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THE MENGER–LACHMANN TRAJECTORY ON CAPITAL: A COMMENT ON ENDRES AND HARPER

Published online by Cambridge University Press:  04 March 2014

Abstract

Endres and Harper (2011) maintain that, within the Austrian tradition of capital theory, Carl Menger and Ludwig M. Lachmann form a distinguishable trajectory. Both these authors, they argue, consider capital as a heterogeneous structure of higher-order goods. In this comment, it is demonstrated that the opposite is true. Menger and Lachmann endorsed contrasting views on the nature of capital. Whereas Lachmann indeed adhered to a heterogeneous capital concept, Menger considered capital to be a homogeneous concept employed in economic calculation.

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Copyright © The History of Economics Society 2014 

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References

Endres, A. M., and Harper, D. A.. 2011. “Carl Menger and His Followers in the Austrian Tradition on the Nature of Capital and Its Structure.” Journal of the History of Economic Thought 33 (3): 357384.CrossRefGoogle Scholar
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Lachmann, L. M. 1978. Capital and Its Structure. Second edition. Kansas City, MI: Sheed Andrews and McNeel.Google Scholar
Lewin, P. 2011. Capital in Disequilibrium. Second edition. Auburn, AL: Ludwig von Mises Institute.
Menger, C. 1888. “Zur Theorie des Kapitals.” Jahrbücher für Nationalökonomie und Statistik 17: 149.CrossRefGoogle Scholar
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Stigler, G. J. 1937. “The Economics of Carl Menger.” Journal of Political Economy 45 (2): 229250.CrossRefGoogle Scholar
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