This article aims to explore and elaborate on the structure of the Islamic Economic methodology offered by Abbas Mirakhor. For this reason, this study applies an intertectual approach to some of Abbas Mirakhor’s works which are closely related to the …
Posted for review 6 Oct 2020
This paper argues, using a development of Kuhn’s notion of paradigm, that all economic theories are to some extent ideological. This does not mean, however, that economic theories are necessarily purely ideological. An economic theory might be both ideological and …
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Posted for review 12 Dec 2019
Published in Economic Thought 9.1
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9 comments
Whenever risk managers are confronted with deep uncertainty and organized complexity, probabilistic inference methods are used. These seem able to allow for crisp inputs and precise results. However, as has been noted by several thinkers (e.g., Hayek, 1967; Weaver, 1948), …
Posted for review 12 Nov 2019
The paper contends that neoclassical ideology stems, to a great extend, from mathematical analysis. It is suggested that mainstream economic thought can be comprehensively revisited if both histories of mathematical and economic thought are to be taken collaboratively into account. …
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Posted for review 13 Feb 2019
Published in Economic Thought 9.1
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6 comments
The aim of this work is to illustrate the psychological contributions of Pragmatism and of the Original Institutional Economics (also referred to as OIE or institutionalism), and their relevance for improving the process of social valuing and then the effectiveness …
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Posted for review 13 Feb 2019
Published in Economic Thought 9.1
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4 comments
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 concentration to ensure quality which means it has made limited progress and …
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Posted for review 4 Oct 2018
Published in Economic Thought 8.1
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9 comments
This paper seeks to examine the relationship and the interaction between institutions, policy and the labour market in the light of the ideas of the first generation of institutional economists, who, in contrast to neoclassicals, conceived of economy as a nexus of institutions, …
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Posted for review 5 Sep 2018
Published
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5 comments
This paper is part of the general debate on the need to rethink economics as a human discipline using a heuristic to describe its object, on the need to explicitly reject the positivistic approach in neoclassical economics, and on the …
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Posted for review 6 Aug 2018
Published in Economic Thought 9.1
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3 comments
The existential insecurity of human beings has induced them to create protective spheres of symbols: myths, religions, values, belief systems, theories, etc. Rationality is one of the key factors contributing to the construction of civilization in technical and symbolic terms. …
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Posted for review 13 Jun 2018
Published
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2 comments
Aristotle warned against a ‘missing middle’ in logic (Gk Mesos – middle; intermediate). This paper submits that one of the reasons why there has been next no major breakthrough in macroeconomics since the financial crisis of 2007-2008, has been a …
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Posted for review 13 Jun 2018
Published
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3 comments
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 expectations. In conclusion we point out that Lucas’ call for rational expectations models that …
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Posted for review 21 Feb 2018
Published
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4 comments
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 emphasizes the alleged failure of the neoclassical viewpoint. This article proposes the …
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Posted for review 21 Feb 2018
Published in Economic Thought 8.1
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9 comments
This paper argues that the theories of communism and capitalism do not need to be considered opposites or alternatives, but rather systems that satisfy different stages of humanity´s technological development. The argument derives from Maslow´s hierarchy of needs and a …
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Posted for review 20 Feb 2018
Published
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6 comments
Far too long economic stories treat of perfectly informed as well as fully rational optimization within a purely materialistic world. No wonder there is a lack of evidence and explanations consistent with regard to the subject of interest: human decision …
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Posted for review 6 Dec 2017
Published
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2 comments
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 reproduction of social capital on an extended basis; however, …
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Posted for review 20 Nov 2017
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In this paper, a new tool for economic analysis and improvement of economic theories – the Theory of Economic Constructivism (TEC) – is considered. TEC is based on epistemological constructivism, duality theory, second-order cybernetics and network analysis of economic systems. …
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Posted for review 23 Oct 2017
Unpublished
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5 comments
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 trying to solve the wrong problem. Economics sees …
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Posted for review 20 Oct 2017
Published
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5 comments
This paper begins by asking a simple question: can a farmer own and fully utilize precisely five tractors and precisely six tractors at the same time? Of course not. He can own five or he can own six – but he …
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Posted for review 20 Oct 2017
Published
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4 comments
This paper may appear quixotic in the extreme. Adam Smith’s Theory of The Moral Sentiments has generally been seen as a species of the genus of moral sentimentalism. Moral sentimentalists agree in grounding our moral distinctions in our sentiments, as …
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Posted for review 11 Sep 2017
Published in Economic Thought 8.1
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5 comments
Between 1933 and 1936, Frank Knight and Friedrich Hayek engaged in a spirited dispute about the Austrian Theory of Capital through an exchange of articles that revealed Knight’s criticism and Hayek’s defense of the concept of the Average Period of …
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Posted for review 11 Aug 2017
Unpublished
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3 comments