The Review of Austrian Economics

, Volume 32, Issue 1, pp 63–75 | Cite as

Ludwig Lachmann’s peculiar status within Austrian economics

  • Virgil Henry StorrEmail author


Lachmann occupies a strange position within modern Austrian economics. He is viewed as something of an outsider and his views are often regarded as outside the mainline of modern Austrian thought. But, on several key issues – especially subjectivism and institutions – Lachmann’s positions are the dominant positions within the school. This article argues that, with little fanfare but in several important respects, Austrian economics has moved in a decidedly Lachmannian direction.


Lachmann Subjectivism Institutions 


  1. Boettke, P. J. (1989). Evolution and economics: Austrians as institutionalists. In L. Fiorito, S. Scheall & C. Suprinyak (Eds.), Research in the history of economic thought and methodology Vol. 6 (pp. 73–89).Google Scholar
  2. Boettke, P. J. (1993). Why perestroika failed: The politics and economics of socialist transformation. London: Routledge.CrossRefGoogle Scholar
  3. Boettke, P. J. (2001). Calculation and coordination: Essay on socialism and transitional political economy. London: Routledge.CrossRefGoogle Scholar
  4. Boettke, P. J., Coyne, C. J., & Leeson, P. T. (2008). Institutional stickiness and the new development economics. American Journal of Economics and Sociology, 67(2), 331–358.CrossRefGoogle Scholar
  5. Chamlee-Wright, E. (2002). The cultural foundations of economic development: Urban female entrepreneurship in Ghana. London: Routledge.CrossRefGoogle Scholar
  6. Chamlee-Wright, E. (2007). The long road back: Signal noise in the post-Katrina context. The Independent Review, 12(2), 235–259.Google Scholar
  7. Chamlee-Wright, E., & Storr, V. H. (2009a). Club goods and post-disaster community return. Rationality and Society, 21(4), 429–458.CrossRefGoogle Scholar
  8. Chamlee-Wright, E., & Storr, V. H. (2009b). ‘There’s no place like New Orleans’: Sense of place and community recovery in the ninth ward after hurricane Katrina. Journal of Urban Affairs, 31(5), 615–634.CrossRefGoogle Scholar
  9. Chamlee-Wright, E., & Storr, V. H. (2009c). The role of social entrepreneurship in post-Katrina community recovery. International Journal of Innovation and Regional Development, 2(1-2), 149–164.Google Scholar
  10. Chamlee-Wright, E., & Storr, V. H. (2011). Social capital as collective narratives and post-disaster community recovery. The Sociological Review, 59(2), 266–282.CrossRefGoogle Scholar
  11. Foss, N. J., & Klein, P. G. (2005). Entrepreneurship and the economic theory of the firm: Any gains form trade? In S. A. Alvarez, R. Agarwal, & O. Sorenson (Eds.), Handbook of entrepreneurship research (pp. 55–80). Boston: Springer.CrossRefGoogle Scholar
  12. Foss, N. J., & Klein, P. G. (2012). Organizing entrepreneurial judgement: A new approach to the firm. Cambridge: Cambridge University Press.CrossRefGoogle Scholar
  13. Foss, N. J., Klein, P. G., & Linder, S. (2015). Organizations and markets. In P. J. Boettke & C. J. Coyne (Eds.), The Oxford handbook of Austrian economics (pp. 272–295). Oxford: Oxford University Press.Google Scholar
  14. Friedman, M. [1949] 1953. The marshallian demand curve. The Journal of Political Economy, 57(6): 463–495.Google Scholar
  15. Hayek, F. v. (1952). The counter-revolution of science. London: The Free Press of Glencoe.Google Scholar
  16. Hodgson, G. (1999). Evolution and institutions: On evolutionary economics and the evolution of economics. Cheltenham: Edward Elgar.Google Scholar
  17. Hodgson, G. (Ed.). (2007). The evolution of economic institutions: A critical reader. Cheltenham: Edward Elgar.Google Scholar
  18. Horwitz, S. (2015). Hayek’s modern family: Classical liberalism and the evolution of social institutions. New York: Palgrave Macmillan.CrossRefGoogle Scholar
