ABSTRACT
There also can be no doubt that Lachmann played a significant role in the resurgence of Austrian economics in the late 1970s and 1980s. He was the catalyst for much of the internal development of Austrian economics among the resurgence generation, and his influence can be seen in the work of Gerald O’Driscoll and Mario Rizzo, The Economics of Time and Ignorance (1985), Karen Vaughn, Austrian Economics in America (1994) and Don Lavoie (ed.), Economics and Hermeneutics (1991) and Expectations and the Meaning of Institutions (1994). Lachmann’s theoretical challenge to extend subjectivism from preferences to expectations has had a deep and lasting influence among his Austrian colleagues, including Israel Kirzner, who, despite his serious reservations about aspects of Lachmann’s research project remained Lachmann’s closest intellectual ally in the Austrian revival.
