Peter Lewin

Clinical Professor, Finance and Managerial Economics

School of Management, University of Texas at Dallas


 Ph.D. Economics, University of Chicago, 1979. Thesis chairman: Gary Becker

Thesis topic: The Economics of Apartheid                                            

 M.A. Economics, University of Chicago, 1974.

 B.A. with Honors, Economics, University of the Witwatersrand, 1971 (first class).

 B.A. Economics and History, University of the Witwatersrand, Johannesburg, South Africa, 1969.


 1973-1974 Hillman Fellowship, University of Chicago

1974-1976 Knight Fellowship, University of Chicago.


Clinical Professor, Finance and Managerial Economics Fall 2006 -

Senior Lecturer - University of Texas at Dallas, Summer 1996 – Summer 2006

Adjunct Professor of Economics - University of Dallas, Fall 1992 - Summer 1996

Visiting Assistant Professor of Economics - University of Texas at Arlington, September 1984 - May 1986.

Assistant Professor of Economics - University of Texas at Dallas, January 1979 - June 1984.

Lecturer in Economics - Graduate School of Business Administration, University of the Witwatersrand, Johannesburg, South Africa, January 1976 - September 1978.

Lecturer in Economics - Illinois Institute of Technology, Chicago, Fall 1973 - Fall 1975.

Junior Lecturer in Economics - Graduate School of Business Administration, University of the Witwatersrand, Johannesburg, South Africa, June 1971 - September 1972.


Graduate and Undergraduate

Money and Banking

Economic Principles (Micro and Macro)

Government Regulation 

Entrepreneurship and Business Organization


1.         The Meaning and the Implications of Heterogeneity for Social Science Research” Working SSRN paper May 2013.

2.         Entrepreneurial Opportunity as the Potential to Create Value” Working SSRN paper May 2013.

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

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

5.         The Capital Based View of the FirmReview of Austrian Economics 2011, 24 (4): 335–354.

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

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

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

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

10.      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.

11.       “Human Capital: A Critical Perspective” Oxford Handbook of Human Capital (Oxford: Oxford University Press, 2009).

1.         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.

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

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

14.      “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.

15.      “Arriving at a Strategic Theory of the Firm,” with Steven E. Phelan  International Journal of Management Reviews. December 2000.

16.      Microsoft and the Economics of QWERTY: History, Theory and Policy, Essays by Stan J. Liebowitz and Steven E. Margolis, Edited with an Introduction by Peter Lewin,(New York University Press (U.S.) and Palgrave (U.K.) 2002).

17.      “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.

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

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

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

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

22.      Capital in Disequilibrium: the role of capital in a changing world (New York and London:  Routledge, 1999) – recipient of the 1999 Smith Prize for the best book published on Austrian Economics.

23.      “The Firm, Money and Economic Calculation” American Journal of Economics and Sociology, October 1998.

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

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

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

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

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

29.      “Methods and Metaphors in Capital Theory” Advances in Austrian Economics vol. 2, 1995.

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

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

32.      “Comment: Austrian Economics and the Future of Macroeconomics” Austrian Economics (Hillsdale: Hillsdale College Press, 1991) 345-354.

33.      “Economic and Sociological Views of Discrimination in Labor Markets: Persistence or Demise?” Sociological Spectrum, 9, 1989. With Paula England.

34.      “Capital Markets and the Political Business Cycle,” in Political Business Cycles and the Political Economy of Stagflation, Tom Willett, editor, Duke University Press, 1988.

35.      “Long Run Versus Short Run Cost of Electric Power Interruptions: A Cautionary Note,” with Steve G. Parsons Energy Journal, April 1986.

36.      “The Prohibitive Cost of Apartheid,” The Intercollegiate Review, October 1986.

37.      “Economic Policy and the Capital Structure,” in Essays in Honor of Ludwig Lachmann, I. Kirzner, editor, New York University Press, 1986.

