2024-03-28T11:03:12Z
https://mpra.ub.uni-muenchen.de/cgi/oai2
oai:mpra.ub.uni-muenchen.de:1539
2019-09-27T03:51:02Z
7374617475733D707562
7375626A656374733D42:4235:423530
7375626A656374733D42:4231:423134
7375626A656374733D42:4235
7375626A656374733D42:4231:423132
7375626A656374733D42:4232:423234
7375626A656374733D42:4235:423531
7375626A656374733D42:4231:423133
7375626A656374733D42:4234
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/1539/
The Psychopathology of Walrasian Marxism
Freeman, Alan
B50 - General
B14 - Socialist ; Marxist
B5 - Current Heterodox Approaches
B12 - Classical (includes Adam Smith)
B24 - Socialist ; Marxist ; Sraffian
B51 - Socialist ; Marxian ; Sraffian
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
B4 - Economic Methodology
This text comprises chapter 1 of Marx and non-equilibrium Economics[1]. It specifies a non-equilibrium (temporal) interpretation of Marx’s theory of value which demonstrates a fully consistent transformation of values into prices and reproduces Marx’s tendential law of the falling profit rate. It seeks to explain why this approach to value is inaccessible to consciousness under present social relations, and why resistance to its acceptance has been particularly strong among Marxists.
[1] Freeman, A. (1996b) ‘The psychopathology of Walrasian Marxism’, in Freeman, A.. and Carchedi, G. (eds) (1996), Marx and Non-Equilibrium Economics, pp1-29. Cheltenham: Edward Elgar. ISBN 1 85898 268 5.
1996
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/1539/1/MPRA_paper_1539.pdf
Freeman, Alan (1996): The Psychopathology of Walrasian Marxism. Published in: Freeman, A. and Guglielmo Carchedi 'Marx and non-equilibrium economics', Aldershot: Edward Elgar (1996): pp. 1-29.
en
oai:mpra.ub.uni-muenchen.de:2573
2019-09-27T06:53:39Z
7374617475733D756E707562
7375626A656374733D42:4235:423530
7375626A656374733D42:4231:423133
7375626A656374733D42:4235:423531
7375626A656374733D42:4235
7375626A656374733D42:4232:423234
7375626A656374733D42:4231:423134
7375626A656374733D42:4234
7375626A656374733D42:4231:423132
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/2573/
A dialogue concerning the two chief systems of value
Freeman, Alan
B50 - General
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
B51 - Socialist ; Marxian ; Sraffian
B5 - Current Heterodox Approaches
B24 - Socialist ; Marxist ; Sraffian
B14 - Socialist ; Marxist
B4 - Economic Methodology
B12 - Classical (includes Adam Smith)
This paper was presented to the Brasilian Society for Political Economy at its 1998 conference. It presents the principal differences between the temporal and the simultaneist approach to the theory of value. It was the first paper to present a formal conceptual analogy between the temporal approach in economics, and the Galilean approach in astronomy. At that time, the problem which I sought to address was, how is retrogression possible in economic thought? This same question is at the centre of my response to Laibman in 'The new value controversy in economics'.
Keywords: Temporalism; TSSI; Value; Marx; rate of profit; transformation; non-equilibrium; Walras;
1998-06
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/2573/1/MPRA_paper_2573.pdf
Freeman, Alan (1998): A dialogue concerning the two chief systems of value.
en
oai:mpra.ub.uni-muenchen.de:2619
2019-09-26T13:19:39Z
7374617475733D756E707562
7375626A656374733D42:4231:423134
7375626A656374733D42:4235
7375626A656374733D42:4231:423132
7375626A656374733D42:4234
7375626A656374733D42:4232:423234
7375626A656374733D42:4235:423531
7375626A656374733D42:4235:423530
7375626A656374733D42:4231:423133
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/2619/
Marx After Marx After Sraffa
Freeman, Alan
B14 - Socialist ; Marxist
B5 - Current Heterodox Approaches
B12 - Classical (includes Adam Smith)
B4 - Economic Methodology
B24 - Socialist ; Marxist ; Sraffian
B51 - Socialist ; Marxian ; Sraffian
B50 - General
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
This paper was originally presented at a conference on value organized by the Laboratory for Social Change in Rome, which staged a debate on value theory involving Andrew Kliman, Alan Freeman, Mino Carchedi, Gary Mongiovi, Fabio Petri, Duncan Foley, and Ernesto Screpanti.
The paper was a contribution to this discussion. The most complete version was presented to the 2002 conference of the Middle East Technical University (METU) in Ankara, September 2002. This version was presented to the annual conference of the Association for Heterodox Economics (AHE) in July 2002.
The article contains an initial response to Gary Mongiovi’s critique of the TSSI presented at the Eastern Economic Association and subsequently printed in the Review of Radical Political Economy [Mongiovi, G (2002), Vulgar Economy in Marxian Garb: A Critique of Temporal Single System Marxism, paper to the 2002 conference of the Eastern Economic Association; Mongiovi, Gary. 2002. Vulgar Economy in Marxian Garb: A critique of temporal single-system Marxism, Review of Radical Political Economics 34:4, 393–416.]
Keywords: Value, Marx, Price, Money, Sraffa, Transformation, rate of profit, Okishio, TSSI, MELT, Temporal, Non-equilibrium, History of Economic Thought.
2002
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/2619/1/MPRA_paper_2619.pdf
Freeman, Alan (2002): Marx After Marx After Sraffa.
en
oai:mpra.ub.uni-muenchen.de:5254
2019-09-26T14:53:17Z
7374617475733D756E707562
7375626A656374733D43:4333:433330
7375626A656374733D43:4332:433230
7375626A656374733D44:4432:443234
7375626A656374733D42:4231:423136
7375626A656374733D42:4231:423133
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/5254/
A Brief History of Production Functions
Mishra, SK
C30 - General
C20 - General
D24 - Production ; Cost ; Capital ; Capital, Total Factor, and Multifactor Productivity ; Capacity
B16 - Quantitative and Mathematical
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
This paper gives an outline of evolution of the concept and econometrics of production function, which was one of the central apparatus of neo-classical economics. It shows how the famous Cobb-Douglas production function was indeed invented by von Thunen and Wicksell, how the CES production function was formulated, how the elasticity of substitution was made a variable and finally how Sato’s function incorporated biased technical changes. It covers almost all specifications proposed during 1950-1975, and further the LINEX production functions and incorporation of energy as an input. The paper in divided into (1) single product functions, (2) joint product functions, and (3) aggregate production functions. It also discusses the ‘capital controversy’ and its impacts.
2007-10-09
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/5254/1/MPRA_paper_5254.pdf
Mishra, SK (2007): A Brief History of Production Functions.
en
oai:mpra.ub.uni-muenchen.de:6053
2019-09-26T21:50:52Z
7374617475733D756E707562
7375626A656374733D44:4434:443436
7375626A656374733D42:4231:423132
7375626A656374733D44:4434:443431
7375626A656374733D42:4231:423133
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/6053/
Average Cost and Marginal Cost Pricing in Marshall: Textual Analysis and Interpretation
zamparelli, luca
D46 - Value Theory
B12 - Classical (includes Adam Smith)
D41 - Perfect Competition
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
This paper proposes a textual analysis of Marshall’s theory of firm pricing behavior under competitive conditions. It considers to what extent average cost and marginal cost pricing rules characterize Marshall’s competitive partial equilibrium, and it shows that the two rules differ for origins and can be reconciled only with great difficulty in a general equilibrium framework.
2007-09
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/6053/1/MPRA_paper_6053.pdf
zamparelli, luca (2007): Average Cost and Marginal Cost Pricing in Marshall: Textual Analysis and Interpretation.
en
oai:mpra.ub.uni-muenchen.de:10224
2019-10-01T06:33:09Z
7374617475733D756E707562
7375626A656374733D46:4631:463133
7375626A656374733D4F:4F31:4F3130
7375626A656374733D51:5131:513138
7375626A656374733D46:4630:463030
7375626A656374733D4E:4E35:4E3530
7375626A656374733D46:4631:463130
7375626A656374733D51:5131:513137
7375626A656374733D42:4231:423133
7375626A656374733D51:5131:513130
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/10224/
Knocked-down Agriculture After De-industrialization; Another Destructive Influence of Neo-liberalism
Shafaeddin, Mehdi
F13 - Trade Policy ; International Trade Organizations
O10 - General
Q18 - Agricultural Policy ; Food Policy
F00 - General
N50 - General, International, or Comparative
F10 - General
Q17 - Agriculture in International Trade
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
Q10 - General
The author shows that although some short term factors have contributed to the recent food crisis in developing countries, the crisis is rooted mainly in agricultural support policies of developed countries, liberalization of the agricultural sector by developing countries and contradictions in the design and implementation of GATT/WTO rules. Agricultural liberalization has been imposed on lower-income countries by International Financial Institutions (IFIs) and through bilateral trade agreements between developed and developing countries. The Neo-liberal economic philosophies, as well as unequal power relations between developing and developed countries, have been main contributory factors. There is a danger that further pressure on developing countries during the Doha Round may result in an outcome undermining development of the agricultural sector of developing countries further. The result would be intensification of dependence of lower-income countries on food imports, knocked-down agriculture and economic and political dependence on developed countries. A radical change in the trading system, practices of IFIs and policies of developed countries is required. Developing countries have little power to bring about such changes, but they can try to change their own policies. To do so it is not easy to resist pressure from developed countries and IFIs, but it is absolutely necessary if they do not wish to sacrifice their long-term development and well being of their population.
2008-07-22
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/10224/1/MPRA_paper_10224.pdf
Shafaeddin, Mehdi (2008): Knocked-down Agriculture After De-industrialization; Another Destructive Influence of Neo-liberalism.
en
oai:mpra.ub.uni-muenchen.de:10821
2019-09-28T02:19:19Z
7374617475733D756E707562
7375626A656374733D42:4233:423331
7375626A656374733D41:4132:413233
7375626A656374733D42:4231:423133
7375626A656374733D42:4233:423332
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/10821/
The age of Professor Narmadeshwar Jha
Mishra, SK
B31 - Individuals
A23 - Graduate
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
B32 - Obituaries
Professor Narmadeshwar Jha was a noted scholar on History of Economic Thought that took its shape under the influence of Alfred Marshall. His widely referred book - The Age of Marshall: Aspects of British Economic Thought, 1890-1915 – was written under the supervision of Professor A.J. Brown of Leeds (UK) and published with a commendatory foreword written by Sir Dennis H. Robertson. Professor Jha devised a methodology to conduct research in the history of economic ideas. This brief paper presents Professor Jha as a teacher, economist and scholar.
2008-09-28
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/10821/1/MPRA_paper_10821.pdf
Mishra, SK (2008): The age of Professor Narmadeshwar Jha.
en
oai:mpra.ub.uni-muenchen.de:11763
2019-09-27T08:37:51Z
7374617475733D707562
7375626A656374733D42:4231:423132
7375626A656374733D42:4231:423133
7375626A656374733D44:4432:443234
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/11763/
On Working and Circulating Capital
Meacci, Ferdinando
B12 - Classical (includes Adam Smith)
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
D24 - Production ; Cost ; Capital ; Capital, Total Factor, and Multifactor Productivity ; Capacity
The purpose of this paper is to investigate whether the terms “working” and “circulating” capital are two different terms for the same concept; or whether they should be considered two different terms for two different concepts. This purpose will be carried out in two steps. The first is devoted to an investigation of the use of the term “working” by the German economist Lowe (The Path of Economic Growth) and by some Austrian economists (Menger, Böhm-Bawerk, Hayek). The second is devoted to Keynes (A Treatise on Money). At the end of each step an assessment is made of the use of this term by these economists with an extension to the relationship between Lowe’s and Keynes’s treatment of their notion of working capital and two preceding streams of thought. These relationships run between Lowe and the Austrians, in the first case; and between Keynes and the classics (in Marx's sense), in the second. These assessments will eventually converge towards the conclusion that the terms “circulating” and “working” capital are not two different terms for the same notion; and that these two notions are different because they belong to two different theories and require two different methods. The paper argues that the two theories are the classical theory of reproduction and the modern theory of fluctuations as a special branch of the modern theory of production; while the two methods are the method of vertical integration and the method of horizontal integration. The identification of these theories and methods will be pursued more keenly than the differentiation of the two notions of “working” and “circulating” capital in that the aim of this paper is not to resort to the “bestiary” of our subject as if it were a “taxonomy”, let alone to the “taxonomy” as if it were a “machine” (see Shackle: The Years of High Theory, 1967, p.293).
1997-10
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/11763/1/MPRA_paper_11763.pdf
Meacci, Ferdinando (1997): On Working and Circulating Capital. Published in: Hagemann H., Kurz H. (eds), Political Economics In Retrospect: Essays in Memory of Adolph Lowe, Aldershot: Edward Elgar (1998): pp. 76-91.
en
oai:mpra.ub.uni-muenchen.de:14713
2019-09-27T16:27:16Z
7374617475733D707562
7375626A656374733D42:4231:423132
7375626A656374733D42:4231:423133
7375626A656374733D42:4230:423030
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/14713/
Wealth
Meacci, Ferdinando
B12 - Classical (includes Adam Smith)
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
B00 - General
This paper is focused on the notion of wealth as used by different authors in different periods of time. The paper deals with the contrast between the notion of wealth shared by all major classical economists, particularly by Adam Smith, and the notion previously held by the Mercantilists (by which one nation’s gain is intended as another nation’s loss) or subsequently held by Irving Fisher and other Neoclassical economists(whereby the wealth of an individual is brought to centre stage in lieu of the wealth of society). After distinguishing, in Say’s footsteps, between “richesses naturelles” (the use values given by nature) and “richesses sociales” (the use values produced and reproduced by labour), the paper focuses on the classical notion of wealth as “richesses sociales” (the wealth of nations) and, more particularly, as the flow of final goods available in a period (and made possible by using up the intermediate goods inherited from a previous period) rather than the stock, however formed, of instrumental goods (let alone the value of this stock) owned by individuals at an instant of time (assets).
1998
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/14713/1/MPRA_paper_14713.pdf
Meacci, Ferdinando (1998): Wealth. Published in: The Elgar Companion to Classical Economics , Vol. 2, (1998): pp. 535-541.
en
oai:mpra.ub.uni-muenchen.de:18995
2019-09-30T17:13:26Z
7374617475733D756E707562
7375626A656374733D4F:4F34:4F3431
7375626A656374733D42:4231:423133
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/18995/
From stability to growth in neoclassical multisector models
Mario, Pomini
O41 - One, Two, and Multisector Growth Models
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
Analysis of the multisector models was an important strand of inquiry within neoclassic growth theory from the early 1960s and at the end of the decade the multisector approach constituted one of the most promising areas of inquiry within growth theory as a whole. Studies in this area dwindled away at the end of the 1970s but the situation abruptly changed with the advent of endogenous growth theory in the second half of the 1980s which with Lucas (1988) and Romer (1990) was from the outset framed in a multisectorial perspective. The multisector approach was resumed in the literature on endogenous growth, but with features different from those that had previously characterized it. The aim of this paper is to analyze the evolution of some particular aspects of the neoclassical multisector approach from the first studies of the 1960s until current theorization.
2009-12-03
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/18995/1/MPRA_paper_18995.pdf
Mario, Pomini (2009): From stability to growth in neoclassical multisector models.
en
oai:mpra.ub.uni-muenchen.de:19533
2019-10-04T16:34:02Z
7374617475733D756E707562
7375626A656374733D4F:4F34:4F3431
7375626A656374733D42:4231:423133
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/19533/
From stability to growth in neoclassical multisector models
Mario, Pomini
O41 - One, Two, and Multisector Growth Models
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
Analysis of the multisector models was an important strand of inquiry within neoclassic growth theory from the early 1960s and at the end of the decade the multisector approach constituted one of the most promising areas of inquiry within growth theory as a whole. Studies in this area dwindled away at the end of the 1970s but the situation abruptly changed with the advent of endogenous growth theory in the second half of the 1980s which with Lucas (1988) and Romer (1990) was from the outset framed in a multisectorial perspective. The multisector approach was resumed in the literature on endogenous growth, but with features different from those that had previously characterized it. The aim of this paper is to analyze the evolution of some particular aspects of the neoclassical multisector approach from the first studies of the 1960s until current theorization.
