Ludwig Lachmann
Ludwig Lachmann | |
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Austrian School | |
Influences | Friedrich Hayek Carl Menger Max Weber Ludwig von Mises G. L. S. Shackle Alfred Schütz[1] |
Ludwig Maurits Lachmann (
Life
Early life
Ludwig Lachmann was born in Berlin, Germany on 1 February 1906 into a Jewish middle-class family.[2] His father was a metal manufacturer, and his mother came from an intellectual background and had a strong influence on young Ludwig. His mother's brother, a bank official, also had a strong influence upon his nephew's early intellectual development. Ludwig was an only child, and initially was educated by his mother, but was later enrolled in Askanisches High School . His childhood years are generally described as happy, which would contrast with his later life in Germany, surrounded by constant political and economic instability and crisis.[2]
Education and 'pre-revival' career
Lachmann enrolled at the University of Berlin in 1924, studying under, among others,
In 1948, Lachmann moved to
Austrian 'revival', 1974–1987 and death
In 1974, a conference on Austrian economics was organized in South Royalton, Vermont, in which Lachmann was a key speaker, along with Israel Kirzner and Murray Rothbard.[7] This conference led to the publication of the 1976 book, The Foundations of Modern Austrian Economics, to which Lachmann contributed.[8] Following the conference, Lachmann began annual trips to New York City, where he worked with Kirzner at NYU, advancing research and lecturing to students.[4][3] Lachmann also was engaged in an economic debate with Kirzner regarding notions of equilibrium, and the role of the entrepreneur[9] Lachmann continued this work from 1975 to 1987, when he re-retired to Johannesburg. Lachmann passed away on 17 December 1990. To commemorate Lachmann, his widow established a trust to fund the Ludwig M. Lachmann Research Fellowship at the Department of Philosophy, Logic and Scientific Method of the London School of Economics.[10]
Personal life
Lachmann met his future wife, Margot Wulff, in the late 20's at an Italian language class. They ran into each other again in Sankt Moritz, and began a relationship. When their financial situation became secure, the couple got married in England, in 1939. Their marriage was described as, "a successful match," by Ludwig's former colleague, Karl Mittermaier.[2]
Lachmann himself has been described as "a very unusual man" and an "old world European gentleman"[3] and one with a personality that left a lasting impression on those who knew him. He was described as "unfailingly gracious and considerate".[3] He was also described as both intentionally and unintentionally humorous.[4]
On economics
Lachmann grew to believe that the Austrian School had deviated from Carl Menger's original vision of an entirely subjective economics. To Lachmann, Austrian Theory was an evolutionary, or "genetic-causal" approach, as opposed to the equilibrium and perfect-knowledge models used in mainstream neoclassical economics.[citation needed] He was a strong advocate of using
Contemporary social science research
Lachmann's ideas continue to influence contemporary social science research. Many social scientific disciplines explicitly or implicitly build on the subjective theory of value, developed by Carl Menger and the Austrian School of Economics.
Selected bibliography
- The Role of Expectations in Economics as a Social Science, 1943
- Capital and Its Structure, 1956
- From Mises to Shackle: an essay on Austrian economics and the Kaleidic society, 1976
- The Market as an Economic Process, 1986
- Austrian Economics: a hermeneutic approach, 1990
See also
- Kaleidics
- Austrian School
- Post-Keynesian School
References
- ^ Peter Boetkke, ed. (1994). "Ludwig Lachmann and his Contribution to Economic Science" (PDF). Advances in Austrian Economics. 1: 231.
- ^ .
- ^ Mises.org.
- ^ . Retrieved 21 January 2015.
- ^ ISBN 978-0765682246.
- ^ "Past Presidents". Economic Society of South Africa.
- ^ Vaughn, Karen. Austrian Economics in America: The Migration of a Tradition. p. 103.
- ISBN 0836206541.
- .
- ^ "Ludwig M Lachmann Research Fellowship." Department of Philosophy, Logic and Scientific Method. London School of Economics. [1]
- ^ "The Kirznerian Way: An Interview with Israel M. Kirzner". 30 July 2014.
Further reading
- Ludwig M. Lachmann (1977). ""In Pursuit of a Subjectivist Paradigm" [Introduction]". In Walter E. Grinder (ed.). Capital, Expectations, and the Market Process. Kansas City: Sheed, Andrews, and McMeel, Inc.: 3–24 (Biographical aspects)
- ISBN 0-333-41788-7.
- David L. Prychitko (1994). "Ludwig Lachmann and the Interpretive Turn in Economics: A Critical Inquiry into the Hermeneutics of the Plan". Advances in Austrian Economics. 1: 303–319.
- Rudy van Zijp (1995). "Lachmann and the wilderness: on Lachmann's radical subjectivism". The European Journal of the History of Economic Thought: 412–433.
- Callahan, Gene (2004). Economics for Real People: An Introduction to the Austrian School (2nd ed.). Auburn, Alabama: Ludwig von Mises Institute. pp. 349. ISBN 978-0945466413. (on Lachmann's view of government)
- Peter Lewin (1996). "Time, Complexity, and Change: Ludwig M. Lachmann's Contributions to the Theory of Capital". Advances in Austrian Economics. 3.
- Nicolai J. Foss; Giampaolo Garzarelli (2007). "Institutions as Knowledge Capital: Ludwig M. Lachmann's Interpretative Institutionalism" (PDF). Cambridge Journal of Economics. 31 (5): 789–804. hdl:11573/443525.
- Paul Lewis; Jochen Runde (2007). "Subjectivism, social structure and the possibility of socio-economic order: The case of Ludwig Lachmann". Journal of Economic Behavior & Organization. 62 (2): 167–186. S2CID 144482207.
External links
- Critique on The History of Economic Thought Website, cepa.newschool.edu
- "The Kaleidic World of Ludwig Lachmann," Review of The Market as an Economic Process by Roger Garrison, Critical Review vol. 1, no. 3 (Summer), 1987, pp. 77–89.
- "The Lachmann Legacy: An Agenda for Macroeconomics," Roger Garrison
- Works by or about Ludwig Lachmann at Internet Archive