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Contents :

This page may be of use to students and interested colleagues. I have included links to my courses, my resume, some recent and current work, colleagues working in related areas and my personal interests.

·            Teaching

·            Academic Interests

·            Current Articles and Workpapers

·            Colleagues working in related areas

·            Resume

·            Personal Interests

 

Peter Lewin's Home Page

Clinical Professor, Managerial Economics

“There are more things in heaven and Earth, Horatio,

 Than are dreamt of in your philosophy”

 plewin@utdallas.edu

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Office: SOM 3.223

Lewin’s Laws:

1.       When all else fails use common sense.

2.       You cannot know the unknowable.

3.        Other people’s mathematics is always more difficult than your own. (I have adopted this one from someone – I forget whom).

4.       The question we should be asking is not: What should we do?, it is rather: Who should decide what we should do?

 

Teaching No one should teach who is not in love with teaching.” Margaret E. Sangster (1838–1912).

 

Courses: - I make extensive use of eLearning in all my courses - Log into eLearning and click on the relevant course to enter.

Fall 2014

Click on the course title to go to the course web page

Class Section/ Class Number

Class Title

Schedule & Location

MECO 6303.0W1 84594

Business Economics

Online Class

MECO 6303.501 84593

Business Economics

Mon : 7:00pm-9:45pm JSOM 2.717

MECO 6303.001 85166

Business Economics

Mon : 1:00pm-3:45pm JSOM 1.107

MECO 6303.PS1 86949

Business Economics

Various times TBA

FIN 3340.501 84905

Regulation of Business and Financial Markets

Wed : 7:00pm-9:45pm JSOM 1.110

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¨                Academic Interests

My original area of specialization was in monetary theory and later (at the university of Chicago) in labor economics where I was fortunate to have been able to study with Gary Becker (most particularly the economics of discrimination, human capital and the distribution of income). Though trained at Chicago, I retained an interest in the economics of the Austrian School, having been introduced to it by my teacher as an undergraduate, Ludwig M. Lachmann. In recent years most of my research has been on issues connected to the revival of the Austrian School and its ability to enhance the insights of modern economic theory. More specifically, I have revived an early interest of mine in the theory of capital, for which the Austrian School is mostly known, but about which, I have always felt, there is much misunderstanding. Along these lines I have tried to kindle some interest in the contributions of Ludwig Lachmann to the theory of capital and, perhaps more importantly, to extend and apply his insights. I have been very excited to find that the modern information-age world serves to illustrate Lachmann's insights even more graphically than he could have imagined. I have been drawn to recent studies of the theory of the firm currently proliferating not only in economics but also (perhaps even moreso) in the related disciplines of corporate strategy and management. It has been of considerable interest to find in this literature profound commonalities with the Austrian market process approach and the theory of capital structures (as developed by Lachmann and Hayek). This research area is ripe for productive cross-fertilization as the strategy-organization approach can inform the Neoclassical theory of the firm and help the Austrian approach to develop a theory of the firm that it is lacking. Neoclassical economic theory works with formal models of representative firms, that is, firms that are, in all essential respects, identical. The essentials are captured by the elements of the “production function.” Though many important insights (concerning the pure logic of choice faced by firms as decision-makers) have, and continue to be, derived from this approach, it nevertheless falls short in one very crucial respect. It is unable to explain why some firms do better than others, and indeed how it is that any kind of sustainable competitive advantage is possible. In other words, Neoclassical theory is equilibrium theory and can be fruitfully supplemented by disequilibrium or process theory. Most recently, I have also revived and interest in household economics and am exploring connections between Austria and Chicago that are relevant to this. Some recent work appears below.

 

A recent interview that may be of interest appears here.

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¨                Current Work (Books, Book Reviews, Articles and Working papers):

Books:

Capital in Disequilibrium (Large Print Edition): The Role of Capital in a Changing World  Capital in Disequilibrium

1.     Capital in Disequilibrium: the role of capital in a changing world (second edition, CreateSpace Independent Publishing Platform, 2011).

      Recipient of the 1999 Smith Prize for the best book published on Austrian Economics

 The Economics of QWERTY

2.     The Economics of QWERTY: History, Theory and Policy, Essays by Stan J. Liebowitz and Stephen E. Margolis, Edited with an Introduction and Conclusion by Peter Lewin  (New York: New York University Press; and London: Palgrave (formerly Macmillan) 2002).

Chapter 1  Introduction

Chapter 11  The Current State of the Debate

 

Articles and Papers: (for a shorter, more organized, list see here.)