2009-12-03
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/19533/2/MPRA_paper_19533.pdf
Mario, Pomini (2009): From stability to growth in neoclassical multisector models.
en
oai:mpra.ub.uni-muenchen.de:19781
2019-09-26T09:16:20Z
7374617475733D756E707562
7375626A656374733D45:4530:453032
7375626A656374733D42:4231:423130
7375626A656374733D42:4230
7375626A656374733D41:4132:413233
7375626A656374733D41:4131
7375626A656374733D42:4232:423232
7375626A656374733D41:4132
7375626A656374733D41:4131:413130
7375626A656374733D42:4231:423135
7375626A656374733D41:4131:413131
7375626A656374733D42:4232:423235
7375626A656374733D42:4231:423132
7375626A656374733D45:4535
7375626A656374733D42:4231:423133
7375626A656374733D45:4534
7375626A656374733D45:4533
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/19781/
Can Great Depression Theories Explain the Great Recession?
Schlenkhoff, Georg
E02 - Institutions and the Macroeconomy
B10 - General
B0 - General
A23 - Graduate
A1 - General Economics
B22 - Macroeconomics
A2 - Economic Education and Teaching of Economics
A10 - General
B15 - Historical ; Institutional ; Evolutionary
A11 - Role of Economics ; Role of Economists ; Market for Economists
B25 - Historical ; Institutional ; Evolutionary ; Austrian
B12 - Classical (includes Adam Smith)
E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
E4 - Money and Interest Rates
E3 - Prices, Business Fluctuations, and Cycles
The recent recession has brought a sharp decrease in income, output, and world trade, as well as an increase in unemployment in developed and underdeveloped countries. Experts such as Paul Krugman, Christina Romer, or Barry Eichengreen, compare the current situation with the Great Depression of the 1930s. However, the current debate is whether that comparison is even applicable. Since policy makers have to understand the roots and the dimension of the crisis in order to seize the fiscal stimulus package, adjust the level of taxes, and change regulation of the financial sector, the debate is of course a reasonable one to have. The Great Depression is the archetype of a recession, so it provides policy makers with valuable insights into right and wrong reaction methods. However, if policy makers orientate at the Great Depression, they have to make sure that the roots of the crisis are similar. So this paper addresses the question: Is the current financial crisis similar to the Great Depression? For that purpose I will systematically compare the Great Recession with the Great Depression. First, by examining the theories that commonly explain the Great Depression. Subsequently I will apply these theories to the Great Recession and discuss if they are applicable. I will argue that some theories are still applicable. For example, which flaws in the monetary system contributed to the Great Recession as well as to the Great Depression? However, the economic environment has changed and applying the same policy reactions today as in the Great Depression will be a policy error. Finally I will briefly present policy recommendations that are based on the findings.
2009-11-24
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/19781/1/MPRA_paper_19781.pdf
Schlenkhoff, Georg (2009): Can Great Depression Theories Explain the Great Recession?
en
oai:mpra.ub.uni-muenchen.de:21526
2019-09-27T17:28:20Z
7374617475733D756E707562
7375626A656374733D45:4536:453632
7375626A656374733D4F:4F32:4F3233
7375626A656374733D42:4231:423133
7375626A656374733D42:4232
7375626A656374733D45:4536
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/21526/
A reading Hayek on power to tax
Fernando, Estrada
E62 - Fiscal Policy
O23 - Fiscal and Monetary Policy in Development
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
B2 - History of Economic Thought since 1925
E6 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
This article describes the argumentative structure of Hayek on the relationship between power to tax and redistribution. It is observed throughout its work giving special attention to two works: The Constitution of Liberty (1959) and Law, Legislation and Liberty, vol3, The Political Order of Free People, University of Chicago Press, Chicago, 1979.) Hayek describes one of the arguments most complete information bout SFP progressive tax systems (progressive tax). According to the author the history of the tax progressive system, works against such a tax model and deploys a variety of arguments in his favorite spot by critics: liberal democracy.
2010-03-21
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/21526/1/MPRA_paper_21526.pdf
Fernando, Estrada (2010): A reading Hayek on power to tax.
en
oai:mpra.ub.uni-muenchen.de:28980
2019-09-29T00:42:38Z
7374617475733D707562
7375626A656374733D42:4231:423132
7375626A656374733D45:4531:453132
7375626A656374733D42:4232:423232
7375626A656374733D42:4231:423133
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/28980/
(Mis)understanding Classical Economics
Thomas, Alex M
B12 - Classical (includes Adam Smith)
E12 - Keynes ; Keynesian ; Post-Keynesian
B22 - Macroeconomics
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
In 1936, Keynes published The General Theory of Employment, Interest and Money, one of the most influential books in economics of the twentieth century. With this publication, Keynes has confused and will continue to confuse generations of economists as to what classical economics means. This short essay argues that the 'classical economists' whom Keynes referred to in The General Theory were actually those economists who primarily employed 'marginal methods' in economics.
2011
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/28980/1/MPRA_paper_28980.pdf
Thomas, Alex M (2011): (Mis)understanding Classical Economics. Published in: Eostre , Vol. 2, : pp. 6-7.
en
oai:mpra.ub.uni-muenchen.de:29414
2019-09-26T15:21:35Z
7374617475733D756E707562
7375626A656374733D42:4231:423130
7375626A656374733D41:4132:413232
7375626A656374733D42:4232:423231
7375626A656374733D42:4231:423133
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/29414/
Scarcity, self-interest and maximization from Islamic angle
Hasan, Zubair
B10 - General
A22 - Undergraduate
B21 - Microeconomics
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
This paper clarifies some misinterpretations of three foundational concepts in mainstream economics from Islamic viewpoint. These are scarcity of resources, pursuit of self-interest and maximizing behavior of economic agents. It argues that stocks of resources that God has provided are inexhaustible. But important is the availability of resources out of stocks to mankind. Availability is a function of human effort and the state of knowledge about resources over time and space. In that sense resources are scarce in relation to multiplicity of human wants for Islamic economics as well. Self-interest must be distinguished from selfishness. The motive operates on both ends of human existence: mundane and spiritual. Its pursuit does not preclude altruism from human life. Counter interests keep balance in society and promote civility. Islam recognizes the motive as valid. Maximization relates to quantifiable ex ante variables. Uncertainty of future outcomes of actions makes maximization a heuristic but useful analytical tool. The concept is value neutral. What is maximized, how and to what end alone give rise to moral issues. Modified in the light of Shari’ah requirements the three concepts can provide a firmer definition for Islamic economics centered on the notion of falah.
2011-01
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/29414/1/MPRA_paper_29414.pdf
Hasan, Zubair (2011): Scarcity, self-interest and maximization from Islamic angle.
en
oai:mpra.ub.uni-muenchen.de:29418
2019-09-28T16:35:22Z
7374617475733D756E707562
7375626A656374733D42:4231:423136
7375626A656374733D42:4231:423133
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/29418/
Rodolfo Benini e gli inizi dell'economia applicata in Italia.
Sitzia, Bruno
B16 - Quantitative and Mathematical
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
This paper comments the content and methodology of an article published in 1907 by Rodolfo Benini, an Italian statistician active at the beginning o last century, that is credited by Carl F. Christ (A.E.R., 1985)to have been the first to use multiple regression as an instrument of applied demand ananysis. The original calculations are replicated the comments of Benini are reinterpreted in the light of modern theory. The result of the investigation confirm that Benini can indeed be considered one of the founders of modern econometrics.
1998
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/29418/1/MPRA_paper_29418.pdf
Sitzia, Bruno (1998): Rodolfo Benini e gli inizi dell'economia applicata in Italia.
it
oai:mpra.ub.uni-muenchen.de:30210
2019-09-27T20:20:37Z
7374617475733D707562
7375626A656374733D50:5030
7375626A656374733D42:4232:423231
7375626A656374733D42:4232:423233
7375626A656374733D42:4231:423133
7375626A656374733D42:4234:423431
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/30210/
« Appliquer la théorie économique de l’équilibre général » : de Walras à Leontief
Akhabbar, Amanar
Lallement, Jerôme
P0 - General
B21 - Microeconomics
B23 - Econometrics ; Quantitative and Mathematical Studies
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
B41 - Economic Methodology
The way the expresssion "applied economics" was employed changed deeply from one author to another. In this article we examine the meaning of this concept in Leon Walras' and Wassily Leontief's works regarding mathematical models of general interdependence and general equilibrium. It appears that empirical analysis played very different roles in their works but that they both considered economics should develop policy-oriented theory.
2011-01-01
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/30210/1/MPRA_paper_30210.pdf
Akhabbar, Amanar and Lallement, Jerôme (2011): « Appliquer la théorie économique de l’équilibre général » : de Walras à Leontief. Published in: Economica Editions Paris (January 2011)
fr
oai:mpra.ub.uni-muenchen.de:31384
2019-09-27T12:54:26Z
7374617475733D756E707562
7375626A656374733D45:4536:453632
7375626A656374733D42:4231
7375626A656374733D45:4536
7375626A656374733D45:4536:453630
7375626A656374733D42:4231:423135
7375626A656374733D45:4536:453634
7375626A656374733D42:4231:423133
7375626A656374733D42:4232
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/31384/
The power to tax: a lecture of Hayek
Estrada, Fernando
E62 - Fiscal Policy
B1 - History of Economic Thought through 1925
E6 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
E60 - General
B15 - Historical ; Institutional ; Evolutionary
E64 - Incomes Policy ; Price Policy
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
B2 - History of Economic Thought since 1925
This article describes the argumentative structure of Hayek on the relationship between power to tax and redistribution. It is observed throughout its work giving special attention to two works: The Constitution of Liberty (1959) and Law, Legislation and Liberty, vol3; The Political Order of Free People, 1979) Hayek describes one of the arguments most complete information bout SFP progressive tax systems (progressive tax). According to the author the history of the tax progressive system, works against such a tax model and deploys a variety of arguments in his favorite spot by critics: liberal democracy.
2010
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/31384/1/MPRA_paper_31384.pdf
Estrada, Fernando (2010): The power to tax: a lecture of Hayek.
en
oai:mpra.ub.uni-muenchen.de:31631
2019-09-26T18:52:24Z
7374617475733D696E7072657373
7375626A656374733D41:4132:413232
7375626A656374733D42:4232:423232
7375626A656374733D42:4231:423133
7375626A656374733D42:4231:423131
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/31631/
Scarcity, self-interest and maximization from Islamic angle
Hasan, Zubair
A22 - Undergraduate
B22 - Macroeconomics
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
B11 - Preclassical (Ancient, Medieval, Mercantilist, Physiocratic)
This paper clarifies some misinterpretations of three foundational concepts in mainstream economics from Islamic viewpoint. These are scarcity of resources, pursuit of self-interest and maximizing behavior of economic agents. It argues that stocks of resources that God has provided are inexhaustible. But important is the availability of resources out of stocks to mankind. Availability is a function of human effort and the state of knowledge about resources over time and space. In that sense resources are scarce in relation to multiplicity of human wants for Islamic economics as well. Self-interest must be distinguished from selfishness. The motive operates on both ends of human existence: mundane and spiritual. Its pursuit does not preclude altruism from human life. Counter interests keep balance in society and promote civility. Islam recognizes the motive as valid. Maximization relates to quantifiable ex ante variables. Uncertainty of future outcomes of actions makes maximization a heuristic but useful analytical tool. The concept is value neutral. What is maximized, how and to what end alone give rise to moral issues. Modified in the light of Shari’ah requirements the three concepts can provide a firmer definition for Islamic economics centered on the notion of falah.
2011-03-08
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/31631/1/MPRA_paper_31631.pdf
Hasan, Zubair (2011): Scarcity, self-interest and maximization from Islamic angle. Forthcoming in: No. IRTI: IDB Laureate Lecture Series 2011 : pp. 1-25.
en
oai:mpra.ub.uni-muenchen.de:32855
2019-09-26T12:16:54Z
7374617475733D756E707562
7375626A656374733D4D:4D31
7375626A656374733D41:4131
7375626A656374733D4F:4F31:4F3136
7375626A656374733D42:4231:423133
7375626A656374733D47:4733
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/32855/
Economical preconditions of functioning of independent boards of directors in view of neoclassical economical theory
Andrey, Rudkov
M1 - Business Administration
A1 - General Economics
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
G3 - Corporate Finance and Governance
The article examines analytically economical preconditions and motivation of economical agents to use independent boards in corporate government of a firm. Behavior of economical agents (shareholders and management of a firm) is analyzed in view of neoclassical economical theory. In survey author analyzes behavior of shareholders and makes conclusion that for shareholder the most efficient way to minimize transactional costs while being invested in stocks of a company is to delegate some functions (related with control and increasing shareholders value) in independent board of directors.
2011-03-11
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/32855/4/MPRA_paper_32855.pdf
Andrey, Rudkov (2011): Economical preconditions of functioning of independent boards of directors in view of neoclassical economical theory.
en
oai:mpra.ub.uni-muenchen.de:33807
2019-10-01T16:32:19Z
7374617475733D707562
7375626A656374733D42:4232:423231
7375626A656374733D4B:4B32:4B3231
7375626A656374733D42:4231:423133
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/33807/
Competition vs. property rights: American antitrust law, the Freiburg School and the early years of European competition policy
Giocoli, Nicola
B21 - Microeconomics
K21 - Antitrust Law
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
The goal of the paper is to investigate the extent of the influence of American antitrust tradition on the foundation and early years of European competition policy. This as part of a wider research program aiming at assessing the role of economic theory in the development of antitrust law and policy. My argument may be summarized in four propositions. First, by taking into account what I call the “competition versus property rights” dichotomy, it turns out that the economists’ contribution to the historical evolution of US antitrust law has been smaller than usually believed. Second, as far as the foundation of EEC competition policy is concerned, the influence of the American antitrust tradition has, again, been less than what is commonly claimed. Third, a crucial role on the birth of EEC antitrust has been played by a law and economics argument based on the constitutional standing of competition rules, an argument put forward by the highly influential Freiburg School of Ordoliberalism. Fourth, the ordoliberal origin of EEC competition rules, when combined with the Community’s integration goal, helps explain why the impact of the “competition versus property rights” dichotomy on European antitrust law has been limited and, contrary to the US, always solved more favorably to the “competition” pole than to the “property rights” one.
2008
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/33807/1/MPRA_paper_33807.pdf
Giocoli, Nicola (2008): Competition vs. property rights: American antitrust law, the Freiburg School and the early years of European competition policy. Published in: Journal of Competition Law and Economics , Vol. 5, No. 4 (2009): pp. 747-786.
en
oai:mpra.ub.uni-muenchen.de:33808
2019-09-27T22:56:16Z
7374617475733D707562
7375626A656374733D42:4232:423231
7375626A656374733D42:4231:423133
7375626A656374733D43:4337:433730
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/33808/
Three alternative (?) stories on the late 20th-century rise of game theory
Giocoli, Nicola
B21 - Microeconomics
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
C70 - General
The paper presents three different reconstructions of the 1980s boom of game theory and its rise to the present status of indispensable tool-box for modern economics. The first story focuses on the Nash refinements literature and on the development of Bayesian games. The second emphasizes the role of antitrust case law, and in particular of the rehabilitation, via game theory, of some traditional antitrust prohibitions and limitations which had been challenged by the Chicago approach. The third story centers on the wealth of issues classifiable under the general headline of "mechanism design" and on the game theoretical tools and methods which have been applied to tackle them. The bottom lines are, first, that the three stories need not be viewed as conflicting, but rather as complementary, and, second, that in all stories a central role has been played by John Harsanyi and Bayesian decision theory.
2008
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/33808/1/MPRA_paper_33808.pdf
Giocoli, Nicola (2008): Three alternative (?) stories on the late 20th-century rise of game theory. Published in: Studi e Note di Economia , Vol. 14, No. 2 (2009): pp. 187-210.
en
oai:mpra.ub.uni-muenchen.de:34971
2019-10-01T08:01:52Z
7374617475733D756E707562
7375626A656374733D45:4536:453632
7375626A656374733D4F:4F32:4F3233
7375626A656374733D45:4536:453634
7375626A656374733D42:4233
7375626A656374733D42:4231:423133
7375626A656374733D45:4536
7375626A656374733D42:4232
7375626A656374733D45:4536:453630
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/34971/
The progressive tax
Estrada, Fernando
E62 - Fiscal Policy
O23 - Fiscal and Monetary Policy in Development
E64 - Incomes Policy ; Price Policy
B3 - History of Economic Thought: Individuals
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
E6 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
B2 - History of Economic Thought since 1925
E60 - General
This article describes the argumentative structure of Hayek on the relationship between power to tax and the progressive tax. It is observed throughout its work giving special attention to two works: The Constitution of Liberty (1959) and Law, Legislation and Liberty, vol3; The Political Order of Free People, 1979) Hayek describes one of the arguments most complete information bout SFP progressive tax systems (progressive tax). According to the author the history of the tax progressive system, works against such a tax model and deploys a variety of arguments in his favorite spot by critics: liberal democracy.
