ABSTRACT
Let me open with some personal observations. I am profoundly grateful for the signal honor of being invited to deliver this inaugural memorial lecture in tribute to the late Professor Ludwig M. Lachmann. I must congratulate the Free Market Foundation and especially Mr Leon Louw, together with the University of the Witwatersrand and my eminent good friend Dean Duncan Reekie, for their admirable vision and initiative in arranging this very special occasion. It is a particular pleasure to greet Mrs Margot Lachmann here today. A distinguished student of human culture who has earned our deepest respect entirely in her own right, Margot is especially entitled to our applause today. It is she who gave Ludwig that lifetime of loyal, devoted support which enabled him to dedicate his own long and productive career to the cause of a more illuminating economic understanding, with such single-minded passion.
