Introduction

In her vivid description of the conference held at South Royalton in 1974 to revitalise the Austrian tradition in the US, Karen Vaughn considers Ludwig Lachmann as ‘the odd man out’ at the conference, mainly because he was the ‘only speaker who seemed to see much theoretical work still to be done in defining and developing an Austrian economies’. It is by following the way in which Lachmann influenced the subsequent evolution of Austrian thinking that Vaughn mainly reconstructs the Austrian paradigm in her recent book on Austrian Economics in America: The Migration of a Tradition (1994).1