Ludwig M. Lachmann Books

A German economist, he became a significant contributor to the Austrian School of economics. Lachmann's approach, which he termed "fundamentalist Austrianism," was rare, diverging from Menger's original vision of an entirely subjective economics. He underscored distinctive elements such as economic subjectivism, imperfect knowledge, capital heterogeneity, and the market process. His work profoundly influenced later American developments of the Austrian School, and he advocated for the use of hermeneutic methods in studying economic phenomena.

The Market as an Economic Process
190 pages
7 hours of reading
The book explores the current turmoil in economics, highlighting the limitations of the neoclassical framework that has prevailed for decades. It discusses the resurgence of the Austrian School of economics, emphasizing its subjectivist principles that challenge mainstream views. As traditional theories like Keynesianism and monetarism have faltered, the Austrian perspective gains traction, prompting renewed discussions on market dynamics and the predictability of economic events. The work advocates for a reevaluation of economic thought in light of these emerging insights.

The Market as an Economic Process