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Ludwig Lachmann in 1956 set out 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.
Here he presents a robust theory of capital that incorporates an Austrian understanding of the business cycle and the market process. It remains a seminal study written while he was at the height of his intellectual powers.
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