Saturday, December 31, 2011

Ludwig Lachmann: Bibliography and Resources

I generally enjoy reading the work of Ludwig M. Lachmann (1906–1990), even if I am in no sense an Austrian. However, if there is one Austrian that Post Keynesians should be familiar with, it is Lachmann.

That being so, I’ll start a bibliography for Lachmann’s work below. Some interesting trivia:
(1) Lachmann received a PhD in 1930 under Werner Sombart at the University of Berlin.

(2) Lachmann was at the London School of Economics (LSE) as research assistant to Hayek, and observed the epic debates between Keynes and Hayek. Lachmann was a friend of George L. S. Shackle.

(3) Lachmann went to South Africa in 1948.

(4) His radical subjectivism played a major role in the revival of Austrian economics in the 1970s, when in 1975 he became a Visiting Professor of Economics at New York University (for modern Austrians talking about Lachmann’s influence, see here and here).
Lachmann’s work came to emphasise subjective expectations and the volatility of asset markets (see Lachmann 1988) and their effects on investment – ideas he shared with Keynes (Garrison 1987). Lachmann analysed the emerging Post Keynesian school at Cambridge (including Sraffa’s work) in Lachmann (1973; see also Mongiovi 1994).


“Audio Lecture by Ludwig M. Lachmann,” December 21, 2011.

“A Startling Admission from Ludwig Lachmann,” July 11, 2011.

“Ludwig Lachmann on Government Intervention,” July 9, 2011.

“Lachmann on Trade Cycle Models,” August 27, 2011.


Peter Lewin, “Biography of Ludwig Lachmann (1906–1990): Life and Work,”

Koppl, R. and G. Mongiovi, 1998. Subjectivism and Economic Analysis: Essays in Memory of Ludwig M. Lachmann, Routledge, London.

Kirzner, I. M. 1986. Subjectivism, Intelligibility, and Economic Understanding: Essays in Honor of the Eightieth Birthday of Ludwig M. Lachmann, New York University Press, New York.

Torr, C. S. W., Bohm, S. and K. H. M. Mittermaier. 1992. “L.M. Lachmann: A Bibliography (1930-1990),” South African Journal of Economics 60.1: 78–81.

Mittermaier, K. 1992. “Ludwig Lachmann (1906-1990): A Biographical Sketch,” South African Journal of Economics 60.1: 4–12.
N.B. the South African Journal of Economics, March 1992 (60.1) issue has a number of articles relating to Lachmann.

Garrison, R. W. 1987. “The Kaleidic World of Ludwig Lachmann” (review article of The Market as an Economic Process), Critical Review 1.3: 77–89.

Boettke, P. J. 1994. “Ludwig Lachmann and His Contributions to Economic Science,” Advances in Austrian Economics (vol. 1).

Mongiovi, G. 1994. “Capital, Expectations and Economic Equilibrium: Some Notes on Lachmann and the So-Called Cambridge School,” in P. Boettke and M. Rizzo (eds.), Advances in Austrian Economics (vol. 1), JAI Press, London. 257–277.


Ludwig Lachmann, “An Interview with Ludwig Lachmann,” The Austrian Economics Newsletter, Volume 1, Number 3 (Fall 1978),


Lachmann, L. M. 1935. “Commodity Stocks and Equilibrium,” Review of Economic Studies 3: 230–234.

Lachmann, L. M. 1937. “Uncertainty and Liquidity-Preference.” Economica n.s. 4.15: 295–308.

Lachmann, L. M. 1938. “Commodity Stocks in the Trade Cycle,” Economica 5: 435–454

Lachmann, L. M. 1938. “Investment and Costs of Production,” American Economic Review 28.3: 469–448.

Lachmann, L. M. 1939. “Expectations, Investment and Income by G. L. S. Shackle” (review), Economica n.s. 6.21: 103-105.

Lachmann, L. M. 1939. “On Crisis and Adjustment,” Review of Economics and Statistics 21: 62-68

Lachmann, L. M. 1940. “A Reconsideration of the Austrian Theory of Industrial Fluctuations,” Economica n.s. 7.26: 179–196.

Lachmann, L. M. 1941. “On the Measurement of Capital,” Economica 8.32: 361–377.

Lachmann, L. M. 1943. “The Role of Expectations in Economics as a Social Science,” Economica n.s. 10.37: 12–23.

