Austrian economist, he did much to defend Austrian theories in
difficult times, and he helped improve their sophistication.
Born in Germany, he studied in Berlin, then taught in London,
Johannesburg and New York. He did much to help stimulate fresh
interest in Austrian economics during the past two decades.
He excelled at producing thoughtful articles which interpret
the great masters of Austrian economics, clarify issues and
refine ideas. Here George Mason University economics professor
Lavoie gathers together Lachmann's journal articles not
previously published in a book, especially articles from his
early period (1930s and 1940s) and later period (1970s and
1980s). Two articles, on Austrian capital theory and the theory
of choice, have never been published before.
The articles cover a wide range of subjects. He discusses
financial markets, legal institutions and the investment process.
He surveys key elements in the development of 20th century
Austrian economics. Lachmann is best known as a "radical
subjectivist," and in a couple articles he lays out a radical
case for expanding Austrian subjectivist ideas.
Lachmann shares revealing insights on many of the most
important economic thinkers. He hammers John Maynard Keynes.
Lachmann attacks fashionable Marxist ideas. He offers a
thoughtful critique of classical economics. He expands on F.A.
Hayek's business cycle theory and capital theory. He talks about
Carl Menger, Eugen von Bohm-Bawerk, Max Weber, Knut Wicksell,
Ludwig von Mises, George Shackle and Israel Kirzner.
Lachmann was a modest fellow who never produced a big book, but
Lavoie is convinced he is among the great economists of our time.
This fine collection will help show you why.
Contents
Introduction: Expectations and the Meaning of Institutions
by Don Lavoie
Part I: UNCERTAINTY, INVESTMENT, AND ECONOMIC CRISES
1. Common Stocks and Equilibrium [1936]
2. Uncertainty and Liquidity-Preference [1937]
3. Investment and Costs of Production [1938]
4. Commodity Stocks in the Trade Cycle [1938] (with Snapper)
5. On Crisis and Adjustment [1939]
Part II: CAPITAL AND INVESTMENT REPERCUSSIONS
6. On the Measurement of Capital [1941]
7. Finance Capitalism? [1944]
8. A Note on the Elasticity of Expectations [1945]
9. Investment Repercussions [1948]
Part III: DIAGNOSING THE AUSTRIAN SCHOOL'S 'GREAT DEPRESSION'
10. Austrian Economics Under Fire: The Hayek-Sraffa Duel in
Retrospect [1986]
11. The Salvage of Ideas: Problems of the Revival of
Austrian Economic Thought [1982]
12. John Maynard Keynes: A View from an Austrian Window
[1983]
13. Reflections on Hayekian Capital Theory [1975]
Part IV: SUBJECTIVISM AND THE INTERPRETATION OF INSTITUTIONS
14. Carl Menger and the Incomplete Revolution of
Subjectivism [1978]
15. Vicissitudes of Subjectivism and the Dilemma of the
Theory of Choice [1978]
16. From Mises to Shackle: An Essay on Austrian Economics
and the Kaleidic Society [1976]
17. G.L.S. Shackle's Place in the History of Subjectivist
Thought [1990]
18. The Flow of Legislation and the Permanence of the Legal
Order [1979]
19. The Monetary System of a Market Economy [1986]
20. Speculative Markets and Economic Complexity [1938]
21. Austrian Economics: A Hermeneutic Approach [1991]
Appendix: Bibliography of Works by Ludwig M. Lachmann, compiled
by William Tallob
Book No. AU6150 (hardcover) 331p. Publisher's Price $69.95
Laissez Faire Price Only $24.95
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Chris
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