Archive of papers

Why didn’t Keynes participate at the socialist economic calculation debate?

The socialist economic calculation debate is an important one for everyone concerned with the transition from the capitalist to the socialist economic accounting. It represents the struggle of socialist economists against Mises’s claim that socialism is theoretically impossible and Hayek’s …

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Posted for review 5 Sep 2016
Unpublished

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4 comments

Ricardo’s numerical example versus Ricardian trade model: A comparison of two distinct notions of comparative advantage

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 latter in terms of definition of the four numbers, relevant cost …

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Posted for review 5 Jul 2016
Published

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Marshall’s Producer Surplus and Value-Added: ‘A Case for Protectionism?’ (A short note)

On several occasions, authors like Dani Rodrick and Thomas Piketty questioned the benefits of trade liberalization. The rationale for liberal economic policies refers inter alia to welfare concepts, in particular the producer and consumer surpluses which were proposed by Alfred …

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Posted for review 21 Jun 2016
Unpublished

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Keynes, the National Industrial Recovery Act and the Demise of Nascent Real Business Cycle Analysis

The National Industrial Recovery Act (NIRA) of 1933 called for a radical reorganization of U.S. industry, substantial wage increases, workers’ right to bargain collectively as well as unprecedented government works projects. In a letter to President Roosevelt, British economist John …

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Posted for review 29 Apr 2016
Unpublished

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The Ideology of 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 pro-science ideology within mainstream economics, rather than mathematics per …

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Posted for review 18 Feb 2016
Published

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Graphs as a tool for the close reading of econometrics (Settler mortality is not a valid instrument for institutions)

Graphing causal models while reading econometric papers can make it easy to understand assumptions that are vague in prose and to isolate those assumptions that are crucial to believe the main causal claims. The method is here illustrated with a …

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Posted for review 1 Dec 2015
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Proposals for Full-Reserve Banking: A Historical Survey from David Ricardo to Martin Wolf

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 position until today. The specific contribution of this paper is to provide …

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Posted for review 16 Apr 2015
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In defense of a non-newtonian economic analysis through an accounting paradigm

The double-entry bookkeeping promoted by Luca Pacioli in the fifteenth century could be considered a strong argument in behalf of the multiplicative calculus which can be developed from the Grossman and Katz non-newtonian calculus concept provided that one goes from …

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Posted for review 16 Feb 2015
Unpublished

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3 comments