2010-11
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/34971/1/MPRA_paper_34971.pdf
Estrada, Fernando (2010): The progressive tax.
en
oai:mpra.ub.uni-muenchen.de:35580
2019-09-26T10:12:57Z
7374617475733D756E707562
7375626A656374733D4E:4E35:4E3534
7375626A656374733D42:4231:423132
7375626A656374733D42:4231:423134
7375626A656374733D4F:4F31:4F3133
7375626A656374733D42:4231:423133
7375626A656374733D4E:4E35:4E3533
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/35580/
The evolution of environmental thinking in economics
Halkos, George
N54 - Europe: 1913-
B12 - Classical (includes Adam Smith)
B14 - Socialist ; Marxist
O13 - Agriculture ; Natural Resources ; Energy ; Environment ; Other Primary Products
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
N53 - Europe: Pre-1913
This paper discusses the development of environmental economics from the Industrial Revolution in Europe to today. Specifically, it comments on the general similarities and differences between the representatives of the schools of economic thought concerning the environment. Among others, the issues of scarcity of natural resources, of population growth as well as the limits to growth are discussed and the various views are presented. The paper also comments on the trends of environmental, evolutionary and ecological economics.
2011
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/35580/1/MPRA_paper_35580.pdf
Halkos, George (2011): The evolution of environmental thinking in economics.
en
oai:mpra.ub.uni-muenchen.de:35971
2019-09-27T01:00:15Z
7374617475733D756E707562
7375626A656374733D44:4430:443033
7375626A656374733D44:4438:443831
7375626A656374733D42:4235:423532
7375626A656374733D44:4439:443930
7375626A656374733D42:4231:423133
7375626A656374733D44:4430:443031
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/35971/
Rationality and choices in economics: behavioral and evolutionary approaches
Graziano, Mario
Schilirò, Daniele
D03 - Behavioral Microeconomics: Underlying Principles
D81 - Criteria for Decision-Making under Risk and Uncertainty
B52 - Institutional ; Evolutionary
D90 - General
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
D01 - Microeconomic Behavior: Underlying Principles
The paper critically discusses the issue of rationality and choices in economics in both the behavioural and evolutionary approaches. Our study aims, on the one hand, to highlight the scientific contributions of psychology in economics, since psychology, and with it the theoretical approach of the behavioral economics, has made more complex and problematic the analysis of economic choices, showing the limits of rationality.
On the other hand, the work offers a reinterpretation of the theory of Alfred Marshall in a biologicalevolutionary
perspective. The reinterpretation of Marshall's theory in a evolutionary perspective aims to show that, historically, economics has not been a discipline aligned in a homogenous way to a single and undifferentiated thought, locked into the idea of perfect rationality, but, on the opposite, is a discipline that has enriched itself and continually is enriching by contributions and significant contaminations with other research fields.
2012-01
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/35971/1/MPRA_paper_35971.pdf
Graziano, Mario and Schilirò, Daniele (2012): Rationality and choices in economics: behavioral and evolutionary approaches.
en
oai:mpra.ub.uni-muenchen.de:38387
2019-09-26T10:04:27Z
7374617475733D756E707562
7375626A656374733D42:4232:423231
7375626A656374733D4C:4C31:4C3131
7375626A656374733D42:4231:423134
7375626A656374733D42:4232:423235
7375626A656374733D42:4231:423135
7375626A656374733D42:4231:423132
7375626A656374733D42:4231:423133
7375626A656374733D42:4232:423234
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/38387/
Competition
Salvadori, Neri
Signorino, Rodolfo
B21 - Microeconomics
L11 - Production, Pricing, and Market Structure ; Size Distribution of Firms
B14 - Socialist ; Marxist
B25 - Historical ; Institutional ; Evolutionary ; Austrian
B15 - Historical ; Institutional ; Evolutionary
B12 - Classical (includes Adam Smith)
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
B24 - Socialist ; Marxist ; Sraffian
This is an entry produced for the Handbook of the History of Economic Analysis, edited by Gilbert Faccarello and Heinz D. Kurz (eds). Volume 3. Cheltenham, UK and Northampton, MA, USA: Edward Elgar, forthcoming.
We analyze competition as rivarly in a race, as a specific market structure, and as a discovery procedure. We also explore the relation of competition with class struggle and competition policy.
2011-04-07
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/38387/1/MPRA_paper_38387.pdf
Salvadori, Neri and Signorino, Rodolfo (2011): Competition.
en
oai:mpra.ub.uni-muenchen.de:39244
2019-09-27T16:21:59Z
7374617475733D756E707562
7375626A656374733D42:4232:423231
7375626A656374733D4B:4B32:4B3231
7375626A656374733D42:4231:423133
7375626A656374733D4C:4C34:4C3430
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/39244/
Old lady charm: explaining the persistent appeal of Chicago antitrust
Giocoli, Nicola
B21 - Microeconomics
K21 - Antitrust Law
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
L40 - General
The paper deals with the mysterious persistence of the Chicago approach as the main analytical engine driving antitrust enforcement in the US. While the approach has been almost completely replaced in contemporary industrial economics by the so-called Post-Chicago view, with its superior game-theoretic toolbox, Chicago arguments still permeate antitrust case law at all judicial level, including the Supreme Court’s. Chicago rise to dominance in US courtrooms has allegedly been due to the superiority of its economic analysis. It is thus legitimate to ask why the analytical edge of the Post-Chicago approach has failed to produce the same outcome. Answering this kind of questions is crucial to understand how economists persuade, i.e., how economic arguments may be accepted and applied by policy- or law-makers. The paper offers a series of explanations, most of which inspired by the chapters in Robert Pitofsky’s collection How the Chicago School Overshot the Mark (OUP 2008). It is argued that none of these answers is completely exhaustive, though each may account for a bit of the story.
2012-05-31
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/39244/1/MPRA_paper_39244.pdf
Giocoli, Nicola (2012): Old lady charm: explaining the persistent appeal of Chicago antitrust.
en
oai:mpra.ub.uni-muenchen.de:39574
2019-09-28T19:36:37Z
7374617475733D696E7072657373
7375626A656374733D44:4433:443333
7375626A656374733D42:4231:423133
7375626A656374733D44:4432:443234
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/39574/
Malinvaud on Wicksell’s legacy to capital theory: some critical remarks
Fratini, Saverio M.
D33 - Factor Income Distribution
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
D24 - Production ; Cost ; Capital ; Capital, Total Factor, and Multifactor Productivity ; Capacity
This critique of Malinvaud’s article of 2003 on Wicksell’s legacy to capital theory focuses in particular on three points raised there. The first regards the given amount of existing capital that appears in Wicksell’s theory and its connection with his alleged “missing equation”, the second the particular notion of the marginal product of capital adopted by Malinvaud and the meaning of its equality with the rate of interest, and the third the concept of the average period of production taken by Malinvaud from Hicks and its inverse relation to the rate of interest.
2012-06-20
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/39574/1/MPRA_paper_39574.pdf
Fratini, Saverio M. (2012): Malinvaud on Wicksell’s legacy to capital theory: some critical remarks. Forthcoming in:
en
oai:mpra.ub.uni-muenchen.de:39997
2019-09-30T13:31:16Z
7374617475733D756E707562
7375626A656374733D44:4432:443231
7375626A656374733D44:4437:443733
7375626A656374733D42:4231:423135
7375626A656374733D44:4432:443233
7375626A656374733D44:4437:443730
7375626A656374733D4C:4C32
7375626A656374733D42:4231:423133
7375626A656374733D4C:4C32:4C3232
7375626A656374733D44:4432:443234
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/39997/
Ronald Coase y los costos de transacción
Estrada, Fernando
D21 - Firm Behavior: Theory
D73 - Bureaucracy ; Administrative Processes in Public Organizations ; Corruption
B15 - Historical ; Institutional ; Evolutionary
D23 - Organizational Behavior ; Transaction Costs ; Property Rights
D70 - General
L2 - Firm Objectives, Organization, and Behavior
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
L22 - Firm Organization and Market Structure
D24 - Production ; Cost ; Capital ; Capital, Total Factor, and Multifactor Productivity ; Capacity
This paper relates to the implications of transaction costs in Ronald Coase. The economics of transaction costs (TCE) is a first-order theoretical framework for understanding both the constraints to the development of the company to warn gaps in current public policy developments with important implications. Finally it provides observations of public policy aimed at correcting deviations of government experience.
2012-07
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/39997/1/MPRA_paper_39997.pdf
Estrada, Fernando (2012): Ronald Coase y los costos de transacción.
es
oai:mpra.ub.uni-muenchen.de:42673
2019-10-01T23:12:00Z
7374617475733D756E707562
7375626A656374733D42:4233:423331
7375626A656374733D42:4231:423133
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/42673/
A Note on Backhouse and Medema: On Walras’ Contribution to the Definition of Economics
Vahabi, Mehrdad
B31 - Individuals
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
In this paper, I argue that the insightful and rich collection of various definitions of economics provided by Backhouse and Medema (2009a,b) suffers from a major shortcoming: it misses Walras’ contributions on this topic. Borrowing from the authors’ taxonomy, I will show that Walras’ ‘synthetic method’ provides a particular interpretation that brings together ‘wealth-based,’ ‘scarcity-based,’ and ‘market-exchange based’ definitions of economics. Finally, I will argue that the ‘scarcity-based’ definition of economics originated with the Walrases (the father and son) rather than Robbins ([1932]1935). Walras pioneered the notion of scarcity as a subjective agent-based reality existing at an individual level.
2012-04
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/42673/1/MPRA_paper_42673.pdf
Vahabi, Mehrdad (2012): A Note on Backhouse and Medema: On Walras’ Contribution to the Definition of Economics.
en
oai:mpra.ub.uni-muenchen.de:43786
2013-03-01T10:15:17Z
7374617475733D756E707562
7375626A656374733D42:4232:423231
7375626A656374733D42:4233:423331
7375626A656374733D45:4532:453232
7375626A656374733D42:4231:423133
7375626A656374733D44:4432:443234
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/43786/
Alfred Marshall on the theory of capital
Cavalieri, Duccio
B21 - Microeconomics
B31 - Individuals
E22 - Investment ; Capital ; Intangible Capital ; Capacity
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
D24 - Production ; Cost ; Capital ; Capital, Total Factor, and Multifactor Productivity ; Capacity
Marshall's theory of capital was designed to serve two main purposes: an integration of the theory of income distribution into a general theory of value and the closing of the gap between economic theory and business practice. For the first purpose, capital was considered the reward for the services of a specific factor of production; for the second, a generic source of income, "all things other than land which yield income". This implied a certain ambiguity, because the two notions of capital were clearly inconsistent with each other. The final setting of the Marshallian system was characterized by the presence of three different theories of capital, kept together by a demand-and-supply determination of the rate of interest, which provided a link with the theory of money. Everything was granted a role - productiveness and prospectivess, efforts and waitings, real and subjective costs - but the result was still highly controversial. The principal merit of Marshall's theory of capital was the establishment of a functional link between the theory of value and the theory of money. As a quantity-theorist, Marshall held a "real" theory of the long-period determination of the rate of interest, in the absence of monetary policy; but he thought that the current level of the rate of interest could be influenced by monetary factors. An active monetary policy would both affect the "real" interest norm and produce occasional deviations from it. This position, quite new, was a significant advance towards an integration of real and monetary theory.
1992
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/43786/1/MPRA_paper_43786.pdf
Cavalieri, Duccio (1992): Alfred Marshall on the theory of capital.
en
oai:mpra.ub.uni-muenchen.de:43884
2019-09-28T16:50:32Z
7374617475733D707562
7375626A656374733D42:4233:423331
7375626A656374733D42:4232:423230
7375626A656374733D42:4231:423133
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/43884/
Epicarmo Corbino a venti anni dalla sua scomparsa. Un ricordo.
Cavalieri, Duccio
B31 - Individuals
B20 - General
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
No abstract
2004
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/43884/1/MPRA_paper_43884.pdf
Cavalieri, Duccio (2004): Epicarmo Corbino a venti anni dalla sua scomparsa. Un ricordo. Published in: Il pensiero economico italiano , Vol. 12, No. 1 (2004): pp. 31-37.
it
oai:mpra.ub.uni-muenchen.de:43999
2019-09-26T14:06:26Z
7374617475733D756E707562
7375626A656374733D42:4235:423531
7375626A656374733D42:4232:423231
7375626A656374733D4C:4C31:4C3131
7375626A656374733D42:4231:423134
7375626A656374733D42:4232:423235
7375626A656374733D42:4231:423132
7375626A656374733D42:4231:423133
7375626A656374733D42:4232:423234
7375626A656374733D42:4235:423533
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/43999/
Classical vs. Neoclassical Conceptions of Competition
Tsoulfidis, Lefteris
B51 - Socialist ; Marxian ; Sraffian
B21 - Microeconomics
L11 - Production, Pricing, and Market Structure ; Size Distribution of Firms
B14 - Socialist ; Marxist
B25 - Historical ; Institutional ; Evolutionary ; Austrian
B12 - Classical (includes Adam Smith)
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
B24 - Socialist ; Marxist ; Sraffian
B53 - Austrian
This article discusses two major conceptions of competition, the classical and the neoclassical. In the classical conception, competition is viewed as a dynamic rivalrous process of firms struggling with each other over the expansion of their market shares at the expense of their competitors. This dynamic view of competition characterizes mainly the works of Smith, Ricardo, J.S. Mill and Marx; a similar view can be also found in the writings of Austrian economists and the business literature. By contrast, the neoclassical conception of competition is derived from the requirements of a theory geared towards static equilibrium and not from any historical observation of the way in which firms actually organize and compete with each other.
2011-05
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/43999/3/MPRA_paper_43999.pdf
Tsoulfidis, Lefteris (2011): Classical vs. Neoclassical Conceptions of Competition.
en
oai:mpra.ub.uni-muenchen.de:44160
2019-09-26T14:06:54Z
7374617475733D707562
7375626A656374733D42:4232:423231
7375626A656374733D42:4233:423331
7375626A656374733D45:4532:453232
7375626A656374733D42:4231:423133
7375626A656374733D44:4432:443234
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/44160/
Alfred Marshall on the theory of capital
Cavalieri, Duccio
B21 - Microeconomics
B31 - Individuals
E22 - Investment ; Capital ; Intangible Capital ; Capacity
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
D24 - Production ; Cost ; Capital ; Capital, Total Factor, and Multifactor Productivity ; Capacity
Marshall's theory of capital was designed to serve two main purposes: an integration of the theory of income distribution into a general theory of value and the closing of the gap between economic theory and business practice. For the first purpose, capital was considered the reward for the services of a specific factor of production; for the second, a generic source of income, "all things other than land which yield income". This implied a certain ambiguity, because the two notions of capital were clearly inconsistent with each other. The final setting of the Marshallian system was characterized by the presence of three different theories of capital, kept together by a demand-and-supply determination of the rate of interest, which provided a link with the theory of money. Everything was granted a role - productiveness and prospectivess, efforts and waitings, real and subjective costs - but the result was still highly controversial. The principal merit of Marshall's theory of capital was the establishment of a functional link between the theory of value and the theory of money. As a quantity-theorist, Marshall held a "real" theory of the long-period determination of the rate of interest, in the absence of monetary policy; but he thought that the current level of the rate of interest could be influenced by monetary factors. An active monetary policy would both affect the "real" interest norm and produce occasional deviations from it. This position, quite new, was a significant advance towards an integration of real and monetary theory.
1992
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/44160/1/MPRA_paper_44160.pdf
Cavalieri, Duccio (1992): Alfred Marshall on the theory of capital. Published in: Quaderni di storia dell'economia politica , Vol. 10, No. 1 (1992): pp. 601-626.
en
oai:mpra.ub.uni-muenchen.de:44161
2019-09-27T10:04:13Z
7374617475733D707562
7375626A656374733D42:4232:423231
7375626A656374733D42:4233:423331
7375626A656374733D45:4532:453232
7375626A656374733D42:4231:423133
7375626A656374733D44:4432:443234
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/44161/
Alfred Marshall on the theory of capital
Cavalieri, Duccio
B21 - Microeconomics
B31 - Individuals
E22 - Investment ; Capital ; Intangible Capital ; Capacity
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
D24 - Production ; Cost ; Capital ; Capital, Total Factor, and Multifactor Productivity ; Capacity
Marshall's theory of capital was designed to serve two main purposes: an integration of the theory of income distribution into a general theory of value and the closing of the gap between economic theory and business practice. For the first purpose, capital was considered the reward for the services of a specific factor of production; for the second, a generic source of income, "all things other than land which yield income". This implied a certain ambiguity, because the two notions of capital were clearly inconsistent with each other. The final setting of the Marshallian system was characterized by the presence of three different theories of capital, kept together by a demand-and-supply determination of the rate of interest, which provided a link with the theory of money. Everything was granted a role - productiveness and prospectivess, efforts and waitings, real and subjective costs - but the result was still highly controversial. The principal merit of Marshall's theory of capital was the establishment of a functional link between the theory of value and the theory of money. As a quantity-theorist, Marshall held a "real" theory of the long-period determination of the rate of interest, in the absence of monetary policy; but he thought that the current level of the rate of interest could be influenced by monetary factors. An active monetary policy would both affect the "real" interest norm and produce occasional deviations from it. This position, quite new, was a significant advance towards an integration of real and monetary theory.
