Proposals for Full-Reserve Banking: A Historical Survey from David Ricardo to...
Full-reserve banking, which prohibits private money creation, has not been implemented since the 19th century. Thereafter, bank deposits became the dominant means of payment and have retained their...
View ArticleA Commentary on Asad Zaman's paper: 'The Methodology of Polanyi's Great...
Read Asad Zaman's paper 'The Methodology of Polanyi's Great Transformation' ...
View ArticleThe Methodology of Polanyi's Great Transformation
Polanyi's book, The Great Transformation, provides an analysis of the emergence and significance of capitalist economic structures which differs radically from those currently universally taught in...
View ArticlePower, Property, the Law, and the Corporation – a Commentary on David...
The point of departure of David Ellerman's paper is that the role of labour in economics can be looked at in a fundamentally different way than has typically been the case. The paper's purpose is,...
View ArticleThe Labour Theory of Property and Marginal Productivity Theory
After Marx, dissenting economics almost always used 'the labour theory' as a theory of value. This paper develops a modern treatment of the alternative labour theory of property that is essentially the...
View ArticleCommodities in Economics: Loving or Hating Complexity
A review of economic thought since the sixteenth century reveals two streams of economic discourse, dirigisme and laissez-faire. Starting with the mercantilists, dirigiste approaches to economics...
View ArticleReply to Commentaries on ‘The Labour Theory of Property and Marginal...
Jamie Morgan's commentary (Morgan, 2016) on my paper 'The Labour Theory of Property and Marginal Productivity Theory' (Ellerman, 2016) and Ted Burczak's later comments (Burczak, 2016) raise a number of...
View ArticleComplexity Modelling in Economics: the State of the Art
The economic crisis happening across the world over the last few years describes a range of interdependencies and interactions,and has highlighted the fundamentalf laws of neoclassical economic theory:...
View ArticleA Quantum Theory of Money and Value
The answer to the question 'what is money?' has changed throughout history. During the Gold Standard era, money was seen as gold or silver (the theory known as bullionism). In the early 20th century,...
View ArticleCommentary on Jorge Buzaglo ‘Expanding Human Capabilities: Lange’s...
Read Jorge Buzaglo's paper 'Expanding Human Capabilities: Lange's "Observations" Updated for the 21st Century' ›...
View ArticleExpanding Human Capabilities: Lange’s “Observations” Updated for the 21st...
Poland has produced two of the greatest economists of the past century, namely Michal Kalecki and Oskar Lange. Both worked with a wide and penetrating view of the economy and society, more typical of...
View ArticleWalras' Law in the Context of Pre-Analytic Visions
Walras' law is a central tenet of economic theory. For mainstream economics, it is a 'plausibility check' for model-building; for heterodox economists, the refutation of Walras' law is key to...
View ArticleGraphs as a Tool for the Close Reading of Econometrics (Settler Mortality is...
Recently developed theory using directed graphs permits simple and precise statements about the validity of causal inferences in most cases. Applying this while reading econometric papers can make it...
View ArticleRicardo's Numerical Example Versus Ricardian Trade Model: a Comparison of Two...
The so-called Ricardian trade model of contemporary economic textbooks is not a rational reconstruction of Ricardo's famous numerical example in chapter seven of the Principles. It differs from the...
View ArticleBourgeois Ideology and Mathematical Economics – A Reply to Tony Lawson
This paper challenges Tony Lawson's account of the relationship between mainstream economics and ideology along two key axes. First off, we argue that Newtonian physics has been the primary version of...
View ArticleThe Signature of Risk: Agent-based Models, Boolean Networks and Economic...
Neoclassical economic theory, which still dominates the science, has proven inadequate to predict financial crises. In an increasingly globalised world, the consequences of that inadequacy are likely...
View ArticleAbout Waged Labour: From Monetary Subordination to Exploitation
Wage-earners voluntarily accept to work under the control, and for the account of, firms run by entrepreneurs1; they do not decide what, how and how much, they must produce; wage-earners are not...
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