 

Popular

1.       What Do We Know For Certain About Uncertainty? Keynote address, Legatum Institute, Charles Street Symposium, June, 10, 2012

2.       Austrian Capital Theory: Why it Matters The Freeman, June 2012.

3.       Free-Marketeers Should Welcome Regulation? The Freeman, October 2009.

4.       Recycling Discredited Ideas The Freeman, April 2009.

 

Academic

1.       Orders, Orders Everywhere, … On Hayek’s The Market and Other Orders with Paul Lewis, SSRN working paper 2014

2.       Policy Design and Execution in a Complex World –working paper 2014

3.       The Average Period of Production: The History of an Idea with Nicolas Cachanosky , SSRN working paper 2014.

4.       Financial Foundations of Austrian Business Cycle Theory, with Nicolas Cachanosky, SSRN working paper 2014.

5.       A Financial Framework for Understanding Macroeconomic Cycles: The  Structure of Production is Relevant - with Nicolas Cachanosky [Working Paper SSRN 2014] .

6.       Roundaboutness is not a Mysterious Concept: A Financial Application to Capital Theory - with Nicolas Cachanosky Review of Political Economy,2014. DOI: 10.1080/09538259.2014.957475.

7.       The Capital-Using Economy – with Howard Baetjer, forthcoming in C. Coyne and P. Boettke (ed.) The Oxford Handbook of Austrian Economics Oxford, Oxford Univ. Press 2013.

8.       The Meaning and the Implications of Heterogeneity for Social Science Research Studies in Emergent Order Vol. 7, pp. 207- 224. 2014

9.       Entrepreneurial Opportunity as the Potential to Create Value, Review of Austrian Economics, DOI 10.1007/s11138-013-0245-5. 2013

10.   Hayek and Lachmann and the Complexity of Capital R. Garrison (ed.) The Elgar Companion to Hayek Cheltenham: Edward Elgar, 2013

11.   The Austrian School of Economics and the Implications of Subjectivism – conference paper 2012

12.   The Subprime Crisis, with Adrian Ravier, Quarterly Journal of Austrian Economics, 2012, 15(1): 45-74.

13.   The Capital Based View of the Firm, Review of Austrian Economics 2011, 24 (4): 335–354.

14.   Creativity or Coercion: Alternative Perspectives on Rights to Intellectual Property,  Journal of Business Ethics 2007, (71) 441–455.

15.   The Firm in Disequilibrium: Contributions from the Austrian Tradition Explorations in Austrian Economics, Advances in Austrian Economics, 2008.

16.   The Capital Idea and the Scope of Economics. Review of Austrian Economics, 2005, 18 (2 )145-167.

17.   Facts, Values and the Burden of Proof The Independent Review, Spring, 2007, XI (4) 503-517.

18.   Heterogeneous Human Capital, Uncertainty, and the Structure of Plans: A Market Process Approach to Marriage and Divorce with Steven Horwitz Review of Austrian Economics, 2008, 21:1–21.

19.   Entrepreneurship and the Defense of Capitalism: An Examination of the Work of Israel Kirzner. Journal des Economistes et des Etudes Humaines. 12 (2/3) June-September 2002: 203-212.

20.   The Development of Austrian Economics: Revisiting the Neoclassical Divide. Review of Austrian Economics 14 (4) 2001, 239-251.

21.   The Market Process and the Economics of QWERTY: Two Views Review of Austrian Economics, 14 (1), 2001, 65-96.

22.   Rent and Resources: A Market Process Perspective with Steven E. Phelan, in Entrepreneurship and the Firm: Austrian Perspectives on Economic Organization, Edited by Nicolai Foss and Peter Klein, Aldershot: Edward Elgar, 2001.

23.   Arriving at a Strategic Theory of the Firm with Steven E. Phelan  International Journal of Management Reviews. December 2000.

24.   My Teacher and his Legacy, Contribution to: Professor Lachmann (1906 - 1990): Scholar, Teacher, and Austrian School Critic of Late Classical Formalism in Economics in American Journal of Economics and Sociology 59 (3), July 2000, 381-390.

25.   William Hutt and the Economics of Apartheid Constitutional Political Economy 11(3), October 2000.

26.   An Austrian Theory of the Firm, with Steven E. Phelan, Review of Austrian Economics, 13 (1), 2000  59-80.

27.   Firms, Strategies, and Resources: Contributions from Austrian Economics, with Steven E. Phelan, The Quarterly Journal of Austrian Economics, (2), 1999, 3-18.