1992
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/44161/1/MPRA_paper_44142.pdf
Cavalieri, Duccio (1992): Alfred Marshall on the theory of capital. Published in: Quaderni di storia dell'economia politica , Vol. 10, No. 1 (1992): pp. 601-626.
en
oai:mpra.ub.uni-muenchen.de:44167
2019-10-08T04:51:33Z
7374617475733D707562
7375626A656374733D42:4231:423130
7375626A656374733D42:4233:423331
7375626A656374733D42:4231:423133
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/44167/
Marshall, l'economia classica e la logica della separazione
Cavalieri, Duccio
B10 - General
B31 - Individuals
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
The paper examines the development over time of Marshall's theoretical position, with the purpose of assessing its place in the history of economic thought. Marshall's work, concerned with the theoretical implications of structural changes in the British economy after the industrial revolution, implied an appraisal of the vitality of the classical theory, out of its original historical context. Both the innovative character of Marshall's early theoretical work and the inner coherence of its later developments are pointed out in this critical essay, where large attention is paid to the Italian literature on the subject. The supposed "transformation" of Marshall's theoretical position in an anti-classical direction, and his alleged refusal of the "classical logic of separation", are analysed and dismissed.
1991
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/44167/1/MPRA_paper_44167.pdf
Cavalieri, Duccio (1991): Marshall, l'economia classica e la logica della separazione. Published in: Quaderni di storia dell'economia politica , Vol. 9, No. 1 (1991): pp. 147-180.
it
oai:mpra.ub.uni-muenchen.de:47197
2019-09-29T08:02:33Z
7374617475733D756E707562
7375626A656374733D42:4231:423132
7375626A656374733D42:4231:423133
7375626A656374733D42:4232:423232
7375626A656374733D42:4235
7375626A656374733D42:4235:423531
7375626A656374733D45:4532
7375626A656374733D45:4534
7375626A656374733D45:4534:453431
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/47197/
A theory of capital as value in progress
Cavalieri, Duccio
B12 - Classical (includes Adam Smith)
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
B22 - Macroeconomics
B5 - Current Heterodox Approaches
B51 - Socialist ; Marxian ; Sraffian
E2 - Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy
E4 - Money and Interest Rates
E41 - Demand for Money
This is a paper on the theory of capital. It deals with the role of capital in a cost-of-production theory of value in which both labour and capital are directly productive. The guidelines of an analytical method are proposed. Marx’s ‘monetary expression of abstract labour-value’ (MEV) is used as price-index. It is preferred to the ‘monetary expression of labour time’ (MELT), exclusively focused on living labour, suggested by some neo-Marxist scholars during the ’New Value Controversy’. The author, a critical Marxist, develops the trace provided by Marx in his Grundrisse ’Fragment on Machines’, where he pointed out the need to abandon the labour theory of value and to rely on a broader labour-and-capital monetary theoretical construction. Due attention is paid in this essay to the time and money dimensions of capital and to the roles of both real and financial capital.
2013-05
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/47197/1/MPRA_paper_47197.pdf
Cavalieri, Duccio (2013): A theory of capital as value in progress.
en
oai:mpra.ub.uni-muenchen.de:47351
2019-09-28T16:42:31Z
7374617475733D756E707562
7375626A656374733D42:4231:423132
7375626A656374733D42:4231:423133
7375626A656374733D42:4232:423232
7375626A656374733D42:4235
7375626A656374733D42:4235:423531
7375626A656374733D44:4434:443436
7375626A656374733D45:4532:453232
7375626A656374733D45:4534
7375626A656374733D45:4534:453431
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/47351/
Towards a revision of the theory of capital
Cavalieri, Duccio
B12 - Classical (includes Adam Smith)
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
B22 - Macroeconomics
B5 - Current Heterodox Approaches
B51 - Socialist ; Marxian ; Sraffian
D46 - Value Theory
E22 - Investment ; Capital ; Intangible Capital ; Capacity
E4 - Money and Interest Rates
E41 - Demand for Money
This is a proposal to restate the theory of capital along critical Marxian lines aimed at providing a better integration of the theory of capital with the theory of money and finance. The time value of money must be properly accounted for. An analytical method is proposed to accomplish this task. The fundamental Marxian problem of the origin of profit is treated with reference to a specific price index, the monetary expression of labour value (MEV), which accounts for both explicit and implicit cost components, including the financial cost of capital. MEV should not be confused with MELT, the ‘New Interpretation’ money expression of living labour time, which does not consider the opportunity-cost of capital and, following the erroneous net value equality, focuses on the money value of the living labour time commanded by commodities at a given wage rate, rather than on the money value of total abstract labour time embodied in commodities, inclusive of both living and past labour.
2013-06
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/47351/3/MPRA_paper_47351.pdf
Cavalieri, Duccio (2013): Towards a revision of the theory of capital.
en
oai:mpra.ub.uni-muenchen.de:47487
2019-10-04T08:06:41Z
7374617475733D756E707562
7375626A656374733D42:4231:423133
7375626A656374733D42:4233
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/47487/
Homer: A Forerunner of Neoclassical Economics
Posada, Carlos Esteban
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
B3 - History of Economic Thought: Individuals
Homer clearly expressed the economic problem of choosing the best option among several alternatives given a certain set of restrictions. In the Odyssey he specifically wrote about the minimum cost choice. This kind of problem, as is well known, is at the heart of the neoclassical economics. We can therefore consider Homer a forerunner of this school of thought. This hypothesis contrasts with those of Trever (1916), Schumpeter (1954) and Schefold (1997).
2012-05
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/47487/1/MPRA_paper_47487.pdf
Posada, Carlos Esteban (2012): Homer: A Forerunner of Neoclassical Economics.
en
oai:mpra.ub.uni-muenchen.de:48173
2019-09-27T18:34:57Z
7374617475733D756E707562
7375626A656374733D42:4231
7375626A656374733D42:4231:423133
7375626A656374733D42:4231:423135
7375626A656374733D42:4234
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/48173/
Comparative historical institutional analysis of German, English and American economics
Yefimov, Vladimir
B1 - History of Economic Thought through 1925
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
B15 - Historical ; Institutional ; Evolutionary
B4 - Economic Methodology
The paper tries to explain the extraordinary expansion in the 20th century of the English-born neoclassical economics and at the same time the decline of the German historical tradition. Methodology used in this paper is evolutionary institutionalist, which can be called, following American political scientists, Historical Institutionalism. The link between science and university was created first in Germany at the beginning of the 19th century with the reform of Wilhelm Humboldt. At the end of the 19th century when the institutionalization of economics took place, curriculum of English and most of the American universities were dominated by classics and theology. This was the determinant factor of institutionalization of economics as abstract science with its a priori method. On the contrary, German economics was institutionalized in new research universities in which experimental approach was highly valued. The continuation and very successful development in the United States of the scientific economic tradition born in Germany in the form of the Wisconsin Institutionalism was due to the economic support of its research by the big business interested at that time to find solutions to the “labour problem”. The paper also contains the description of institutional mechanism of stability and expansion of neoclassical economics. For a century and a half, economics claims to be a science having as model natural sciences. It used in this claim a modernist-type of discourse. Bruno Latour and other specialists of Science Studies have shown that this type of discourse never corresponded to the realities of scientific research: “We have never been modern”. The paper shows what kind of lessons the economists should learn from science studies.
2009-09
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/48173/1/MPRA_paper_48173.pdf
Yefimov, Vladimir (2009): Comparative historical institutional analysis of German, English and American economics.
en
oai:mpra.ub.uni-muenchen.de:51719
2019-09-27T11:42:10Z
7374617475733D756E707562
7375626A656374733D42:4231:423132
7375626A656374733D42:4231:423133
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/51719/
On the theory of capital in post-industrial societies
Cavalieri, Duccio
B12 - Classical (includes Adam Smith)
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
This is an analysis of the present unsatisfactory state of the theory of capital and a proposal to reformulate this theory in line with some neglected late-Marxian views on the subject and in the light of the passage of capitalism from the industrial to a post-industrial era characterized by the dominance of speculative finance. The author’s aim is to provide a better integration of the theory of capital with those of money and finance. Attention is focused on a Marxian price index, the monetary expression of labour value, MEV, which accounts for both explicit and implicit cost components and, differently from MELT, does not consider only the money value of living labour time.
2013-11-25
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/51719/1/MPRA_paper_51719.pdf
Cavalieri, Duccio (2013): On the theory of capital in post-industrial societies.
en
oai:mpra.ub.uni-muenchen.de:52837
2019-09-30T15:06:27Z
7374617475733D756E707562
7375626A656374733D42:4231:423132
7375626A656374733D42:4231:423133
7375626A656374733D42:4231:423134
7375626A656374733D42:4232:423234
7375626A656374733D42:4234
7375626A656374733D42:4235
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/52837/
Marx: The Spectre Haunting Economics
Freeman, Alan
B12 - Classical (includes Adam Smith)
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
B14 - Socialist ; Marxist
B24 - Socialist ; Marxist ; Sraffian
B4 - Economic Methodology
B5 - Current Heterodox Approaches
This paper was presented to the 1998 conference of the Brazil Society for Political Economy. Two short sections are flagged for later incorporation, and this never happened so the article is until now unpublished. The ground these were to address is fully covered elsewhere, however this text contains material that does not exist anywhere else, so for the record I am depositing it with Repec.
The original abstract follows:
The paper examines the present state of the discipline of economics in the light of Marx's Critique of political economy. Marx's dedication to the study of economic theory is without parallel in the history of the subject; yet, in the work of the economists of today, he receives less attention than in any other subject. Moreover the profession's unanimous official teaching, repeated tirelessly and dogmatically for most of this century, is that Marx's development of the classical theory of value leads irrevocably into contradiction, that therefore the further development of this theory is fruitless and the only alternative is its current orthodoxy.
This state of affairs is called into question by an internal crisis of economics, provoked by a combination of two factors: the appalling failure of its official remedies, and the political defeat of Keynesianism. Major international institutions such as UNCTAD, the World Bank and the IMF are in open conflict over their predictions and recommendations concerning globalisation; the profession itself faces a growing body of internal criticism, and heterodox economic associations are flourishing. The abandonment of Keynesian economic remedies, the consequent loss of influence by economics in policy-making circles, and the relegation of economics to the status of an ancillary of banking and commerce, has accelerated this crisis. The large body of economists displaced from positions of influence at the ears of governments have been reflecting more carefully than before on the transitory nature of market phenomena.
This paper proposes a materialist analysis of the theory and practice of academic economics, the body of thought which Marx dubbed the 'graveyard of economics'. It proposes to subject the claim of the profession to be acting as a science to a rigorous theoretical enquiry, examining both its reaction to the empirical facts of its failures, and the manner in which its theoretical categories express the material interests to which it is subjected. The aim is not dismiss the profession and its products as simple apologetics, but to uncover the internal structure of its thought and to propose an alternative, critical standard of scientific conduct for economic enquiry under a market economy.
1998-04
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/52837/1/MPRA_paper_52837.pdf
Freeman, Alan (1998): Marx: The Spectre Haunting Economics.
en
oai:mpra.ub.uni-muenchen.de:59019
2019-09-27T17:36:17Z
7374617475733D756E707562
7375626A656374733D42:4231:423132
7375626A656374733D42:4231:423133
7375626A656374733D42:4231:423135
7375626A656374733D42:4232:423235
7375626A656374733D42:4233:423331
7375626A656374733D48:4835
7375626A656374733D50:5031:503132
7375626A656374733D50:5031:503134
7375626A656374733D50:5031:503136
7375626A656374733D5A:5A31
7375626A656374733D5A:5A31:5A3133
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/59019/
Schumpeter y la Historia del Pensamiento Económico
Estrada, Fernando
B12 - Classical (includes Adam Smith)
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
B15 - Historical ; Institutional ; Evolutionary
B25 - Historical ; Institutional ; Evolutionary ; Austrian
B31 - Individuals
H5 - National Government Expenditures and Related Policies
P12 - Capitalist Enterprises
P14 - Property Rights
P16 - Political Economy
Z1 - Cultural Economics ; Economic Sociology ; Economic Anthropology
Z13 - Economic Sociology ; Economic Anthropology ; Social and Economic Stratification
The History Schumpeter´s of Economic Analysis, is a tour de forcé of scholarship. The display of erudition is 'truly unbelievable. How could one man have acquired and then digested so much knowledge? Not only does the History offer two thousand years of economics, from Aristotle to Paul Samuelson, but also it ranges most expertly over all the other social sciences, history and belles lettres as well. For more than 1,100 pages the prose flows on in a way that one has come to expect from Schumpeterthe fluent style, the vivid analogy, the striking metaphor, the arresting aside. Our goal is to present the central ideas of Schumpeter on the complex relationships between Economic History and Epistemology of Science. This design has three aspects that interest us: (a) its amplitude to conceive the economy as part of the overall development of scientific knowledge; (b) its relevance applied and the examples used by the author; (c) its currently facing tremendous methodological problems facing the economy with the other sciences.
2014
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/59019/1/MPRA_paper_59019.pdf
Estrada, Fernando (2014): Schumpeter y la Historia del Pensamiento Económico.
es
oai:mpra.ub.uni-muenchen.de:59053
2019-09-26T18:15:36Z
7374617475733D756E707562
7375626A656374733D42:4231:423133
7375626A656374733D42:4231:423135
7375626A656374733D42:4233:423331
7375626A656374733D42:4234:423431
7375626A656374733D4F:4F33:4F3331
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/59053/
Schumpeter and the History of Economic Thought
Estrada, Fernando
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
B15 - Historical ; Institutional ; Evolutionary
B31 - Individuals
B41 - Economic Methodology
O31 - Innovation and Invention: Processes and Incentives
Schumpeter's The History of Economic Analysis, is a tour de force of scholarship. The display of erudition is truly unbelievable. How may one man and then digested have acquired much knowledge? Not only does the History offer two thousand years of economics, from Aristotle to Paul Samuelson, But also, it expertly almost ranges over all the other social sciences, history and belles letters as well. For more that 1,100 pages on the prose flows in a way That one has come to expect from Schumpeter the fluent style, the vivid analogy, the striking metaphor, the arresting aside. Our goal is to present the main thoughts of Schumpeter on the complex relationships between Economic History and Epistemology of Science. This design has three aspects that interest us: (a) its amplitude to conceive the economy as part of the overall development of scientific knowledge; (B) its relevance and the Applied examples used by the author; (C) its methodological facing tremendous problems facing the economy with the other sciences.
2014
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/59053/1/MPRA_paper_59053.pdf
Estrada, Fernando (2014): Schumpeter and the History of Economic Thought.
en
oai:mpra.ub.uni-muenchen.de:59075
2019-09-28T15:16:22Z
7374617475733D756E707562
7375626A656374733D42:4231:423133
7375626A656374733D42:4231:423135
7375626A656374733D42:4232:423235
7375626A656374733D42:4234:423431
7375626A656374733D45:4534:453432
7375626A656374733D45:4536:453632
7375626A656374733D45:4536:453634
7375626A656374733D48:4833
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/59075/
Tax Power and Economics
Estrada, Fernando
González, Jorge Iván
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
B15 - Historical ; Institutional ; Evolutionary
B25 - Historical ; Institutional ; Evolutionary ; Austrian
B41 - Economic Methodology
E42 - Monetary Systems ; Standards ; Regimes ; Government and the Monetary System ; Payment Systems
E62 - Fiscal Policy
E64 - Incomes Policy ; Price Policy
H3 - Fiscal Policies and Behavior of Economic Agents
The article is divided into two parts. The first describes Hayek's critique of the progressive tax system since its conception of social order and fiscal rationality. Hayek thinks about a key principle in liberal democracies: majority rule. And stretching comments to the influence of morality in taxation decisions. The second is aimed at analyzing the reception of Hayek in constitutional economics Brennan and Buchanan. However, in the interpretation of tax policy has decisively if governments reflect a tyrant or benevolent Leviathan State. The Fiscal Constitution must be accompanied by a monetary constitution. Both constitutional forms are related and prevent leviathánico power of governments, especially when they are short stay. Although, for the authors, the Fiscal Constitution has important implications for monetary constitution.
