A Quantum Theory of Money and Value, Part 2: The Uncertainty Principle
Economic forecasting is famously unreliable. While this problem has traditionally been blamed on theories such as the efficient market hypothesis or even the butterfly effect, an alternative...
View ArticleCournot's Trade Theory and its Neoclassical Appropriation: Lessons to be...
This paper seeks to rehabilitate the trade theory of Augustin Cournot. In contrast to the widespread awareness among neoclassical economists of Cournot's contribution to microeconomics, there is...
View ArticleComments on Arturo Hermann's paper, 'The Decline of the “Original...
Read Arturo Hermann's paper, 'The Decline of the "Original Institutional Economics" in the Post-World War II Period and the Perspectives of Today'...
View ArticleThe Decline of the 'Original Institutional Economics' in the Post-World War...
Original, or 'old', institutional economics (OIE) – also known as 'institutionalism' – played a key role in its early stages; it could be said that it was once the 'mainstream economics' of the time....
View ArticleReassessing Marshall's Producers' Surplus: a Case for Protectionism
The rationale for liberal economic policies refers inter alia to the so-called producer and consumer surpluses, namely welfare concepts which were proposed by Alfred Marshall in his seminal work...
View ArticleThe Backward Induction Controversy as a Metaphorical Problem
The backward induction controversy in game theory flared up and then practically ended within a decade – the 1990s. The protagonists, however, did not converge on an agreement about the source of the...
View ArticleSpiethoff's Economic Styles: a Pluralistic Approach?
The main scope of this article is to introduce Spiethoff's economic styles approach to economists outside the German-speaking scientific community. It also provides a contemporary (new) reading and...
View ArticleComputational Agents, Design and Innovative Behaviour: Hetero Economicus
For too long, a majority of economic stories speak of perfectly informed, fully rational optimisation within a purely materialistic world – leaving a lack of evidence and explanation regarding human...
View ArticleQuantum Economics
A decade after the financial crisis, there is a growing consensus that the neoclassical approach to economics has failed, and that new approaches are needed. This paper argues that economics has been...
View ArticleThe Lucas Critique: A Lucas Critique
The Lucas critique has been – and continues to be – the cornerstone of modern macroeconomic modelling. In this note we apply the Lucas critique to macroeconomic modelling using deep rational...
View ArticleCherchez la Firme: Redressing the Missing – Meso – Middle in Mainstream...
Aristotle warned against a 'missing middle' in logic (Gk Mesos – middle; intermediate). This paper submits that one of the reasons why there has been no major breakthrough in macroeconomics since the...
View ArticleA Common Misunderstanding about Capitalism and Communism Through the Eyes of...
This paper argues that theories of communism and capitalism should not be considered as opposites or alternatives, but rather systems that satisfy different stages of humanity's technological...
View ArticleCommentary on 'Addressing the Malaise in Neoclassical Economics: A Call for...
The article by Ron Wallace 'proposes the deployment of partial modelling, utilising Boolean networks (BNs), as an inductive discovery procedure for the development of economic theory'. The central...
View ArticleAddressing the Malaise in Neoclassical Economics: A Call for Partial Models
Economics is currently experiencing a climate of uncertainty regarding the soundness of its theoretical framework and even its status as a science. Much of the criticism is within the discipline, and...
View ArticleWas Smith A Moral Subjectivist?
This paper challenges the commonly held view that Smith's moral theory is a subjectivist theory. Smith's test for goodness and rightness – for propriety – is not the approbation of an impartial...
View ArticleThe Meaning and Future of Heterodox Economics: A Response to Lynne Chester
I have been writing and publishing in economics for 50 years and much of my work has been debated and criticised. But I think that this is the first time that someone has honoured me by a full-scale...
View ArticleJudging Heterodox Economics: A Response to Hodgson's Criticisms
The renowned institutionalist Geoffrey Hodgson has claimed inter alia that heterodox economics has failed to define its nature and scope, does not take pluralism seriously, and lacks expertise...
View ArticleResponse to Stavros Mavroudeas
Read Miguell Ramirez's original paper Credit, Indebtedness and Speculation in Marx's Political Economy Read Stavros Mavroudeas' comment on Miguel Ramirez' paper Comment on Miguel Ramirez's paper,...
View ArticleComment on Miguel Ramirez's paper, 'Credit, Indebtedness and Speculation in...
Read Miguell Ramirez's original paper Credit, Indebtedness and Speculation in Marx's Political Economy...
View ArticleCredit, Indebtedness and Speculation in Marx's Political Economy
This paper contends that Marx develops in Volume III of Capital an incisive conceptual framework in which excessive credit creation, indebtedness and speculation play a critical and growing role in the...
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