28.   Paradox in Project-Based Enterprise: What Paradox,? California Management Review, with Steven E. Phelan, 42 (1) Fall 1999,  1-7

29.   The Firm, Money and Economic Calculation American Journal of Economics and Sociology, October 1998.

30.   Hayekian Equilibrium and Change Journal of Economic Methodology 1997, 4:2,  245-266.

31.   Capital and Time: Variations on a Hicksian Theme, Advances in Austrian Economics vol, 4, 1997, 63-74.

32.   Capital in Disequilibrium: A Reexamination of the Capital Theory of Ludwig M. Lachmann History of Political Economy Winter 1997, 1997, 29(3)  523-548.

33.   Rothbard and Mises on Interest: An Exercise in Theoretical Purity Journal of the History of Economic Thought, Spring 1997, 141-159.

34.   Murray Rothbard on Interest and Capital: An Exercise in Theoretical Purity Manuscript 1996 (longer version of the previous paper).

35.   Time Complexity and Change: Ludwig M. Lachmann's Contributions to the Theory of Capital Advances in Austrian Economics vol. 3, 1996.

36.   Methods and Metaphors in Capital Theory Advances in Austrian Economics vol. 2, 1995.

37.   Capital Theory entry in Companion to Austrian Economics, edited by Peter Boettke (Edward Elgar, 1994).

38.   Knowledge, Expectations and Capital: The Economics of Ludwig M. Lachmann Advances in Austrian Economics vol. 1, 1994, pp. 233-256.

39.   Equality at any Price manuscript (an examination of the logic of affirmative action)

40.   Ludwig Lachmann, Life and Work (1906  1990) (manuscript, 1996, published recently on the site of the Ludwig von Mises Institute)

41.   The Efficiency of the Market Process: An Evaluation of Three Austrian Contributions (manuscript, 1995).

 

Book Reviews:

 

1.       An Advanced Introduction for Austrian Economics, Cheltenham, UK—Northampton, MA USA:Edward Elgar,

2.       Capitalism at Work: Business, Government, and Energy; Book 1 of Political Capitalism (A Trilogy), Robert L. Bradley Jr. Salem, Mass. M & M Scrivener Press, 2009, 485 pp

3.       Vienna & Chicago: Friends or Foes? A Tale of Two Schools of Free Market Economics. By Mark Skousen. Capital Press, 2005, in The Quarterly Journal of Austrian Economics 8:4, 89-92, 2006.

4.       Ethics as Social Science: The Moral Philosophy of Social Cooperation  by Leland B. Yeager, Northampton: Edward Elgar, 2001 in The Review of Austrian Economics, 17:1, 139-144, 2004.

5.       The Evolution of Austrian Economics: From Menger to Lachmann, by Sandye Gloria-Palermo. (London and New York: Routledge, 1999 -Routledge Studies in the History of Economics.) Review Essay, Quarterly Journal of Austrian Economics 2001 Winter 4 (4): 71-82.

6.       Subjectivism and Economic Analysis: Essays in Memory of Ludwig M. Lachmann, Edited by Roger Koppl and Gary Mongiovi (London and New York: Routledge, 1998) Quarterly Journal of Austrian Economics, 2000 Spring 4 (1): 75-80.

7.       Software as Capital: An Economic Perspective on Software Engineering by Howard Baetjer in Review of Austrian Economics, 12 (1), 1999, pp.101-104. 

8.       Carl Menger’s Lectures to Crown Prince Rudolf of Austria, Erich W. Streissler and Monika Streissler (editors) and Monika Streissler and David F. Good (translators),  Edward Elgar: Aldershot and Brookfield, 1994, History of Economic Ideas 1997 (2): 123-125.

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¨                Colleagues working in related areas

On the firm.

Nicolai Foss

Peter Klein  

Richard Langlois                                                                                                              

 

Scholars in Austrian Economics and related areas.

Steven Horwitz

Peter Boettke

Roger Garrison 

Randy Holcombe

Dan Klein         

Roger Koppl

 

If you are interested in Free Banking see the work of the following scholars.

Larry White      

George Selgin

 

On Network Effects, Intellectual Property, Economics of the Internet.

Stan Liebowitz

 

Austrian links:

The Society for the Development of Austrian Economics             Foundation for Economic Education

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¨                Personal Interests

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 Link to UTD School of Management

 

Link to UTD Home Page

 

Continually Under Construction - Last Revised: May 2014