2014
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/59075/1/MPRA_paper_59075.pdf
Estrada, Fernando and González, Jorge Iván (2014): Tax Power and Economics.
en
oai:mpra.ub.uni-muenchen.de:59364
2019-10-21T14:39:02Z
7374617475733D707562
7375626A656374733D41:4132:413232
7375626A656374733D42:4232:423232
7375626A656374733D42:4231:423133
7375626A656374733D42:4231:423131
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/59364/
Scarcity, self-interest and maximization from Islamic angle
Hasan, Zubair
A22 - Undergraduate
B22 - Macroeconomics
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
B11 - Preclassical (Ancient, Medieval, Mercantilist, Physiocratic)
This paper clarifies some misinterpretations of three foundational concepts in mainstream economics from Islamic viewpoint. These are scarcity of resources, pursuit of self-interest and maximizing behavior of economic agents. It argues that stocks of resources that God has provided are inexhaustible. But important is the availability of resources out of stocks to mankind. Availability is a function of human effort and the state of knowledge about resources over time and space. In that sense resources are scarce in relation to multiplicity of human wants for Islamic economics as well. Self-interest must be distinguished from selfishness. The motive operates on both ends of human existence: mundane and spiritual. Its pursuit does not preclude altruism from human life. Counter interests keep balance in society and promote civility. Islam recognizes the motive as valid. Maximization relates to quantifiable ex ante variables. Uncertainty of future outcomes of actions makes maximization a heuristic but useful analytical tool. The concept is value neutral. What is maximized, how and to what end alone give rise to moral issues. Modified in the light of Shari’ah requirements the three concepts can provide a firmer definition for Islamic economics centered on the notion of falah.
2011-03-08
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/59364/8/MPRA_paper_59364.pdf
Hasan, Zubair (2011): Scarcity, self-interest and maximization from Islamic angle. Published in: No. IRTI: IDB Laureate Lecture Series 2014 : pp. 1-25.
en
oai:mpra.ub.uni-muenchen.de:59862
2019-09-28T20:37:19Z
7374617475733D756E707562
7375626A656374733D45:4536:453632
7375626A656374733D4F:4F32:4F3233
7375626A656374733D42:4231:423133
7375626A656374733D42:4232
7375626A656374733D45:4536
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/59862/
A reading Hayek on power to tax
Estrada, Fernando
E62 - Fiscal Policy
O23 - Fiscal and Monetary Policy in Development
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
B2 - History of Economic Thought since 1925
E6 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
This article describes the argumentative structure of Hayek on the relationship between power to tax and redistribution. It is observed throughout its work giving special attention to two works: The Constitution of Liberty (1959) and Law, Legislation and Liberty, vol3, The Political Order of Free People, University of Chicago Press, Chicago, 1979.) Hayek describes one of the arguments most complete information bout SFP progressive tax systems (progressive tax). According to the author the history of the tax progressive system, works against such a tax model and deploys a variety of arguments in his favorite spot by critics: liberal democracy.
2014-03-21
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/59862/1/MPRA_paper_21526.pdf
Estrada, Fernando (2014): A reading Hayek on power to tax.
en
oai:mpra.ub.uni-muenchen.de:60662
2019-09-28T16:50:34Z
7374617475733D756E707562
7375626A656374733D42:4231:423133
7375626A656374733D42:4231:423135
7375626A656374733D42:4231:423136
7375626A656374733D42:4232:423232
7375626A656374733D42:4232:423233
7375626A656374733D42:4232:423235
7375626A656374733D42:4234:423431
7375626A656374733D42:4235:423532
7375626A656374733D43:4332:433231
7375626A656374733D43:4332:433232
7375626A656374733D43:4335:433535
7375626A656374733D43:4338:433832
7375626A656374733D45:4536:453632
7375626A656374733D45:4536:453634
7375626A656374733D48:4832:483233
7375626A656374733D48:4832:483236
7375626A656374733D4E:4E31:4E3130
7375626A656374733D4F:4F31:4F3131
7375626A656374733D4F:4F34
7375626A656374733D4F:4F35
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/60662/
El capital en el siglo XXI de Thomas Piketty
Estrada, Fernando
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
B15 - Historical ; Institutional ; Evolutionary
B16 - Quantitative and Mathematical
B22 - Macroeconomics
B23 - Econometrics ; Quantitative and Mathematical Studies
B25 - Historical ; Institutional ; Evolutionary ; Austrian
B41 - Economic Methodology
B52 - Institutional ; Evolutionary
C21 - Cross-Sectional Models ; Spatial Models ; Treatment Effect Models ; Quantile Regressions
C22 - Time-Series Models ; Dynamic Quantile Regressions ; Dynamic Treatment Effect Models ; Diffusion Processes
C55 - Large Data Sets: Modeling and Analysis
C82 - Methodology for Collecting, Estimating, and Organizing Macroeconomic Data ; Data Access
E62 - Fiscal Policy
E64 - Incomes Policy ; Price Policy
H23 - Externalities ; Redistributive Effects ; Environmental Taxes and Subsidies
H26 - Tax Evasion and Avoidance
N10 - General, International, or Comparative
O11 - Macroeconomic Analyses of Economic Development
O4 - Economic Growth and Aggregate Productivity
O5 - Economywide Country Studies
This review of the book by Thomas Piketty, the capital in the XXI century, presents the central themes of the work and exposes its scope on the relationship between inequality and wealth. In particular a positive reflections on the progressive tax is added.
2014
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/60662/1/MPRA_paper_60662.pdf
Estrada, Fernando (2014): El capital en el siglo XXI de Thomas Piketty.
es
oai:mpra.ub.uni-muenchen.de:60682
2019-09-27T12:22:02Z
7374617475733D756E707562
7375626A656374733D42:4231
7375626A656374733D42:4231:423133
7375626A656374733D42:4231:423135
7375626A656374733D42:4231:423136
7375626A656374733D42:4232:423232
7375626A656374733D42:4232:423233
7375626A656374733D42:4232:423234
7375626A656374733D42:4232:423235
7375626A656374733D42:4234:423431
7375626A656374733D42:4235:423532
7375626A656374733D43:4332:433231
7375626A656374733D43:4332:433232
7375626A656374733D43:4338:433832
7375626A656374733D45:4536:453632
7375626A656374733D45:4536:453634
7375626A656374733D48:4832:483233
7375626A656374733D48:4832:483236
7375626A656374733D4E:4E31
7375626A656374733D4F:4F31
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/60682/
Thomas Piketty’s Capital in the 21st Century
Estrada, Fernando
B1 - History of Economic Thought through 1925
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
B15 - Historical ; Institutional ; Evolutionary
B16 - Quantitative and Mathematical
B22 - Macroeconomics
B23 - Econometrics ; Quantitative and Mathematical Studies
B24 - Socialist ; Marxist ; Sraffian
B25 - Historical ; Institutional ; Evolutionary ; Austrian
B41 - Economic Methodology
B52 - Institutional ; Evolutionary
C21 - Cross-Sectional Models ; Spatial Models ; Treatment Effect Models ; Quantile Regressions
C22 - Time-Series Models ; Dynamic Quantile Regressions ; Dynamic Treatment Effect Models ; Diffusion Processes
C82 - Methodology for Collecting, Estimating, and Organizing Macroeconomic Data ; Data Access
E62 - Fiscal Policy
E64 - Incomes Policy ; Price Policy
H23 - Externalities ; Redistributive Effects ; Environmental Taxes and Subsidies
H26 - Tax Evasion and Avoidance
N1 - Macroeconomics and Monetary Economics ; Industrial Structure ; Growth ; Fluctuations
O1 - Economic Development
This review of the book by Thomas Piketty, The capital in the XXI century, presents the central themes of the work and exposes its scope on the relationship between inequality and wealth. In particular a positive reflections on the progressive tax is added.
2014
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/60682/1/MPRA_paper_60682.pdf
Estrada, Fernando (2014): Thomas Piketty’s Capital in the 21st Century.
en
oai:mpra.ub.uni-muenchen.de:61092
2019-10-08T04:10:23Z
7374617475733D707562
7375626A656374733D41:4132:413232
7375626A656374733D42:4232:423232
7375626A656374733D42:4231:423133
7375626A656374733D42:4231:423131
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/61092/
Scarcity, self-interest and maximization from Islamic angle
Hasan, Zubair
A22 - Undergraduate
B22 - Macroeconomics
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
B11 - Preclassical (Ancient, Medieval, Mercantilist, Physiocratic)
This paper clarifies some misinterpretations of three foundational concepts in mainstream economics from Islamic viewpoint. These are scarcity of resources, pursuit of self-interest and maximizing behavior of economic agents. It argues that stocks of resources that God has provided are inexhaustible. But important is the availability of resources out of stocks to mankind. Availability is a function of human effort and the state of knowledge about resources over time and space. In that sense resources are scarce in relation to multiplicity of human wants for Islamic economics as well. Self-interest must be distinguished from selfishness. The motive operates on both ends of human existence: mundane and spiritual. Its pursuit does not preclude altruism from human life. Counter interests keep balance in society and promote civility. Islam recognizes the motive as valid. Maximization relates to quantifiable ex ante variables. Uncertainty of future outcomes of actions makes maximization a heuristic but useful analytical tool. The concept is value neutral. What is maximized, how and to what end alone give rise to moral issues. Modified in the light of Shari’ah requirements the three concepts can provide a firmer definition for Islamic economics centered on the notion of falah.
2011-03-08
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/61092/8/MPRA_paper_59364.pdf
Hasan, Zubair (2011): Scarcity, self-interest and maximization from Islamic angle. Published in: No. IRTI: IDB Laureate Lecture Series 2014 : pp. 1-25.
en
oai:mpra.ub.uni-muenchen.de:66811
2019-09-29T12:17:40Z
7374617475733D707562
7375626A656374733D42:4231:423133
7375626A656374733D42:4232:423235
7375626A656374733D42:4234:423431
7375626A656374733D42:4235:423533
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/66811/
F. A. Hayek'in Bilgisizlik Teorisi Çerçevesinde Piyasa, Denge ve Planlama
Göcen, Serdar
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
B25 - Historical ; Institutional ; Evolutionary ; Austrian
B41 - Economic Methodology
B53 - Austrian
In this article, the implications of the theory of ignorance developed by Hayek to economic theory and policy will be examined. The theory of ignorance appeared especially in the second period of Hayek’s career and has been applied to the field of economics, politics, and law. Accordingly, people do not have knowledge about the institutions they’ve got today, knowledge which other people have, their actions and the results of them. This kind of knowledge cannot exist as cumulative and the amount of it cannot be enhanced by technological developments. Hence, developing theories, making plans and practices as if we have complete knowledge will not conclude as we desire.
This study will discuss and sum up Hayek’s criticizes on market perception, the assumption of perfectly competitive market, and equilibrium analysis of mainstream economics, his contributions to the possibility of economic calculation in socialism and central planning, and recent development in information theory of mainstream economics.
2015
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/66811/1/yil-2015-cilt-20-sayi-3-yazi-20-11092015.pdf
Göcen, Serdar (2015): F. A. Hayek'in Bilgisizlik Teorisi Çerçevesinde Piyasa, Denge ve Planlama. Published in: Suleyman Demirel University , Vol. 20, No. 3 (2015): pp. 385-404.
tr
oai:mpra.ub.uni-muenchen.de:67189
2019-09-26T10:36:41Z
7374617475733D756E707562
7375626A656374733D42:4231:423133
7375626A656374733D42:4231:423135
7375626A656374733D42:4232:423235
7375626A656374733D42:4233
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/67189/
Joseph Schumpeter and Gabriel Tarde on Technological Change and Social Evolution
Michaelides, Panayotis G.
Theologou, Kostas
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
B15 - Historical ; Institutional ; Evolutionary
B25 - Historical ; Institutional ; Evolutionary ; Austrian
B3 - History of Economic Thought: Individuals
In this paper, we show that the certain elaborations of the French sociologist Gariel Tarde may be traced throughout Schumpeter’s works. More specifically, we show that Joseph Schumpeter’s views were influenced by the French social philosopher and theoretician Gabriel Tarde who delivered a theory of Social Evolution based on Technological Change as its driving force, closely related to the profiteering function of the economy. Also, we demonstrate that Tarde’s
approach has striking similarities with the Schumpeterian vision of Economic Development, Change and Social Evolution. But there are similarities in their respective methodological approaches as well. For instance, the most striking similarity is that despite the importance he gave to the social stratum, Tarde, just like Schumpeter’s early approach, never fully admitted the determination of the individual’s will by the social forces. In other words, they both attempted to explain social evolution by means of individual initiative. At this point it should be mentioned that Tarde’s theory has been delivered and published about a decade before the publication of the first edition of Schumpeter’s influential Theory of Economic Development. In this context, much of this similarity in visions could
be attributed to Schumpeter having carefully read Tarde and, probably, to certain common intellectual sources of influence. Part of the explanation why this similarity in visions has been inadequately acknowledged, so far, lies in the ignorance of the approaches on which Schumpeter built his treatises. In this framework, after examining the affinities of Schumpeter’s work with Gabriel Tarde, it
is evident that certain Schumpeterian elaborations appear to be less unique.
2009
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/67189/1/MPRA_paper_67189.pdf
Michaelides, Panayotis G. and Theologou, Kostas (2009): Joseph Schumpeter and Gabriel Tarde on Technological Change and Social Evolution.
en
oai:mpra.ub.uni-muenchen.de:67694
2019-09-27T16:32:42Z
7374617475733D696E7072657373
7375626A656374733D42:4231:423133
7375626A656374733D42:4232:423235
7375626A656374733D42:4235:423533
7375626A656374733D4C:4C32:4C3236
7375626A656374733D4F:4F33:4F3331
7375626A656374733D4F:4F33:4F3333
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/67694/
Entrepreneurship: State of grace or human action? Schumpeter’s leadership vs Kirzner’s alertness.
Ferlito, Carmelo
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
B25 - Historical ; Institutional ; Evolutionary ; Austrian
B53 - Austrian
L26 - Entrepreneurship
O31 - Innovation and Invention: Processes and Incentives
O33 - Technological Change: Choices and Consequences ; Diffusion Processes
Joseph A. Schumpeter developed a very well-known theory of entrepreneurs and entrepreneurship, centred on the concept of ‘new combinations’. According to him, innovation and entrepreneurship are destructive elements driving the system beyond an equilibrium position and setting in motion a competitive process, in order to reach a new equilibrium point. Though Austrian, Schumpeter was never a member of the Austrian School of Economics. However, his position as regards entrepreneurship is widely commented on by Austrian School members. In particular, Israel M. Kirzner devoted his research activity to develop an alternative concept of entrepreneurship rooted in Misesian human action and the concept of ‘alertness’. This paper aims to analyze and compare the two positions, in an attempt not so much to stress differences but to find possible common paths for further developments of the concept of entrepreneurship.
2015-05-12
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/67694/1/MPRA_paper_67694.pdf
Ferlito, Carmelo (2015): Entrepreneurship: State of grace or human action? Schumpeter’s leadership vs Kirzner’s alertness. Forthcoming in: European Journal of Economic and Social Syestems (2015)
en
oai:mpra.ub.uni-muenchen.de:67708
2019-09-28T21:11:59Z
7374617475733D756E707562
7375626A656374733D42:4231:423133
7375626A656374733D42:4232:423235
7375626A656374733D42:4233:423331
7375626A656374733D42:4235:423533
7375626A656374733D45:4533:453332
7375626A656374733D45:4535:453538
7375626A656374733D4F:4F33:4F3333
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/67708/
At the Root of Economic Fluctuations: Expectations, Preferences and Innovation. Theoretical Framework and Empirical Evidences.