  19. Kirzner, I. M. (2002). The driving force of the market: Essays in Austrian economics. New York: Routledge.Google Scholar
  20. Koppl, R., & Mongiovi, G. (Eds.). (1999). Subjectivism and economic analysis: Essays in memory of Ludwig M. Lachmann. New York: Routledge.Google Scholar
  21. Lachmann, L. M. [1956] 1978. Capital and its structure. Arlington: Institute for Humane Studies.Google Scholar
  22. Lachmann, L. M. (1971). The legacy of Max Weber. Berkley: The Glendessary Press.Google Scholar
  23. Lachmann, L. M. (1977). Capital, expectations, and the market process: Essays on the theory of the market economy. Kansas City: Sheed, Andrews, and McMeel.Google Scholar
  24. Lachmann, L. M. (1978). An Austrian stocktaking: Unsettled questions and talkative answers. In L. Spadaro (Ed.), New directions in Austrian economics (pp. 1–18). Kansas City: Sheed, Andrews, and McMeel.Google Scholar
  25. Langlois, R. N., & Robertson, P. L. (2002). Firms, markets and economic change: A dynamic theory of business institutions. New York: Routledge.Google Scholar
  26. Lavoie, D. (1991). The discovery and interpretation of profit opportunities: Culture and the Kirznerian entrepreneur. In B. Berger (Ed.), The culture of entrepreneurship (pp. 33–51). Cheltenham: Edward Elgar.Google Scholar
  27. Lavoie, D. (1994). Expectations and the meaning of institutions: Essays in economics by Ludwig M. Lachmann. New York: Routledge.Google Scholar
  28. Leeson, P. T. (2009). The invisible hook: The hidden economics of pirates. Princeton: Princeton University Press.Google Scholar
  29. Lewin, P. (2002). Capital in disequilibrium: The role of capital in a changing world. New York: Routledge.Google Scholar
  30. Lewis, P. (2008). Solving the “Lachmann problem”: Orientation, individualism, and the causal explanation of socioeconomic order. American Journal of Economics and Sociology, 67(5), 827–857.CrossRefGoogle Scholar
  31. McCloskey, D. (2007). The bourgeois virtues: Ethics for an age of commerce. Chicago: University of Chicago Press.Google Scholar
  32. McCloskey, D. (2010). Bourgeois dignity: Why economics can’t explain the modern world. Chicago: University of Chicago Press.CrossRefGoogle Scholar
  33. McCloskey, D. (2016). Bourgeois equality: How ideas, not capital or institutions, enriched the world. Chicago: University of Chicago Press.Google Scholar
  34. Menger, C. (1892). On the origins of money. Economic Journal, 2(6), 239–255.CrossRefGoogle Scholar
  35. Mises, L. v. (1998). Human action. Auburn: Ludwig von Mises Institute.Google Scholar
  36. O’Driscoll, G. P., & Rizzo, M. J. (1996). The economics of time and ignorance. New York: Routledge.Google Scholar
  37. Powell, B. (2014). Out of poverty: Sweatshops in the global economy. Cambridge: Cambridge University Press.CrossRefGoogle Scholar
  38. Rothbard, M. N. (1989). The hermeneutical invasion of philosophy and economics. The Review of Austrian Economics, 3(1), 45–59.3.CrossRefGoogle Scholar
  39. Storr, V. H. (2004). Enterprising slaves and master pirates: Understanding economic life in the Bahamas. New York: Peter Lang.Google Scholar
  40. Storr, V. H., Haeffele-Balch, S., & Grube, L. E. (2016). Community revival in the wake of disaster: Lessons in local entrepreneurship. New York: Springer.Google Scholar
  41. Stringham, E. P. (2015). Private governance: Creating order in economic and social life. Oxford: Oxford University Press.CrossRefGoogle Scholar
  42. Vaughn, K. (1998). Austrian Economics in America: The migration of a tradition. Cambridge: Cambridge University Press.Google Scholar
  43. Young, A. T. (2016). What does it take for a roving bandit to settle down? Theory and an illustrative history of the Visigoths. Public Choice, 168(1-2), 75–102.CrossRefGoogle Scholar

Copyright information

© Springer Science+Business Media, LLC 2017

Authors and Affiliations

  1. 1.George Mason UniversityFairfaxUSA

Personalised recommendations