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1、CapitalinDisequilibrium:AreexaminationofthecapitaltheoryofLudwigM.Lachmann.PeterLewinHistoryofPoliticalEconomy,Winter1997,forthcoming.CapitalinDisequilibrium:AreexaminationofthecapitaltheoryofLudwigM.Lachmann.1PeterLewinIntroduction:LudwigLachmannandtheAu
2、strianTheoryofCapital[T]helongretreatfromBöhmBawerk'sclassicalobjectivisminthetheoryofcapital,whichstartedwithProfessorHayek'sreplytoKnightin1936,wascontinuedinhisPureTheoryofCapitalof1941andtowhichIendeavoredtogiveprovisionalexpressioninmybookCapitalandi
3、tsStructurein1956,[here]reachesanewstage.(Lachmann1986,x).ThelastquarterofthetwentiethcenturyhasseensomethingofarevivalofAustrianeconomics,or,whatisincreasinglybecomingknownasmarketprocesseconomics.Worksonentrepreneurship,monetarytheory,freebanking,monopo
4、ly,methodology,institutions,etc.haveproliferated.ItissomewhatironicthatintheworldofmainstreamneoclassicalandKeynesianeconomics,aswellasamongeconomistsinotherdissidentschools,Austrianeconomicsisprobablybestknownforitsassociationwiththetheoryofcapital,yetth
5、ismodernrevivalhasproducedrelativelylittleworkoncapital.ThemostfamousAustriancapitaltheorist,EugenevonBöhmBawerk,producedathreevolume(multipleedition)tomeonCapitalandInterest(Böhm-Bawerk1881).Thisworkgeneratedconsiderablecontroversyamongmanyeminenteconomi
6、sts,bothduringandafterBöhm-Bawerk'slifetime.FrederickvonHayekconsideredtheissuesraisedincapitaltheoryimportantenoughtoattempttocontinue,and,hopefully,completeBöhmBawerk'sproject.Hayek,inadditiontonumerousarticles(Hayek1939),publishedThePureTheoryofCapital
7、in1941(Hayek1941)whichwasarigorousandintricateextendedexerciseinaspectsofintertemporalproduction,primarilyunderequilibriumconditions.Itwasintendedtobethefirstofatwovolumework,thesecondofwhichwastobeanexaminationofcapitalissuesinadynamicdisequilibriumworld
8、.Volumetwowasneverproduced(asHayekmovedontootherprojects).However,in1956,LudwigLachmann,whowasastudentandcolleagueofHayek'sattheLondonSchoolof2Economics,publishedCapitalanditsStructure(Lachmann1956).Intheprefacehest