Ferlito, Carmelo
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
B25 - Historical ; Institutional ; Evolutionary ; Austrian
B31 - Individuals
B53 - Austrian
E32 - Business Fluctuations ; Cycles
E58 - Central Banks and Their Policies
O33 - Technological Change: Choices and Consequences ; Diffusion Processes
The present paper aim to develop the Austrian Theory of Business Cycle in order to conclude that economic fluctuations are unavoidable. The conventional version of Austrian business cycle theory focuses on a temporary imbalance between natural and monetary rates of interest. When, because of the role of monetary authorities in defining the monetary rate, the two values are in a situation of imbalance, the resulting expansion stage is followed by a recession. On the other hand, if instead the expansive phase arises without any interference by monetary authorities but through re-adaptation of the productive structure to a modified structure of temporal preferences, a period of sustainable growth begins that will not be followed by a crisis. The purpose of this essay is to demonstrate, on the other hand, that because of profit-expectations and the combined action of Schumpeterian elements (imitations-speculations and the ‘creation of money’ by banks), even a so-called ‘sustainable’ boom will be affected by a liquidation and settling crisis. What distinguishes the latter situation from the conventional case of imbalance between monetary and natural rates is not the onset or otherwise of a crisis but, rather, its intensity and duration. We will define as natural an economic cycle characterised by a stage of expansion considered to be ‘sustainable’ in the Austrian theory but followed by an inevitable readjustment crisis. In conclusion we will try to link our theoretical conclusions with the crisis emerged in the Western world in 2007, to test the explanatory power of our theoretical framework.
2015-09-01
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/67708/1/MPRA_paper_67708.pdf
Ferlito, Carmelo (2015): At the Root of Economic Fluctuations: Expectations, Preferences and Innovation. Theoretical Framework and Empirical Evidences.
en
oai:mpra.ub.uni-muenchen.de:67709
2019-09-26T14:03:24Z
7374617475733D756E707562
7375626A656374733D42:4231:423133
7375626A656374733D42:4232:423234
7375626A656374733D42:4232:423235
7375626A656374733D42:4233:423331
7375626A656374733D45:4533:453332
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/67709/
Ludwig M. Lachmann Against the Cambridge School. Macroeconomics, Microfoundations, Expectations, Rate of Profit, Equilibrium and Innovations.
Ferlito, Carmelo
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
B24 - Socialist ; Marxist ; Sraffian
B25 - Historical ; Institutional ; Evolutionary ; Austrian
B31 - Individuals
E32 - Business Fluctuations ; Cycles
While in the early 1930s Keynes and Hayek were the major figures in a heated academic debate about money and capital, in which Keynes also and especially involved the Italian Piero Sraffa, it might seem at first sight that the Austrian economist set aside an organic demolition of the ideas expressed in 1936 by his rival in the General Theory.
But the ‘Austrian knight’ of a new Vienna-Cambridge debate, in the subsequent decades, was the German economist Ludwig M. Lachmann (1906-1990), a student of Hayek at LSE during the 1930s and later a professor in Johannesburg and New York. Lachmann was one of the protagonists of the Austrian revival after 1974 and the founding leader of the ‘hermeneutic stream’, opposed by the Rothbardian stream.
Lachmann, defending Keynes’s subjectivism and expectation theory, revived the Vienna-Cambridge controversy, criticising not Keynes but his followers, in particular the ‘new’ Cambridge School, developed by Joan Robinson and Piero Sraffa.
2014-11-30
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/67709/1/MPRA_paper_67709.pdf
Ferlito, Carmelo (2014): Ludwig M. Lachmann Against the Cambridge School. Macroeconomics, Microfoundations, Expectations, Rate of Profit, Equilibrium and Innovations.
en
oai:mpra.ub.uni-muenchen.de:67712
2019-10-05T05:10:38Z
7374617475733D707562
7375626A656374733D42:4231:423133
7375626A656374733D42:4232:423235
7375626A656374733D42:4233:423331
7375626A656374733D42:4235:423533
7375626A656374733D45:4533:453332
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/67712/
Il Ciclo Naturale. Perche' le fluttuazioni economiche sono inevitabili. Un'estensione schumpeteriana della teoria austriaca del ciclo economico
Ferlito, Carmelo
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
B25 - Historical ; Institutional ; Evolutionary ; Austrian
B31 - Individuals
B53 - Austrian
E32 - Business Fluctuations ; Cycles
The conventional version of Austrian business cycle theory focuses on a temporary imbalance between natural and monetary rates of interest. When, because of the role of monetary authorities in defining the monetary rate, the two values are in a situation of imbalance, the resulting expansion stage is followed by a recession. On the other
hand, if instead the expansive phase arises without any interference by monetary authorities but through re-adaptation of the productive structure to a modified structure of temporal preferences, a period of sustainable growth begins that will not be followed by a crisis. The purpose of this essay is to demonstrate, on the other hand, that because of profit expectations and the combined action of Schumpeterian elements (imitations-speculations and the ‘creation of money’ by banks), even a so-called ‘sustainable’ boom will be affected by a liquidation and settling crisis. What distinguishes the latter situation from the conventional case of imbalance between monetary and natural rates is not the onset or otherwise of a crisis but, rather, its intensity and duration. We will define as natural an economic cycle characterised by a stage of expansion considered to be ‘sustainable’ in the Austrian theory but followed by an inevitable readjustment crisis.
2014-06-14
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/67712/1/MPRA_paper_67712.pdf
Ferlito, Carmelo (2014): Il Ciclo Naturale. Perche' le fluttuazioni economiche sono inevitabili. Un'estensione schumpeteriana della teoria austriaca del ciclo economico. Published in: Ludwig von Mises Italia (12 September 2014)
it
oai:mpra.ub.uni-muenchen.de:67759
2019-10-01T00:34:41Z
7374617475733D707562
7375626A656374733D42:4231:423133
7375626A656374733D42:4232:423234
7375626A656374733D42:4232:423235
7375626A656374733D42:4234:423431
7375626A656374733D45:4533:453332
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/67759/
Ludwig M. Lachmann contro la Scuola di Cambridge
Ferlito, Carmelo
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
B24 - Socialist ; Marxist ; Sraffian
B25 - Historical ; Institutional ; Evolutionary ; Austrian
B41 - Economic Methodology
E32 - Business Fluctuations ; Cycles
While in the early 1930s Keynes and Hayek were the major figures in a heated academic debate about money
and capital, in which Keynes also and especially involved the Italian Piero Sraffa, it might seem at first sight that the Austrian economist set aside an organic demolition of the ideas expressed in 1936 by his rival in the General Theory.
But the ‘Austrian knight’ of a new Vienna-Cambridge debate, in the subsequent decades, was the German economist
Ludwig M. Lachmann (1906-1990), a student of Hayek at LSE during the 1930s and later a professor in Johannesburg
and New York. Lachmann was one of the protagonists of the Austrian revival after 1974 and the founding leader of the
‘hermeneutic stream’, opposed by the Rothbardian stream.
Lachmann, defending Keynes’s subjectivism and expectation theory, revived the Vienna-Cambridge controversy,
criticising not Keynes but his followers, in particular the ‘new’ Cambridge School, developed by Joan Robinson and Piero
Sraffa. Lachmann’s life sight was to build a new economics paradigm, centred on the idea of market process,
expectations and kaleidic society (Shackle).
2015-08-22
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/67759/1/MPRA_paper_67759.pdf
Ferlito, Carmelo (2015): Ludwig M. Lachmann contro la Scuola di Cambridge. Published in: Ludwig von Mises Italia (28 October 2015)
it
oai:mpra.ub.uni-muenchen.de:68088
2019-09-26T19:59:46Z
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7375626A656374733D42:4231:423133
7375626A656374733D42:4232:423230
7375626A656374733D43:4336:433631
7375626A656374733D44:4439:443930
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/68088/
The ongoing history of economic conservation laws
Heinrich, Torsten
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
B20 - General
C61 - Optimization Techniques ; Programming Models ; Dynamic Analysis
D90 - General
Building on Mirowski’s historical analysis in the 1980s, the role of conservation laws in economic equilibrium theories is reexamined. Both static Walrasian systems and dynamic systems of intertemporal optimization are considered. While the formal derivation of conservation laws is discussed in detail, the paper also reviews the growing literature tradition in economics that is aware of the existence of conservation laws in economic equilibrium theories and tries to incorporate them into their models.
2013-07-29
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/68088/1/MPRA_paper_68088.pdf
Heinrich, Torsten (2013): The ongoing history of economic conservation laws.
en
oai:mpra.ub.uni-muenchen.de:69388
2019-10-18T17:07:56Z
7374617475733D707562
7375626A656374733D42:4231
7375626A656374733D42:4231:423133
7375626A656374733D42:4233
7375626A656374733D44:4435
7375626A656374733D45:4533
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/69388/
Normal Value
Vahabi, Mehrdad
B1 - History of Economic Thought through 1925
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
B3 - History of Economic Thought: Individuals
D5 - General Equilibrium and Disequilibrium
E3 - Prices, Business Fluctuations, and Cycles
This paper explores Alfred Marshall's concept of Normality and its relevance in understanding time in economic change. Natura non facit saltum or the incremental change of time is compatible with partial equilibrium and reveals a tension between two notions of time: ex ante vision of time and ex post vision of time. The former describes entrepreneur's temporal profile and the latter captures analyst (economist)temporal horizon.
2009
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/69388/1/MPRA_paper_69388.pdf
Vahabi, Mehrdad (2009): Normal Value. Published in:
en
oai:mpra.ub.uni-muenchen.de:69908
2019-10-09T16:39:23Z
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7375626A656374733D42:4231:423133
7375626A656374733D4E:4E31:4E3134
7375626A656374733D50:5032:503230
7375626A656374733D50:5032:503231
7375626A656374733D50:5033:503330
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/69908/
The Other canon against Washington consensus: Re-industrialization as a condition for revival and development
Bukvić, Rajko
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
N14 - Europe: 1913-
P20 - General
P21 - Planning, Coordination, and Reform
P30 - General
The paper considers the problems of the alternatives to the mainstream in recent economic thought, that resulted in Washington Consensus. The results of the reforms in so called post-communist countries, based on Consensus, showed, with some exceptions, that these countries realized deep and long-term economic fall, followed by similar processes in other spheres. Contrary to ordinary opinions that transition crisis show as result of inconsistency in reforms taking, this is normaly its result. As an analogue is the Morgenthau’s plan for West Germany observed, that has promoted Germany to industrial disarmament, and that would lead to its poverty and its transformation into raw material basis for the developed economies, and to impossibility of survival of the existing number of population. Fortunately for the Germany, Morgenthau’s plan was abandoned and Marshall’s plan was introduced. It lead to industrial renewal of Germany. For the transition countries it is also necessary, considering the practice and basic principles of the Other Canon, which have they origins as far as from the economic policy of Henry VII, to acess re-industrialization in the same way, which is the necessity for renewall of economies, and for overcoming the long-term crisis.
2010-12-03
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/69908/1/MPRA_paper_69908.pdf
Bukvić, Rajko (2010): The Other canon against Washington consensus: Re-industrialization as a condition for revival and development. Published in: 8th International Conference Forces Driving the Revival of the Companies and Economy No. Megatrend University, Belgrade, 2010 (2010): pp. 267-276.
en
oai:mpra.ub.uni-muenchen.de:70004
2019-10-07T16:03:37Z
7374617475733D707562
7375626A656374733D42:4231:423130
7375626A656374733D42:4231:423132
7375626A656374733D42:4231:423133
7375626A656374733D42:4232:423232
7375626A656374733D42:4234:423431
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/70004/
Economic Theory in Historical Perspective
Tsoulfidis, Lefteris
B10 - General
B12 - Classical (includes Adam Smith)
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
B22 - Macroeconomics
B41 - Economic Methodology
On the methodological plain, this paper outlines the conditions that contribute to the development of economic theories and it continues with an examination of the concrete circumstances that gave rise to modern neoclassical macroeconomic theories. The paper further claims that the current impasse in macroeconomics is indicative of the need for new directions in economic theory which becomes imperative in the long economic downturn that started in 2007 and concludes by suggesting the need for a synthesis between the classical analysis and the theory of effective demand.
2010-01-01
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/70004/1/MPRA_paper_70004.pdf
Tsoulfidis, Lefteris (2010): Economic Theory in Historical Perspective. Published in: Journal of Economic Analysis , Vol. 2, No. 1 (2011): pp. 32-45.
en
oai:mpra.ub.uni-muenchen.de:74470
2019-09-26T23:30:35Z
7374617475733D756E707562
7375626A656374733D42:4231:423133
7375626A656374733D42:4231:423135
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/74470/
Emil Lederer’s Theory of Economic Fluctuations and the Role of Financial Institutions
Vouldis, Angelos
Michaelides, Panayotis G.
Milios, John G.
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
B15 - Historical ; Institutional ; Evolutionary
Emil Lederer was characterized as the “leading academic socialist of Germany in the 1920’s” by Joseph Schumpeter and was a highly respected economist of his time. However, most aspects of his work remain totally unexplored. This paper focuses on Emil Lederer’s theory of economic fluctuations. It defends the thesis that certain aspects of Lederer’s conceptualization of economic fluctuations underwent considerable modifications when his 1925 article Konjunktur und Krisen is compared with his 1938 book Technical Progress and Unemployment. In his first attempt to tackle the issue, in Konjunktur und Krisen (1925), Lederer had constructed an explanation consistent with the so-called "disproportionality theory" introduced by Tugan-Baranowsky and later adopted by Hilferding and others (codified as "early Lederer"). However, Lederer's conception of the business cycle in Technical Progress and Unemployment underwent considerable modifications. Lederer's (1938) analysis is, apparently, very 'Schumpeterian' (codified as "late Lederer"). In this version of his theory, the cycle is explained by supply-side factors, and more specifically by technical change. Additionally, Lederer’s view on the role of financial institutions (credit and banks) with regards to business cycles is analysed. Lederer avoided attributing a causative role to monetary factors. The interrelation between 'real' factors and financial institutions, combined with his consideration of psychological motives behind individual's behaviour constitute essential elements in his analysis of the business cycle.
2008
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/74470/1/MPRA_paper_74470.pdf
Vouldis, Angelos and Michaelides, Panayotis G. and Milios, John G. (2008): Emil Lederer’s Theory of Economic Fluctuations and the Role of Financial Institutions.
en
oai:mpra.ub.uni-muenchen.de:76343
2019-10-01T05:14:38Z
7374617475733D756E707562
7375626A656374733D42:4231:423133
7375626A656374733D42:4232:423231
7375626A656374733D44:4432:443234
7375626A656374733D44:4435:443531
7375626A656374733D44:4439:443931
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/76343/
Neoclassical theories of stationary relative prices and the supply of capital
Fratini, Saverio M.
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
B21 - Microeconomics
D24 - Production ; Cost ; Capital ; Capital, Total Factor, and Multifactor Productivity ; Capacity
D51 - Exchange and Production Economies
D91 - Intertemporal Household Choice ; Life Cycle Models and Saving
In the traditional versions of the neoclassical theory of value and distribution, the stock of existing
capital—understood as either an amount of value or an endowment of capital goods—was taken as
given, together with the available quantities of labour and natural resources. This characteristic of
the early neoclassical theories is analysed by the comparison with the modern neo-Walrasian
models of stationary equilibrium, in which the stock of capital is not considered among the data.
We show that the attempt to put capital on the same footing as labour and land—i.e. to present it as a factor of production—led the early neoclassical author to write the zero netaccumulation condition, which was required by the stationarity of relative prices, in the form of a market clearing condition between supply of and demand for capital. The rate of interest was then understood as the price to determine by this market. However, as is well known, the conception of capital as a factor of production—and of the rate of interest as the price for its use—did not work and involved several problems, some of which are discussed in this paper.
2017-01
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/76343/1/MPRA_paper_76343.pdf
Fratini, Saverio M. (2017): Neoclassical theories of stationary relative prices and the supply of capital.
en
oai:mpra.ub.uni-muenchen.de:79586
2019-09-28T15:12:20Z
7374617475733D707562
7375626A656374733D42:4231:423133
7375626A656374733D47:4730
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/79586/
Fama's Efficient Market Hypothesis and Mises' Evenly Rotating Economy: Comparative Constructs
Howden, David
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
G0 - General
Mises created an artificial construct, the evenly rotating economy (ERE), from which to ascertain the source of entrepreneurial profit and loss. In particular, the ERE is characterized by two distinct elements. First is the elimination of the temporal element, second is the removal of changing market data. The second point necessarily arises from the first. Is it possible that the efficient market hypothesis (EMH), despite its practical flaws, may be used as a similar theoretical construct? If we envision a similar state of affairs as under the ERE, is it possible to grasp more fully the effect that information has on prices? We argue that it cannot, for two main reasons.