38.      “The Layman's Guide to the Value of Electric Power Reliability, Proceedings of the Electric Power Research Institute, Seminar on the Value of Service Reliability to Consumers, with Frank J. Allessio and Steve G. Parsons, 1984.

39.      “The Statistician as Expert Witness,” Chapter VI of Proceedings of the Second Workshop on Law and Justice Statistics (Washington, D.C.: U.S. Department of Justice Statistics 1984) with James Beckett.

40.      “Comment: Competitive Money,” CATO Journal, Fall 1983.

41.      “Externalities: Social Cost Versus Strict Liability,” CATO Journal, Spring 1982.

42.      “Perspectives on the Cost of Inflation,” Southern Economic Journal, January 1982.

43.      “Indexation and Inflation: A Note,” South African Journal of Economics, September 1977, 287-290.

44.      “On the Definition and Measurement of Inflation,” South African Journal of Economics, September 1977, 289-293.

45.      “On the Definition of Inflation: Reply to Professor Botha” and “Reply to Mr. Mittermaier” and Rejoinder to Professor Botha,” South African Journal of Economics, March 1978, 71-86.

46.      “Money, Inflation and Economic Growth,” The Investment Analysts Journal, April 1978, 8-14.

47.      “Subsidies and Regulation in Medicine,” South African Journal of Hospital Medicine, January 1978, 10-14.

48.      “Inflation, Common Fallacies and Real Issues,”  Fact and Opinion Papers, No. 3, (Second Edition), Graduate School of Business Administration, University of the Witwatersrand 1978.

49.      “The Black-White Wage Gap: 1952-1969,” South African Journal of Economics, June 1976.

50.      “The Essential Role of Money in the Economy,” South African Journal of Economics, September 1972, 268-274.

51.      “A Tentative Consideration of the Methods and Efficiency of South African Monetary Policy in Recent Years,” The South African Banker, November 1971, 398-410.

Popular Press

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

2.       Recycling Discredited Ideas The Freeman, April 2009.

BOOK REVIEWS in the South African Journal of Economics, the Southern Economic Journal of the  History of Economic Ideas, Review of Austrian Economics and The Quarterly Review of Austrian Economics.

Working papers:

The Capital Based View of the Firm, 2010 (with Howard Baetjer)

Planned projects and work in progress.

“The Ethics and Economics of Illegal Immigration”

“The Ethics and Economics of Child-Adoption”



CRITERION INCORPORATED, April 1991 - July 1992.

Senior Consultant - Market development of labor market and personnel related software. General consultation for labor market situations.

COMPUSA (previously SOFT WAREHOUSE), March 1986 - March 1991.

Senior Vice President and founding shareholder. Performed a variety of administrative duties for this $600 million a year company (currently over $2.5 billion) - including design of communications systems, payroll, personnel, cash control, credit management, moves and changes, etc. Most recently, developed and administered a company wide training program for new and existing employees.


Consultation in the design of analysis for Title VII litigation and affirmative action affected class analysis. Economic damage calculation in lost profit, wrongful death and personal injury situations. Testimony in Federal District Court.

PLANCO, INC., Economist, 1979 - 1980 (A Government Contract Research Consulting Firm)

Provided part time assistance in the areas of econometric methods, demographic analysis, human resources, labor economics and macroeconomics.


Consultant to this major British oil company in South Africa in the building of an econometric model for forecasting the quarterly sales of their main product lines.


Consultant to this large conglomerate in South Africa in the building of a comprehensive econometric model for five of their divisions. 1977 - 1978.




 Evidence given to the Commission of Inquiry into South Africa's Monetary Policy (the De Kock Commission) 1978 and 1980.

Paper presented to the Standard Bank Conference on South Africa's monetary policy, “On Floating Exchange Rates,” September 1978.

Paper presented to AISEC South Africa Conference, “Black Trade Unions for South Africa?,” June 1978.