Lachmann, L. M. 1944. “Finance Capitalism?,” Economica n.s. 11.42: 64–73.

Lachmann, L. M. 1945. “A Note on the Elasticity of Expectations,” Economica n.s. 12.48: 248–253.

Lachmann, L. M. 1947. “Complementarity and Substitution in the Theory of Capital,” Economica n.s. 14.54: 108–119.

Lachmann, L. M. 1948. “Investment Repercussions,” Quarterly Journal of Economics 62.5: 698–713.

Lachmann, L. M. 1949. “Investment Repercussions: Reply,” Quarterly Journal of Economics 63.3: 432–434.

Lachmann, L. M. 1951. “The Science of Human Action,” Economica n.s. 18.72: 412–427.

Lachmann, L. M. 1954. “Some Notes on Economic Thought, 1933–1953,” South African Journal of Economics 22: 22–31.

Lachmann, L. M. 1956. “The Velocity of Circulation as a Predictor,” South African Journal of Economics 24: 17–24.

Lachmann, L. M. 1958. “Mrs. Robinson on the Accumulation of Capital,” South African Journal of Economics 26:87–100.

Lachmann, L. M. 1959. “Professor Shackle on the Economic Significance of Time,” Metroeconomica 11: 64–73.

Lachmann, L. M. 1962. “Cost Inflation and Economic Institutions,” South African Journal of Economics 30: 177–89.

Lachmann, L. M. 1963. “Cultivated Growth and the Market Economy,” South African Journal of Economics 31: 165–174.

Lachmann, L. M. 1966. “Sir John Hicks on Capital and Growth,” South African Journal of Economics 34: 113–123.

Lachmann, L. M. 1967. “Causes and Consequences of the Inflation of Our Time,” South African Journal of Economics 35: 281–291.

Lachmann, L. M. 1976. “From Mises to Shackle: An Essay on Austrian Economics and the Kaleidic Society,” Journal of Economic Literature 14.1: 54-62.

Lachmann, L. M. 1973. “Sir John Hicks as a Neo-Austrian,” South African Journal of Economics 41: 195–207.

Lachmann, L. M. 1977. “The Significance of the Austrian School of Economics in the History of Ideas,” in W. E. Grinder (ed.), Capital, Expectations, and the Market Process: Essays on the Theory of the Market Economy, Sheed Andrews and McMeel, Kansas City. 55–62.

Lachmann, L. M. 1988. “The Huttian Philosophy,” Managerial and Decision Economics (1986-1998): 13-15.

Lachmann, L. M. 1988. “Speculative Markets and Economic Complexity,” Economic Affairs 8.2: 7–10.


Lachmann, L. M. 1951. Economics as a Social Science. Inaugural Lecture, University of the Witwatersrand, Johannesburg.

Lachmann, L. M. 1970. The Legacy of Max Weber: Three Essays, Heinemann, London.

Lachmann, L. M. 1973. Macro-economic Thinking and the Market Economy: An Essay on the Neglect of the Micro-foundations and its Consequences, Institute of Economic Affairs, London.

Lachmann, L. M. 1977. Capital, Expectations, and the Market Process: Essays on the Theory of the Market Economy (ed. by W. E. Grinder), Sheed Andrews and McMeel, Kansas City.

Lachmann, L. M. 1978. Capital and its Structure, S. Andrews and McMeel, Kansas City.

Lachmann, L. M. 1986. The Market as an Economic Process, B. Blackwell, Oxford, UK and New York.

Lachmann, L. M. 1994. Expectations and the Meaning of Institutions: Essays in Economics (ed. by D. Lavoie), Routledge, London.


NOTE: The Ludwig von Mises Institute has given permission under the Creative Commons license that this audio presentation of Lachmann can be publicly reposted as long as credit is given to the Mises Institute and other guidelines are followed. More info at:

My blog Social Democracy for the 21st Century: A Post Keynesian Perspective is in no way endorsed by or affiliated with the Ludwig von Mises Institute, any of its lecturers or staff members.


  1. This is awesome that there is a nice list on Lachmann's work. Great way to end the 2011 year.

  2. I've read partially some of Lachmann's work, but I find it really hard to see where he is coming from. What book or article would you recommend as a good start?

  3. Why not just listen to his lecture?:

    But if you want a book:

    Lachmann, L. M. 1986. The Market as an Economic Process, B. Blackwell, Oxford, UK and New York.