Expectations and the Meaning of Institutions

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.
Ludwig M. Lachmann provided a unique voice in 20th century economics by consistently emphasizing the interpretive and institutional dimensions of economics. This volume collects Lachmann's most important work in English together for the first time. The essays span six decades and address key topics in micro and macro economics, methodology and the history of thought. The emphasis of these essays is not on stable and readily quantifiable relationships, but on the role of social institutions in a world of unpredictable change. The work demonstrates that Lachmann was far from nihilistic. Although he considered real world market processes to be complex, he also consistently found that they were ordered. This collection includes two essays which have not been previously published.