2009
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/79586/1/MPRA_paper_79586.pdf
Howden, David (2009): Fama's Efficient Market Hypothesis and Mises' Evenly Rotating Economy: Comparative Constructs. Published in: The Quarterly Journal of Austrian Economics , Vol. 2, No. 12 (2009): pp. 17-26.
en
oai:mpra.ub.uni-muenchen.de:79803
2019-09-30T22:33:19Z
7374617475733D707562
7375626A656374733D42:4231
7375626A656374733D42:4231:423133
7375626A656374733D42:4233
7375626A656374733D42:4233:423331
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/79803/
Mises and Montaigne: A Comment
Bagus, Philipp
Howden, David
Gabriel, Amadeus
Carrasco Bañuelos, Eva María
B1 - History of Economic Thought through 1925
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
B3 - History of Economic Thought: Individuals
B31 - Individuals
Ludwig von Mises (1881-1973) baptized the idea that the gain of some is caused by the loss of others as the “Montaigne dogma.” Mises considered the fallacy to be very widespread and sufficiently noteworthy that he devoted chapter 24 of his magnum opus Human Action to refuting the idea. Casto Martín Montero Kuscevic and Marco Antonio del Río Rivera (2015) discuss Mises´ refutation of Montainge´s dogma and claim that he misinterpreted Montaigne on fundamental grounds. They make the further claim that Mises misattributed the dogma to Montaigne. In this short response, we assess their argument to demonstrate that a more complete reading of Mises’s arguments vindicate both his identification and criticisms of the Montaigne dogma.
2016
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/79803/1/MPRA_paper_79803.pdf
Bagus, Philipp and Howden, David and Gabriel, Amadeus and Carrasco Bañuelos, Eva María (2016): Mises and Montaigne: A Comment. Published in: History of Political Economy , Vol. 4, No. 48 (2016): pp. 733-740.
en
oai:mpra.ub.uni-muenchen.de:79806
2019-10-07T14:57:04Z
7374617475733D707562
7375626A656374733D42:4231:423133
7375626A656374733D42:4235:423533
7375626A656374733D44:4432:443234
7375626A656374733D45:4534:453433
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/79806/
The Interest Rate and the Length of Production: A Comment
Howden, David
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
B53 - Austrian
D24 - Production ; Cost ; Capital ; Capital, Total Factor, and Multifactor Productivity ; Capacity
E43 - Interest Rates: Determination, Term Structure, and Effects
Machaj (2015) does a great service in pointing out a key assumption, heretofore unaddressed, in Filleule (2007) and Hülsmann (2010). Machaj errs, however, in stating that who saves will have an ambiguous effect on the interest rate and that where savings are directed can have ambiguous effects on the length of production. In this brief comment I will first show that who saves will have no effect on the interest rate. I then turn my attention to what it means to “lengthen” the structure of production. Although extended production time or additional “stages” of production make convenient placeholders for increased roundaboutness, they fail to grasp the core concept as it pertains to capital theory – what is it about production processes that makes more or better consumer goods?
2017
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/79806/1/MPRA_paper_79806.pdf
Howden, David (2017): The Interest Rate and the Length of Production: A Comment. Published in: Quarterly Journal of Austrian Economics , Vol. 4, No. 19 (2017): pp. 345-358.
en
oai:mpra.ub.uni-muenchen.de:79807
2019-09-30T16:11:27Z
7374617475733D707562
7375626A656374733D42:4231:423133
7375626A656374733D42:4232:423235
7375626A656374733D45:4533:453332
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/79807/
The Rise and Fall of the Subsistence Fund as a Resource Constraint in Austrian Business Cycle Theory
Braun, Eduard
Howden, David
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
B25 - Historical ; Institutional ; Evolutionary ; Austrian
E32 - Business Fluctuations ; Cycles
The “subsistence fund” was once an integral part of Austrian business cycle theory to indicate the resource constraint on the ability to complete investments. Early agrarian and industrial economies were constrained by resource availability in a manner consistent with that alluded to by the subsistence fund. This link became more tenuous as the growth of the financial economy in the 20th century removed the apparent importance of pre-saved goods to complete investments. At this point the subsistence fund came to be used only as a metaphor and was jettisoned from Austrian business cycle theory. The present paper points to the merits of the subsistence fund in explaining the turning point of the business cycle as compared to alternative explanations. It also works out the deficiencies in historical expositions of the Austrian theory based on the subsistence fund, and traces the evolution of the resource constraint at the core of Austrian economists´ treatment of the business cycle.
2017
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/79807/1/MPRA_paper_79807.pdf
Braun, Eduard and Howden, David (2017): The Rise and Fall of the Subsistence Fund as a Resource Constraint in Austrian Business Cycle Theory. Published in: Review of Austrian Economics , Vol. 2, No. 30 (2017): pp. 235-249.
en
oai:mpra.ub.uni-muenchen.de:84035
2019-09-26T08:40:44Z
7374617475733D756E707562
7375626A656374733D42:4231:423132
7375626A656374733D42:4231:423133
7375626A656374733D42:4231:423134
7375626A656374733D42:4231:423139
7375626A656374733D42:4232
7375626A656374733D42:4232:423232
7375626A656374733D42:4235
7375626A656374733D43:4335:433531
7375626A656374733D44:4433:443333
7375626A656374733D45:4531:453131
7375626A656374733D4E:4E31:4E3132
7375626A656374733D4F:4F34:4F3430
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/84035/
The Rise and Fall of Unproductive Activities in the US Economy 1964-2015: Facts, Theory and Empirical Evidence
Tsoulfidis, Lefteris
Tsimis, Achilleas
Paitaridis, Dimitris
B12 - Classical (includes Adam Smith)
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
B14 - Socialist ; Marxist
B19 - Other
B2 - History of Economic Thought since 1925
B22 - Macroeconomics
B5 - Current Heterodox Approaches
C51 - Model Construction and Estimation
D33 - Factor Income Distribution
E11 - Marxian ; Sraffian ; Kaleckian
N12 - U.S. ; Canada: 1913-
O40 - General
The general idea about unproductive labour and the associated with it activities is that they tend to expand and by expanding reduce the investible product and the growth potential of the economy, however little is known about the determinants of their movement. In this study, we take a closer look at the US unproductive labour and activities in general during the long enough 1964-2015 period. As possible determinants of the movement of unproductive activities we consider the economy-wide average rate of profit, the real interest rate and the degree of capacity utilization. The Toda Yamamoto causality tests, as well as the ARDL econometric model, lend support to the view that the unproductive expenditures and activities are determined rather than determine the above variables. Furthermore, the error correction term indicates that a long-run equilibrium relationship exists and it is attainable after the passage of not too long time.
2018-01-20
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/84035/1/MPRA_paper_84035.pdf
Tsoulfidis, Lefteris and Tsimis, Achilleas and Paitaridis, Dimitris (2018): The Rise and Fall of Unproductive Activities in the US Economy 1964-2015: Facts, Theory and Empirical Evidence.
en
oai:mpra.ub.uni-muenchen.de:88473
2019-10-08T00:36:37Z
7374617475733D756E707562
7375626A656374733D41:4132
7375626A656374733D42:4231:423133
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/88473/
Neoclassical Economics: The Need for a Reconstruction
Onye, Kenneth U.
A2 - Economic Education and Teaching of Economics
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
This paper examines the case being made by the Real World Economics Movement (RWEM) against the prevailing mainstream economics, including the lack of realism in the teaching of economics resulting from uncontrolled formulation and use of abstract mathematical models that lack empirical validity, the lack of pluralism of approach to economic inquiry, and the basic matter of upside-down application of mathematics in economics. It undertakes a critical examination of the key message and major proposals of RWEM, and goes on to show how they can be harnessed to enhance our understanding and explanation of economic realities. The paper draws attention to the fact that neoclassical economic theories has been inhibited by its ahistorical approach to economic inquiry and abstract formalistic methodology which has made it provide very limited understanding of the complex real world economic phenomena. It, therefore, calls for fundamental reform – in the content, structure and delivery – of economics curricula that universities currently offer and teach students.
2016
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/88473/1/MPRA_paper_88473.pdf
Onye, Kenneth U. (2016): Neoclassical Economics: The Need for a Reconstruction.
en
oai:mpra.ub.uni-muenchen.de:88501
2019-09-26T16:23:58Z
7374617475733D756E707562
7375626A656374733D41:4132
7375626A656374733D42:4231:423133
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/88501/
Neoclassical Economics: The Need for a Reconstruction
Onye, Kenneth U.
A2 - Economic Education and Teaching of Economics
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
This paper examines the case being made by the Real World Economics Movement (RWEM) against the prevailing mainstream economics, including the lack of realism in the teaching of economics resulting from uncontrolled formulation and use of abstract mathematical models that lack empirical validity, the lack of pluralism of approach to economic inquiry, and the basic matter of upside-down application of mathematics in economics. It undertakes a critical examination of the key message and major proposals of RWEM, and goes on to show how they can be harnessed to enhance our understanding and explanation of economic realities. The paper draws attention to the fact that neoclassical economic theories has been inhibited by its ahistorical approach to economic inquiry and abstract formalistic methodology which has made it provide very limited understanding of the complex real world economic phenomena. It, therefore, calls for fundamental reform – in the content, structure and delivery – of economics curricula that universities currently offer and teach students.
2014
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/88501/1/MPRA_paper_88473.pdf
Onye, Kenneth U. (2014): Neoclassical Economics: The Need for a Reconstruction.
en
oai:mpra.ub.uni-muenchen.de:91728
2019-09-27T07:50:05Z
7374617475733D756E707562
7375626A656374733D42:4231:423132
7375626A656374733D42:4231:423133
7375626A656374733D42:4232:423234
7375626A656374733D44:4432:443234
7375626A656374733D44:4434:443436
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/91728/
Theories of value and ultimate standards in Sraffa's notes of summer 1927
Fratini, Saverio M.
B12 - Classical (includes Adam Smith)
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
B24 - Socialist ; Marxist ; Sraffian
D24 - Production ; Cost ; Capital ; Capital, Total Factor, and Multifactor Productivity ; Capacity
D46 - Value Theory
The group of manuscripts titled 'Notes/London, Summer 1927/Physical real costs, etc.' (D3/12/3) is recognized as extremely important for the reconstruction of the evolution of Sraffa's thought after the articles published in 1925 and 1926. The present paper is aimed at analysing some relevant passages and ideas expressed by Sraffa in those manuscripts.
We shall focus, in particular, on Sraffa's arguments about the existence of two different theories of value, with different aims: one aimed at determining the value of large aggregates of commodities, such as the national product, the necessary consumption and the social surplus, and the other aimed at determining the price of a single commodity, separately from the others.
In Sraffa's view, if the values of many commodities are to be determined simultaneously, then the theory cannot dispense with an ultimate standard of value. That idea led Sraffa toward the conception (or the rediscovery) of the physical real cost.
2019-01
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/91728/1/MPRA_paper_91728.pdf
Fratini, Saverio M. (2019): Theories of value and ultimate standards in Sraffa's notes of summer 1927.
en
oai:mpra.ub.uni-muenchen.de:94648
2019-10-05T19:28:18Z
7374617475733D707562
7375626A656374733D42:4231:423131
7375626A656374733D42:4231:423133
7375626A656374733D4E:4E31:4E3134
7375626A656374733D50:5032:503230
7375626A656374733D50:5032:503231
7375626A656374733D50:5033:503330
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/94648/
Други канон и Маршалов план као модел економске политике
Bukvić, Rajko
B11 - Preclassical (Ancient, Medieval, Mercantilist, Physiocratic)
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
N14 - Europe: 1913-
P20 - General
P21 - Planning, Coordination, and Reform
P30 - General
Serbian: Разматрају се основне карактеристике Маршаловог плана као типа економске политике. За разлику од политике саморегулишућег тржишта, која је заснована на (нео)либералној теорији и представљена Вашингтонским договором, политика маршаловског типа, активног уплива државе у привредне токове, заснована је на многовековној традицији и представљена Другим каноном. Обе врсте политика могу се историјски пратити до времена физиократа и меркантилиста, али у савременим условима потпуно адекватно могу да буду представљене плановима Моргентауа и Маршала, насталим за и примењеним у Немачкој после Другог светског рата. Моргентауов план одговара (нео)либералној политици и резултира деиндустриализацијом земље, док Маршалов план насупрот томе одговара политици Другог канона и резултира индустријализацијом земље. Из тих карактеристика следи да транзиционе земље за своје привреде треба да примене економску политику оваплоћену у Маршаловом плану.
English: The paper considers the main characteristics of Marshall’s plan as an economic policy model. Unlike the self-regulating market policy, which is based on the neo-liberal policy and defined by the Washington Consensus, the Marshall-type policy, with its active state interference in economic processes, is based on the many centuries’ tradition and reflected in the Other Canon. Both policy types can be traced to the times of physiocrats and mercantilists, but in present circumstances they can be represented through Morgenthau Plan and Marshall Plan, originated after the World War Two and applied in Germany. Morgenthau’s Plan corresponds to the neoliberal policy and its consequence is the country deindustrialization, while Marshall’s Plan corresponds to the Other Canon policy and results in industrialization. Therefore, we deduce that transition countries need to apply the economic policy incorporated in Marshall Plan in order to develop their economies.
2017
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/94648/1/MPRA_paper_94648.pdf
Bukvić, Rajko (2017): Други канон и Маршалов план као модел економске политике. Published in: Развој малих земаља у условима глобализације (Development of small countries in conditions of globalization), Зборник радова, Академија наука и умјетности Републике Српске, Бања Лука (2019): pp. 117-144.
sr
oai:mpra.ub.uni-muenchen.de:97470
2019-12-10T03:14:46Z
7374617475733D756E707562
7375626A656374733D42:4231:423133
7375626A656374733D42:4232:423235
7375626A656374733D42:4235:423533
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/97470/
Die New Austrians als Pseudo-Heterodoxe?
Quaas, Friedrun
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
B25 - Historical ; Institutional ; Evolutionary ; Austrian
B53 - Austrian
In recent years, the Austrian School of Economics (NASE) has decisively expanded its ideological sphere of influence with the help of neoliberal think tanks. At the same time it explicitly cultivates the image of a scientifically heterodox actor far away from the economic mainstream. In this way, it has succeeded in arousing the interest of representatives of the plural economy, which the Austrian School has since adopted as part of its heterodox canon. But how coherent is this image of the NASE as an opponent of orthodoxy? The article examines this question from a historical-theoretical perspective and analyses the mainstream contribution of the various generations of the Austrian School.
2019-12-01
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/97470/1/MPRA_paper_97470.pdf
Quaas, Friedrun (2019): Die New Austrians als Pseudo-Heterodoxe?
de
oai:mpra.ub.uni-muenchen.de:99302
2020-03-30T09:21:30Z
7374617475733D756E707562
7375626A656374733D42:4231:423132
7375626A656374733D42:4231:423133
7375626A656374733D42:4231:423135
7375626A656374733D42:4232:423235
7375626A656374733D42:4235:423539
7375626A656374733D45:4533:453331
7375626A656374733D45:4534:453431
7375626A656374733D45:4534:453432
7375626A656374733D45:4535:453531
7375626A656374733D45:4535:453538
7375626A656374733D4E:4E31:4E3130
7375626A656374733D4E:4E32:4E3230
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/99302/
Is Bitcoin Money? An Economic-Historical Analysis of Money, Its Functions and Its Prerequisites
Umlauft, Thomas
B12 - Classical (includes Adam Smith)
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
B15 - Historical ; Institutional ; Evolutionary
B25 - Historical ; Institutional ; Evolutionary ; Austrian
B59 - Other
E31 - Price Level ; Inflation ; Deflation
E41 - Demand for Money
E42 - Monetary Systems ; Standards ; Regimes ; Government and the Monetary System ; Payment Systems
E51 - Money Supply ; Credit ; Money Multipliers
E58 - Central Banks and Their Policies
N10 - General, International, or Comparative
N20 - General, International, or Comparative
Bitcoin and other cryptocurrencies’ spectacular rise over the past years has attracted considerable public and academic interest. The important question arising in this context is whether cryptocurrencies can legitimately be regarded as money. This paper contributes to the current discourse by evaluating cryptocurrencies’ monetary merits based on (1) the orthodox, or Metallist, school of money and (2) the heterodox, or Chartalist, approach. The theoretical as well as empirical findings advanced in this paper serve to illustrate that cryptocurrencies cannot legitimately be regarded as money owing to their lack of essential characteristics universally shared by other monetary systems. By cryptocurrencies’ lack of intrinsic value as well as government support, virtual currencies fail according to the orthodox as well as the heterodox school of money, respectively. In addition, the inelasticity of the bitcoin stock due to the fixed maximum amount of 21 million units stands in sharp contrast to that of other monetary systems – including gold and other depletable resources –, further reducing bitcoin’s suitability as a medium of exchange, and thus as money. In an attempt to explain the apparent discrepancy between the current value the market attaches to cryptocurrencies and their monetary deficiencies, we advance that market participants are misled by what we term the input fallacy of value (IFV). Similar to the labour theory of value, which posits that value is a function of the labour required to produce a good or service, market participants appear to be misled into believing that the value of cryptocurrencies is the product of the input costs required in the “mining” process. In this context, it is overlooked that value, far from merely being a function of labour and capital deployed, is solely determined by the resultant utility. Since, however – as detailed in this paper –, bitcoin lacks the essential characteristics associated with money, cryptocurrencies’ utility, and hence price, should tend towards zero over time.