Radio interview on “Foreign Investment in South Africa,” with the South African Broadcasting Corporation, June 1978.

TV appearance on panel discussion of “Science Technology and the Future,” South African Broadcasting Corporation, March 1978.

Paper presented to the Foreign Policy Study Foundation, Inc. (of the Rockefeller Foundation) on “The South African and International Economy,” for the Study Commission on U.S. Policy toward Southern Africa, New York City, September 15, 1979.

 Paper presented at SUNY Binghamton, “Perspectives on the Cost of Inflation,” November 1979. Presented also at New York University (March 1980) and the Southern Economic Association (November 1980).

 Participant, Institute of Humane Studies Seminar on Monetary Institutions, New York City, November 1980.

Organizer, Institute of Humane Studies Seminar in Modern Austrian Economics. Paper presented on “Austrian Economics and the Problem of Inflation”, University of Texas at Dallas, April 1981.

Paper presented at the Institute of Humane Studies Seminar “The Role of Subjectivism in Modern Economics,” on “Austrian Aspects of Monetary Theory and Inflation,” University of Chicago, April 1981.

Paper presented to the Western Economic Association, “Denationalization of Money,” July 1981.

Participant, Liberty Fund Seminar, “Austrian Analysis in Current Research,” paper on “Austrian Aspects of Monetary Theory and Inflation,” June 1982.

Paper presented to the meeting of the Southwest Social Science Association, “Reconceptualizing Statistical Discrimination,” with Paula England. Spring 1982.

Discussant, Cato Conference, “The Search for Monetary Stability,” Washington, DC, January 1983.

Participant, Liberty Fund Research Seminar on Austrian Economics, Paper on “Subjectivism, Rational Expectations, and Economics,” August 1983.

Paper presented to workshop of the American Statistical Association on “The Use of Experts and Statistics in Legal Proceedings”, Toronto, August 1983.

Paper presented at the American Economic Association on “The Rise and Decline of Nations: Comment on Mancur Olson, Dallas, December 1984

Paper presented at the Southwest Social Science Association on “Rational Expectations and the New Classical Macroeconomics'“ Houston, March 1985.

Presentation to the Alliance of Christians and Jews on “South Africa: The Tragedy of Apartheid,” Dallas, March 1985.

Paper on “Free Banking and the Stability of Money”, Economics Seminar University of Texas at Arlington, February 1985.

Paper on “Equilibrium and Time, Hayek after 50 Years”, Economics Seminar University of Texas at Arlington, February 1986.

Paper on “Hayek and the Austrian Monetary Tradition”, Southwest Economic Association, March 1988.

Paper on “Knowledge, Expectations and Capital: the Economics of Ludwig M Lachmann” New York University, September 1992.

“Comment” on Out of Work seminar in Washington D.C. for the Center for Free Enterprise and Entrepreneurship, September 1993

“Entrepreneurship for the Twenty First Century” Reihnardt College, Waleska, Georgia, February 1994.

“Change and Capital Structures” paper presented to the Program on Social and Organizational Learning, George Mason University, March 1994.

Murray Rothbard on Interest and Capital,” Southern Economics Association, November 1995.

“Capital and Change”, NYU workshop December 1995.

Southern Economic Association, participant and/or panel chair, 1996 - 2010.

Treasurer, Society for the Development of Austrian Economics, 1996 – present.

President, Society for the Development of Austrian Economics, 2000.

Liberty Fund Seminar, the economics of W. H. Hutt, Chattanooga TN, 2003.

Mont Pelerin Society meetings, 2003-2004

Liberty Fund Seminar, Buenos Aires, Argentina October 2004..


Address: 7708 Queens Garden, Dallas, Texas 75248, email:

Phone:  Office (972)-883-2729 fax (972)-883-2799 Home (972)-960-6924 fax (972)-960-6926

Date of birth: 02/03/48, Married, four children, two grandchildren.