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Ludwig M. Lachmann contro la Scuola di Cambridge [Ludwig M. Lachmann against the Cambridge School]
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Ludwig M. Lachmann contro la Scuola di Cambridge
[Ludwig M. Lachmann against the Cambridge School]

Author

Listed:
  • Ferlito, Carmelo

Abstract

While in the early 1930s Keynes and Hayek were the major figures in a heated academic debate about money and capital, in which Keynes also and especially involved the Italian Piero Sraffa, it might seem at first sight that the Austrian economist set aside an organic demolition of the ideas expressed in 1936 by his rival in the General Theory. But the ‘Austrian knight’ of a new Vienna-Cambridge debate, in the subsequent decades, was the German economist Ludwig M. Lachmann (1906-1990), a student of Hayek at LSE during the 1930s and later a professor in Johannesburg and New York. Lachmann was one of the protagonists of the Austrian revival after 1974 and the founding leader of the ‘hermeneutic stream’, opposed by the Rothbardian stream. Lachmann, defending Keynes’s subjectivism and expectation theory, revived the Vienna-Cambridge controversy, criticising not Keynes but his followers, in particular the ‘new’ Cambridge School, developed by Joan Robinson and Piero Sraffa. Lachmann’s life sight was to build a new economics paradigm, centred on the idea of market process, expectations and kaleidic society (Shackle).

Suggested Citation

  • Ferlito, Carmelo, 2015. "Ludwig M. Lachmann contro la Scuola di Cambridge [Ludwig M. Lachmann against the Cambridge School]," MPRA Paper 67759, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:67759
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    File URL: https://mpra.ub.uni-muenchen.de/67759/1/MPRA_paper_67759.pdf
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    References listed on IDEAS

    as
    1. Carmelo Ferlito, 2014. "The Natural Cycle: WHY Economic Fluctuations are Inevitable. A Schumpeterian Extension of the Austrian Business Cycle Theory," Journal of Reviews on Global Economics, Lifescience Global, vol. 3, pages 200-219.
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    More about this item

    Keywords

    Lachmann; Sraffa; Keynes; Hayek; Expectations; Macroeconomics; Innovation; Business Cycles;
    All these keywords.

    JEL classification:

    • B13 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Wicksellian)
    • B24 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Socialist; Marxist; Scraffian
    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles

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