This paper proposes a meta-theoretical framework to explain all forms of economic coordination with a computational complexity approach, taking into consideration the contractual (or transaction costs-based), the competence-based and the relational views of the firm. A mathematical model of the …
Posted for review 22 Apr 2021
The Cambridge Journal of Economics witnessed an important debate between Mark Pernecky and Paul Wojick on the one side and Rod Thomas on the other about the usefulness of Thomas Kuhn’s sociology and philosophy of science in explaining why Keynes’s …
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Posted for review 19 Apr 2021
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A question that recent research on the global pandemic raises is: how do the assumptions underlying epidemiological models and economic models differ? Epidemiological models we now know have become quite sophisticated (see Avery et al., 2020). Debate among economic methodologists …
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Posted for review 19 Apr 2021
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In this paper, I aim to define New Political Economy (NPE) as a label for the economic analysis of politics, for the English language. The term “political economy” itself, although it has ceased to be the preferred term by which …
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Posted for review 11 Nov 2020
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In this paper, we look for the relevance of chaos in the well-known Hicks-Samuelson’s oscillator model investigating the endogenous fluctuations of the national income between two limits: full employment income and under-employment income. We compute the Lyapunov exponent, via Monte-Carlo …
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Posted for review 6 Nov 2020
Published in Economic Thought 10.1
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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
Critiques of Neoclassical Economics extend, unsurprisingly, to its mathematical structure. The discussion has largely focused on General Equilibrium Theory (GET), a set of differential equations developed by Léon Walras over a century ago. Internally consistent, but highly unrealistic, GET lacks …
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Posted for review 6 Oct 2020
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The discussion on the role of economists is characterised by metaphors, which range from plumber to designer to dentist. This paper aims to clarify the meaning of these metaphors for applied economists. To this end, the source of theses metaphors, …
Posted for review 19 Aug 2020
Mainstream neoclassical economics as well as heterodox schools should be regarded as different kinds of “political economics”. There is no value-free economics. We therefore need to bring democracy into economics. The present challenge of sustainable development suggests that a new …
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Posted for review 20 Mar 2020
Published in Economic Thought 10.1
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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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Listening, seeing and reading Gilles Deleuze has had an influence on my thinking more than most of the economic writings I have consulted over the past quarter century. This discovery and furtherance of knowledge enriched my reflection and also allowed …
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Posted for review 12 Nov 2019
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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
Friedrich Hayek was a fervent advocate of the methodological specificity of the social sciences. However, given his contact with Karl Popper, several historians and philosophers have characterized his final position as Popperian, that is, a position that would have accepted …
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Posted for review 12 Nov 2019
Published in Economic Thought 10.1
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This paper reports results on consensus in economic opinions, scientific aspects of economics, as well as preferences and scientific activities, based on a survey applied to a defined population of economic science academics in Mexico. The results show that in …
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Posted for review 2 May 2019
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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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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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As is well understood, the values inherent in the dominant neoclassical economic paradigm are self-interest and optimization. These are the values that guide individuals and policymakers in advanced capitalist economies in their economic decision making. As a consequence, the economics …
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Posted for review 13 Feb 2019
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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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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
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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