Archive of papers
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
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
Valerian Popkov
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Unpublished
David Orrell
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
Sebastian Thieme
The article concentrates on the methodological aspects of the economic styles approach by Arthur Spiethoff. As it will be shown, this approach shows a lot of characteristics typically attributed to social economics, evolutionary economics, Tony Lawson’s social ontology and, therefore, …
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Posted for review 12 May 2017
Published
Daniel Linotte
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 Principles of Economics, first published in 1890. In the case of …
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Posted for review 12 May 2017
Arturo Hermann
As is known, original, or “old”, institutional economics (OIE) ─ we also indicate it as “institutionalism” ─ played a relevant role in its first stage, and it can safely be said that it came to be, although perhaps by a …
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Posted for review 3 Apr 2017
Published in Economic Thought ET7.1
Jean Cartelier
Disagreements amongst economists are more important about the rate of wage than about commodity prices. These divergent theories of wages reveal a deep disagreement about the status of labour in political economy. They are not only analytical; three more general …
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Posted for review 24 Mar 2017
Published
Cheng Li
In this paper, we propose a dualist view that economics exhibits the properties of both moral science and value-neutral approach, regardless of the normative-positive distinction. Our argumentation is derived from the understanding that, analytically, economics is a broadly-defined rational choice …
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Posted for review 1 Dec 2016
Unpublished
David Orrell
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 explanation is the role of money – something which is typically downplayed or …
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Posted for review 10 Oct 2016
Published
Arne Heise
Walras’ law is central to the formation of economic theory. For mainstream economics, it is a device for testing rigorousness and consistency of model-building; for heterodox economists, the refutation of Walras’ law is key to understanding Keynes’ revolutionary contribution to …
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Posted for review 5 Aug 2016
Published
Eithne Murphy
The ubiquitous partial equilibrium model of trade owes its origins to the work of Augustin Cournot. While Cournot’s name is a staple in economic textbooks, usually in relation to oligopoly theory, his work on trade has vanished from view. This …
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Posted for review 14 Jul 2016
Published
Jorge Morales Meoqui
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
Anna Zimmerman
The Currency and Banking School dispute is usually regarded by historians of economic thought as representative of divergent views on the nature and role of money and banking within society. However, there is more to be said of the dispute …
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Posted for review 21 Jun 2016
Published
Daniel Linotte
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
Jorge Buzaglo
Poland has produced two of the greatest economists of the past century, namely Michal Kalecki and Oskar Lange. Both worked with a wide and penetrating view of the economy and society, more typical of the great classical economists than of …
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Posted for review 14 Jun 2016
Ramzi Mabsout
The backward induction controversy in game theory emerged and practically ended in the 1990s. The protagonists however did not converge to an agreement for explaining the controversy. Why is this the case if opposing sides had access to the same …
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Posted for review 16 May 2016
Published
David Ellerman
Jamie Morgan’s commentary (Morgan, 2016) on my paper ‘The Labour Theory of Property and Marginal Productivity Theory (Ellerman, 2016) largely focuses on a number of dogs that didn’t bark in the paper. My focus on the root institution of the …
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Posted for review 29 Apr 2016
Published