Ludwig Lachmann set out in 1956 to correct the problem that the economics profession had no coherent and working understanding of capital — a concept so integral to economic science, and yet not explored at length since the takeover of macroeconomics by Keynesian theory.
In Capital and Its Structure, Lachmann presents a robust theory of capital that incorporates an Austrian School understanding of the business cycle and the market process. It remains a seminal study written while Lachmann was at the height of his intellectual powers.

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