Archive of papers
Thomas E. Lambert
Since ancient times the practices and ethics of bankers and banking in general have undergone a great deal of criticism. While lending is motivated by profit, and while households are not coerced into borrowing money, the justice of a system …
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Posted for review 20 Mar 2020
Published
Marek Hudik
According to a widely shared view, the development of demand theory in the first half of the twentieth century was heavily influenced by anti-psychological attitudes of economists. I call this view “anti-psychologist thesis” and I criticize it on several grounds. …
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Posted for review 20 Mar 2020
Published
Donald Gillies
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
Abderrazak Belabes
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
Published
Complexity, Power Laws and a Humean Argument in Risk Management: The fundamental Inadequacy of Probability Theory as a Foundation for Modeling Complex Risk in Banking (withdrawn)
Christian Hugo Hoffmann & Charles Djordjevic
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
João Pinheiro da Silva
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
Jorge L. Andere, Jorge Luis Canché-Escamilla and Álvaro Cano-Escalante
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
Published
Vlassis Missos
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
Arturo Hermann
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
John F. Tomer
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
Published
Lynne Chester
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
Ioannis A. Katselidis
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
Giandomenica Becchio
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
Juozas Kasputis
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
Stuart Holland and Andrew Black
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
Christian Muller-Kademann
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
Ron Wallace
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
Dirk-Hinnerk Fischer and Hovhannes Yeritsyan
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
Timon Scheuer
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
Miguel D. Ramirez
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
Published