Title page from Capital, Expectations, and the Market Process

Capital, Expectations, and the Market Process

This volume consists of 17 of Ludwig Lachmann’s most important papers published during the period 1940-73. Two of the articles appear here in translation for the first time. Prepared especially for this volume is a new essay about the present “crisis” in economic thought. Walter Grinder’s extended introduction analyzes Lachmann’s scholarly career in four countries and his overall intellectual development.

Key Quotes


The market process is thus seen to be a leveling process. In a market economy a process of redistribution of wealth is taking place all the time before which those outwardly similar processes which modern politicians are in the habit of instituting, pale into comparative insignificance, if for no…