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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 · Current Articles and Workpapers · Colleagues working in related areas · Resume
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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”
(972).883.2729 /FAX (972).883.2799
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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). |
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.
Click on the course title to go to
the course web page
Spring
2012
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Course No. |
Description |
Day/Time |
Room |
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MECO 6303
502/SYSM 6319.502 |
T:
7:00-9:45 pm |
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FIN 6308
002 |
F:
1:00-3:45 pm |
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MECO 6303
0I1/0T1 |
Online |
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MECO 6303
MED/EC1 |
Online |
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FIN 6320
0I1 |
Online |
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MECO
6303.PJM |
Various |
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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.
¨ Current Work (Books, Book Reviews, Articles and Working papers):
Books:
Capital in Disequilibrium
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 11 The Current State of the Debate
Articles
and Papers: (for a shorter, more organized, list see here.)
Popular
1.
Free-Marketeers
Should Welcome Regulation? The Freeman, October
2009.
2.
Recycling
Discredited Ideas The Freeman, April 2009.
Academic
1.
Entrepreneurial
Paradoxes, working paper, 2011
2.
The
Subprime Crisis, with Adrian Ravier, Quarterly Journal of Austrian
Economics, forthcoming.
3.
Subjectivism,
Uncertainty and Disequilibrium: What’s so Radical about the Radical Austrian
Approach to Entrepreneurship? Working paper 2011.
4.
The Capital Based View of the
Firm, Review of
Austrian Economics 2011, 24 (4): 335–354.
5. Can Ideas be Capital: Can Capital be Anything Else? With Howard Baetjer 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.
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. 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.
17. William Hutt and the Economics of Apartheid Constitutional Political Economy 11(3), October 2000.
18. An Austrian Theory of the Firm, with Steven E. Phelan, Review of Austrian Economics, 13 (1), 2000 59-80.
19. Firms, Strategies, and Resources: Contributions from Austrian Economics, with Steven E. Phelan, The Quarterly Journal of Austrian Economics, (2), 1999, 3-18.
21. The Firm, Money and Economic Calculation American Journal of Economics and Sociology, October 1998.
22. Hayekian Equilibrium and Change Journal of Economic Methodology 1997, 4:2, 245-266.
23. Capital and Time: Variations on a Hicksian Theme, Advances in Austrian Economics vol, 4, 1997, 63-74.
24. Capital in Disequilibrium: A Reexamination of the Capital Theory of Ludwig M. Lachmann History of Political Economy Winter 1997, 1997, 29(3) 523-548.
25. Rothbard and Mises on Interest: An Exercise in Theoretical Purity Journal of the History of Economic Thought, Spring 1997, 141-159.
27. Time Complexity and Change: Ludwig M. Lachmann's Contributions to the Theory of Capital Advances in Austrian Economics vol. 3, 1996.
28. Methods and Metaphors in Capital Theory Advances in Austrian Economics vol. 2, 1995.
29. Capital Theory entry in Companion to Austrian Economics, edited by Peter Boettke (Edward Elgar, 1994).
31. Equality at any Price manuscript (an examination of the logic of affirmative action)
Book Reviews:
¨ Colleagues working in related areas
On the firm.
Scholars in Austrian Economics and related areas.
If you are interested in Free Banking see the work of the following scholars.
On Network Effects, Intellectual Property, Economics of the Internet.
Austrian links:
The Society for the Development of Austrian
Economics
The Ludwig von Mises Institute
Foundation
for Economic Education
Family is number
one. Click here to go to my Family Page and here to see a
recent photo album.
Jewish Philosophy
and education (Click
here for An Argument for the Support of School Vouchers from a Jewish Day
School Point of View).
Tennis (watch and play);
soccer, rugby (watch only).
Classical music and opera in
particular.
Link to UTD School of Management
