Archive of papers
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
Oswin Krüger Ruiz
In past decades, significant behavioural work has been done in economics contesting the human agency model known as Homo Economicus. These findings are, however, far from integrated in mainstream economic theory, which builds heavily on the neoclassical tradition. Beyond tracing …
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Posted for review 20 Nov 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
Richard Everett Planck
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
Kevin Quinn
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
Julian Libreros
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
Alessandro Morselli
The aim of this paper is to question the existence of economic laws that can uniquely determine capitalist ‘equilibrium’. The presence of uncertainty is one of the conditions that cannot be eliminated, which can make the equilibrium unstable and precarious. …
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Posted for review 23 Jul 2017
Unpublished
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