2018-06
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/99302/1/MPRA_paper_99302.pdf
Umlauft, Thomas (2018): Is Bitcoin Money? An Economic-Historical Analysis of Money, Its Functions and Its Prerequisites.
en
oai:mpra.ub.uni-muenchen.de:103235
2020-10-12T20:45:18Z
7374617475733D756E707562
7375626A656374733D41:4131
7375626A656374733D41:4131:413130
7375626A656374733D41:4131:413131
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7375626A656374733D41:4131:413133
7375626A656374733D41:4131:413134
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7375626A656374733D41:4132:413230
7375626A656374733D41:4132:413232
7375626A656374733D41:4132:413233
7375626A656374733D42:4231:423132
7375626A656374733D42:4231:423133
7375626A656374733D42:4232:423230
7375626A656374733D42:4232:423231
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7375626A656374733D42:4232:423233
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7375626A656374733D42:4235
7375626A656374733D42:4235:423530
7375626A656374733D43:4330
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7375626A656374733D4A:4A31:4A3131
7375626A656374733D4A:4A32:4A3234
7375626A656374733D4A:4A34:4A3434
7375626A656374733D4C:4C31:4C3135
7375626A656374733D4C:4C32:4C3230
7375626A656374733D4C:4C32:4C3233
7375626A656374733D4C:4C32:4C3235
7375626A656374733D4C:4C33:4C3332
7375626A656374733D4C:4C33:4C3333
7375626A656374733D4C:4C38:4C3834
7375626A656374733D4D:4D32:4D3239
7375626A656374733D4E:4E30:4E3030
7375626A656374733D4E:4E30:4E3031
7375626A656374733D4E:4E33:4E3330
7375626A656374733D4E:4E33:4E3332
7375626A656374733D4F:4F33:4F3330
7375626A656374733D4F:4F34:4F3433
7375626A656374733D4F:4F35:4F3531
7375626A656374733D50:5034:503436
7375626A656374733D59:5934:593430
7375626A656374733D59:5938:593830
7375626A656374733D5A:5A31:5A3133
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/103235/
Establishing a comprehensive census of undergraduate economics curricula:Foundational and special requirements for major programs in the U.S.
Turner, Grant
A1 - General Economics
A10 - General
A11 - Role of Economics ; Role of Economists ; Market for Economists
A12 - Relation of Economics to Other Disciplines
A13 - Relation of Economics to Social Values
A14 - Sociology of Economics
A2 - Economic Education and Teaching of Economics
A20 - General
A22 - Undergraduate
A23 - Graduate
B12 - Classical (includes Adam Smith)
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
B20 - General
B21 - Microeconomics
B22 - Macroeconomics
B23 - Econometrics ; Quantitative and Mathematical Studies
B29 - Other
B40 - General
B5 - Current Heterodox Approaches
B50 - General
C0 - General
C00 - General
C01 - Econometrics
C02 - Mathematical Methods
C83 - Survey Methods ; Sampling Methods
C90 - General
D29 - Other
D70 - General
D83 - Search ; Learning ; Information and Knowledge ; Communication ; Belief ; Unawareness
E00 - General
I2 - Education and Research Institutions
I20 - General
I21 - Analysis of Education
I23 - Higher Education ; Research Institutions
I25 - Education and Economic Development
I29 - Other
J11 - Demographic Trends, Macroeconomic Effects, and Forecasts
J24 - Human Capital ; Skills ; Occupational Choice ; Labor Productivity
J44 - Professional Labor Markets ; Occupational Licensing
L15 - Information and Product Quality ; Standardization and Compatibility
L20 - General
L23 - Organization of Production
L25 - Firm Performance: Size, Diversification, and Scope
L32 - Public Enterprises ; Public-Private Enterprises
L33 - Comparison of Public and Private Enterprises and Nonprofit Institutions ; Privatization ; Contracting Out
L84 - Personal, Professional, and Business Services
M29 - Other
N00 - General
N01 - Development of the Discipline: Historiographical; Sources and Methods
N30 - General, International, or Comparative
N32 - U.S. ; Canada: 1913-
O30 - General
O43 - Institutions and Growth
O51 - U.S. ; Canada
P46 - Consumer Economics ; Health ; Education and Training ; Welfare, Income, Wealth, and Poverty
Y40 - Dissertations (unclassified)
Y80 - Related Disciplines
Z13 - Economic Sociology ; Economic Anthropology ; Social and Economic Stratification
This study is the first of a series of studies, collectively embodying a multiphase mixed methods design. The overall objective of these studies is to explore and address a variety of issues and features of the discipline of economics, particularly as they relate to and represent past present and future factors of globalization, education, citizenship, and society. This is done by collecting and analyzing data on numerous aspects of the undergraduate economics curriculum, economics as a discipline, and economics as applied in the real world.
The overall purpose of these studies is to inform ongoing debates concerning the future of the discipline of economics and how it is taught, by examining and creating paradigms and methods that may be of aide. Additionally these studies collectively aim to outline, and in small ways develop, potential technological and organizational solutions for detailed longitudinal curriculum tracking. The frameworks employed and developed in these studies may eventually be scaled and adapted for all sorts of curricula. Ideally, the completion of this study’s overall objective yields practical insights and tools that empower faculty and departments, in economics and eventually in general, to better understand and design their own curriculum.
This immediate study fills gaps in and updates data on the curriculum of undergraduate economics majors in U.S. institutions, while also establishing a baseline data set for future studies to build on. A qualitative census methodology is adapted and employed to explore how various institutional and program factors relate to certain types of major program requirements. Descriptive statistics are used for analysis, primarily to allow for comparisons to previous studies. In sum, the purpose of the data collected and analyzed in this census is to give a glimpse into the current state of the undergraduate economics curriculum in the U.S., and to inform the qualitative, quantitative, and transformative studies that are to follow in this multiphase series.
2018-05-19
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/103235/1/MPRA_paper_103235.pdf
Turner, Grant (2018): Establishing a comprehensive census of undergraduate economics curricula:Foundational and special requirements for major programs in the U.S.
en
oai:mpra.ub.uni-muenchen.de:112385
2022-03-21T09:39:54Z
7374617475733D756E707562
7375626A656374733D41:4131:413132
7375626A656374733D42:4231:423133
7375626A656374733D42:4234:423431
7375626A656374733D42:4235:423539
7375626A656374733D43:4330:433032
7375626A656374733D43:4333:433330
7375626A656374733D43:4335:433534
7375626A656374733D43:4336:433630
7375626A656374733D45:4531:453130
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/112385/
Macroeconomic General Constrained Dynamic models (GCD models)
Glötzl, Erhard
A12 - Relation of Economics to Other Disciplines
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
B41 - Economic Methodology
B59 - Other
C02 - Mathematical Methods
C30 - General
C54 - Quantitative Policy Modeling
C60 - General
E10 - General
In economics balance identities as e.g. C+K'-Y(L,K) = 0 must always apply. Therefore, they are called constraints. This means that variables C,K,L cannot change independently of each other. In the general equilibrium theory (GE) the solution for the equilibrium is obtained as an optimisation under the above or similar constraints. The standard method for modelling dynamics in macroeconomics is DSGE. Dynamics in DSGE models result from the maximisation of an intertemporal utility function that results in the Euler-Lagrange equations. The Euler-Lagrange equations are differential equations that determine the dynamics of the system. In Glötzl, Glötzl, und Richters (2019) we have introduced an alternative method to model dynamics, which is a natural extension of GE theory. It is based on the standard method in physics for modelling dynamics under constraints. We therefore call models of this type "General Constrained Dynamic (GCD)" models. In this paper we apply this method to macroeconomic models of increasing complexity. The target of this labour is primarily to show the methodology of GCD models in principle and why and how it can be useful to analyse the macroeconomy with this method. Concrete economic statements play only a subordinate role. All calculations, even for GCD models of any complexity, can be easily performed with the open-source program GCDconfigurator.
2022-03-15
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/112385/1/MPRA_paper_112385.pdf
Glötzl, Erhard (2022): Macroeconomic General Constrained Dynamic models (GCD models).
en
oai:mpra.ub.uni-muenchen.de:112386
2022-03-19T02:46:51Z
7374617475733D756E707562
7375626A656374733D41:4131:413132
7375626A656374733D42:4231:423133
7375626A656374733D42:4234:423431
7375626A656374733D42:4235:423539
7375626A656374733D43:4330:433032
7375626A656374733D43:4333:433330
7375626A656374733D43:4335:433534
7375626A656374733D43:4336:433630
7375626A656374733D45:4531:453130
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/112386/
A simple General Constrained Dynamics (GCD) model for demand, supply and price shocks
Glötzl, Erhard
A12 - Relation of Economics to Other Disciplines
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
B41 - Economic Methodology
B59 - Other
C02 - Mathematical Methods
C30 - General
C54 - Quantitative Policy Modeling
C60 - General
E10 - General
In economics balance identities as e.g. C+K'-Y(L,K) = 0 must always apply. Therefore, they are called constraints. This means that variables C,K,L cannot change independently of each other. In General Equilibrium Theory (GE), the solution for equilibrium is obtained as optimisation under the above or similar constraints. The standard method for modelling dynamics in macroeconomics are Dynamic Stochastic General Equilibrium (DSGE) models. Dynamics in DSGE models result from the maximisation of an intertemporal utility function that results in the Euler-Lagrange equations. The Euler-Lagrange equations are differential equations that determine the dynamics of the system. In Glötzl, Glötzl, und Richters (2019) we have introduced an alternative method to model dynamics, which is constitutes a natural extension of GE theory. It is based on the standard method for modelling dynamics under constraints in physics. We therefore call models of this type "General Constrained Dynamic (GCD)" models. GCD models can be seen as an alternative to DSGE models to model the dynamics of economic processes. DSGE models are used in particular to analyse economic shocks. For this reason, the aim of this article is to show how GCD models are formulated and how they can be used to model economic shocks such as demand, supply, and price shocks. Since the goal of this paper is to lay out the fundamental principles to the formulation of such GCD models, very simple macroeconomic models are used for illustrative purposes. All calculations can easily be carried out with the open-source program GCDconfigurator, which also allows for the integration of shocks.
2022-03-15
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/112386/1/MPRA_paper_112386.pdf
Glötzl, Erhard (2022): A simple General Constrained Dynamics (GCD) model for demand, supply and price shocks.
en
oai:mpra.ub.uni-muenchen.de:112387
2022-03-21T09:41:12Z
7374617475733D756E707562
7375626A656374733D41:4131:413132
7375626A656374733D42:4231:423133
7375626A656374733D42:4234:423431
7375626A656374733D42:4235:423539
7375626A656374733D43:4330:433032
7375626A656374733D43:4333:433330
7375626A656374733D43:4335:433534
7375626A656374733D43:4336:433630
7375626A656374733D45:4531:453130
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/112387/
General Constrained Dynamic (GCD) models with intertemporal utility functions
Glötzl, Erhard
A12 - Relation of Economics to Other Disciplines
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
B41 - Economic Methodology
B59 - Other
C02 - Mathematical Methods
C30 - General
C54 - Quantitative Policy Modeling
C60 - General
E10 - General
In economics balance identities as e.g. C+K'-Y(L,K)=0 must always apply. Therefore, they are called constraints. This means that variables C,K,L cannot change independently of each other. In general equilibrium theory (GE) the solution for the equilibrium is obtained as an optimisation under the above or similar constraints. The standard method for modelling dynamics in macroeconomics are Dynamic Stochastic General Equilibrium (DSGE) models. Dynamics in DSGE models result from the maximisation of an intertemporal utility function that results in the Euler-Lagrange equations. The Euler-Lagrange equations are differential equations that determine the dynamics of the system. In Glötzl, Glötzl, und Richters (2019) we have introduced an alternative method to model dynamics, which constitutes a natural extension of GE theory. This approach is based on the standard method for modelling dynamics under constraints in physics. We therefore call models of this type "General Constrained Dynamic (GCD)" models. In Glötzl (2022b) this modelling method is described for non-intertemporal utility functions in macroeconomics. Since intertemporal utility functions are, however, essential for many economic models, this paper sets out to extend the GCD modelling framework to intertemporal GCD models, referred to as IGCD models in the following. This paper sets out to define the principles of formulating IGCD models and show how IGCD can be understood as a generalisation and alternative to DSGE models.
2022-03-15
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/112387/1/MPRA_paper_112387.pdf
Glötzl, Erhard (2022): General Constrained Dynamic (GCD) models with intertemporal utility functions.
en
oai:mpra.ub.uni-muenchen.de:118314
2023-08-24T15:31:56Z
7374617475733D756E707562
7375626A656374733D41:4131:413132
7375626A656374733D42:4231:423133
7375626A656374733D42:4234:423431
7375626A656374733D42:4235:423539
7375626A656374733D43:4330:433032
7375626A656374733D43:4333:433330
7375626A656374733D43:4335:433534
7375626A656374733D43:4336:433630
7375626A656374733D45:4531:453130
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/118314/
General Constrained Dynamic Models in Economics - General Dynamic Theory of Economic Variables - Beyond Walras and Keynes
Glötzl, Erhard
Glötzl, Florentin
Richters, Oliver
Binter, Lucas
A12 - Relation of Economics to Other Disciplines
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
B41 - Economic Methodology
B59 - Other
C02 - Mathematical Methods
C30 - General
C54 - Quantitative Policy Modeling
C60 - General
E10 - General
For more than 100 years economists have tried to describe economics in analogy to physics, more precisely to classical Newtonian mechanics. The development of the Neoclassical General Equilibrium Theory has to be understood as the result of these efforts. But there are many reasons why General Equilibrium Theory is inadequate: 1. No genuine dynamics. 2. The assumption of the existence of utility functions and the possibility to aggregate them to one “master” utility function. 3. The impossibility to describe situations as in “Prisoners Dilemma”, where individual optimization does not lead to a collective optimum. This book aims at overcoming these problems. It illustrates how not only equilibria of economic systems, but also the general dynamics of these systems can be described in close analogy to classical mechanics.
To this end, this book makes the case for an approach based on the concept of constrained dynamics, analyzing the economy from the perspective of “economic forces” and “economic power” based on the concept of physical forces and the reciprocal value of mass. Realizing that accounting identities constitute constraints in the economy, the concept of constrained dynamics, which is part of the standard models of classical mechanics, can be applied to economics. Therefore, it is reasonable to denote such models as General Constraint Dynamic Models (GCD-Models)
Such a framework allows understanding both Keynesian and neoclassical models as special cases of GCD-Models in which the power relationships with respect to certain variables are one-sided. As mixed power relationships occur more frequently in reality than purely one-sided power constellations, GCD-models are better suited to describe the economy than standard Keynesian or Neoclassic models.
A GCD-model can be understood as “Continuous Time”, “Stock Flow Consistent”, “Microfounded”, where the behaviour of the agents is described with a general differential equation for every agent. In the special case where the differential equations can be described with utility functions, the behaviour of every agent can be understood as an individual optimization strategy. He thus seeks to maximize his utility. However, while the core assumption of neoclassical models is that due to the “invisible hand” such egoistic individual behaviour leads to an optimal result for all agents, reality is often defined by “Prisoners Dilemma” situations, in which individual optimization leads to the worst outcome for all. One advantage of GCD-models over standard models is that they are able to describe also such situations, where an individual optimization strategy does not lead to an optimum result for all agents.
In conclusion, the big merit and effort of Newton was, to formalize the right terms (physical force, inertial mass, change of velocity) and to set them into the right relation. Analogously the appropriate terms of economics are economic force, economic power and change of variables. GCD-Models allow formalizing them and setting them into the right relation to each other.
2023-06-01
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/118314/1/4%20GCD%20Englisch%20Word%20REPEC%20Version%202%20PDF.pdf
Glötzl, Erhard and Glötzl, Florentin and Richters, Oliver and Binter, Lucas (2023): General Constrained Dynamic Models in Economics - General Dynamic Theory of Economic Variables - Beyond Walras and Keynes.
en