Archive of papers

Relevance of Chaos and Strange Attractors in the Samuelson-Hicks Oscillator

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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4 comments

The Realism of Islamic Economics: Abbas Mirakhor’s Methodological Structure of Islamic Economics (withdrawn)

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

Plumbers, designers, or dentists? A triad of metaphors and how they reflect the current debate on the role and scope of economists in society and science (withdrawn)

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

The Challenge of Sustainable Development; From technocracy to democracy-oriented political economics

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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4 comments

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Risk Management: The fundamental Inadequacy of Probability Theory as a Foundation for Modeling Complex Risk in Banking (withdrawn)

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

Consensus and Dissensus Among Economic Science Academics in Mexico

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

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Mathematical Analysis as a Source of Mainstream Economic Ideology

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 Psychological Contributions of Pragmatism and of Original Institutional Economics and their Implications for Policy Action

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

Institutions, Policy and the Labour Market: The Contribution of the Old Institutional Economics

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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Addressing the malaise in neoclassical economics: a call for partial models

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

A Common Misunderstanding about Capitalism and Communism Through the Eyes of Innovation

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