Fabio Petri's Microeconomics for the Critical Mind (2021) is an impressive tour de force in the field of microeconomic theory. It manifests the author's command of cutting edge analytical tools, concepts, and theoretical approaches both in the mainstream and in the heterodox literature. The book...

This contribution reviews key developments in Kaleckian economics after Kalecki, with a focus on its application to mature capitalist economies. Rather than revisiting interpretations of Kalecki's original work, the contribution highlights subsequent theoretical and empirical extensions. It...

This paper maps the intellectual and institutional landscape of post-Keynesian economics in Germany since the 1970s. It reviews the contributions of academics based in Germany, irrespective of their nationality, to post-Keynesian economics viewed from a broad tent perspective and to the...

We provide a brief primer on how the core of usable macroeconomic theory for monetary policymakers has evolved over the past 50 years. Today's policy discussions center on the New Keynesian (NK) synthesis, which builds on the Neoclassical growth model and the AS-AD framework. It incorporates...

Available open access digitally under CC-BY-NC-ND licence.Following on from The Hand Behind the Invisible Hand and A Realist Philosophy of Economics, this new book drawn from Karl Mittermaier's writings examines the intricate relationship between economic theory and real-world economic...

A Journey Through the History of Economics -- Stone Age, Antiquity, and Pre-Classical Period -- Classical Economics -- Neoclassical Economics and Recent History -- Present Day -- Current and Future Challenges of the Economy -- The Quintessence of Economic Thought -- The Most Urgent Issues of...

Extroverted Financialization offers a new account of the Americanization of global finance through the concept of 'extroverted financialization'. The study presents German banks as active participants of financialization, demonstrating how deeply entangled they were with global markets since...

"This book critically examines the concept of rationality, a central theme in economics and management theory, through the lens of an analytical philosophy framework. Alexander Styhre advocates for rationality to be grounded in practical reason, emphasizing the shared capacity to use language as...

The objective of this paper is to propose an analytical framework to examine the foundations of the theory of efficient growth. The theory of efficient growth is a newly developed theory based on the principles of the neoclassical framework. It argues that an economy grows efficiently under two...

While current economic theory focuses on prices and games, this book models economic settings where harmony is established through one of the following societal conventions: • A power relation according to which stronger agents are able to force weaker ones to do things against their will. •...

While current economic theory focuses on prices and games, this book models economic settings where harmony is established through one of the following societal conventions: • A power relation according to which stronger agents are able to force weaker ones to do things against their will. •...

An essay collection that insightfully explores the professional culture of contemporary economic theory, highlighting key features of successful economic theory from the last quarter century.When is a theoretical result taken seriously enough for economic application? How do theorists actively...

This paper explores the Economic Theory of Inflation, meticulously progressing from fundamental concepts to intricate mathematical models. Investigating causes and consequences, the study draws on pertinent economic theories and empirical evidence. Key findings elucidate the multifaceted nature...

Fabio Petri's Microeconomics for the Critical Mind (2021) is an impressive tour de force in the field of microeconomic theory. It manifests the author's command of cutting edge analytical tools, concepts, and theoretical approaches both in the mainstream and in the heterodox literature. The book...

Dem Zusammenhang zwischen wirtschaftswissenschaftlichen Modellen und modelliertem Wirtschaftsleben kommt eine Schlüsselbedeutung bei der Bewältigung gesellschaftlicher Krisen zu. Wenn ökonomische Modellwelten mit anderen Welten interagieren, spricht man von »Performativität«. Carsten Damm...

This article is the first of a series that offers a new paradigm for economics, the "multilevel paradigm," using generalized Darwinism as its theoretical framework. Generalized Darwinism refers to all processes that combine the ingredients of variation, selection, and replication - not just...

The article discusses the ongoing debate about a potential paradigm shift in eco-nomics. Institutions like the Institute for New Economic Thinking, the New Economics Foundation, and the Forum New Economy have been established to foster new approaches to understanding and transforming economies....

This paper examines heterodox theories of the determinants of the value of money. Orthodox approaches that tie money's value to relative scarcity of money or to the price level are rejected as inconsistent with the monetary theory of production embraced by heterodox traditions linked to Marx,...

I argue that the outbreak of the Great War facilitated a shift in the dominant view of human nature within the Cambridge-Bloomsbury intelligentsia, steering it away from an optimistic view toward a pessimistic one. The conceptualization of human reason and rationality within this group, however,...

Das vorliegende Buch vertieft das in Vorlesungen erworbene Wissen zu den Grundlagen der Volkswirtschaftslehre anhand zahlreicher und vielfältiger Übungsaufgaben und bereitet somit auf Klausuren vor. Die fünfte Auflage wurde um eine Reihe zusätzlicher Aufgaben zu aktuellen ökonomischen und...

Der 300. Geburtstag von Adam Smith bot 2023 die Gelegenheit, sich ausführlich mit Leben, Werk und Nachwirkung des Gründers der modernen Ökonomik zu beschäftigen. Die acht Beiträge dieses Bandes bieten nicht nur einen ausführlichen Überblick über den aktuellen Stand der ökonomischen und...

Preface by Ping Xinqiao -- An Important Innovation Achievement of Economics Theory with Chinese Characteristics -- On Li Yining's contribution to economics -- Introduction -- I. Formation of Economics Theory with Chinese Characteristics -- II. The Framework Structure and Main Content of this...

Objective: The objective of the article is to refer to the thesis about the need to modify the main paradigm of economic sciences - by which we mean mainstream economics - with all its consequences that influence the whole economic sciences. We posit the need for the modification of how economic...

EPUB and EPDF available Open Access under CC-BY-NC-ND licence. With contributions from Alan Kirman and Rod O'Donnell, Karl Mittermaier's posthumously published work establishes a conceptual framework that will help economic theorists explore new paths of empirical analysis.

This work deals with the Cobb-Douglas production function and related assumptions. The function has been at the center of the so-called ”capital controversy” and the object of a good deal of econometric research. We argue that while in the early days when the function was proposed the...

Economists have become very influential intellectuals in our contemporary society. The scientific knowledge produced by the discipline and the academic status of economists can be considered as a decisive power resource in media debates and politics. The current state of economics has been...

We pit individual theoretical predictors of the equity premium against a variety of data-driven statistical methods. Theoretically motivated predictive regressions outperform conventional penalised regressions but have similar out-of-sample R2 and lower economic gains relative to more agnostic...

This is a series of working papers to illustrate the utility of economics, and free - market activities, and accounting analyses as well as a regulatory view, and monetary view of a number of substantive economic questions including the sufficiency of modern economic analyses and economic and...

This paper discusses the unique features of Austrian economics and some of the recent contributions of this school of thought. We organize these contributions in different research “buckets” in the hope that this will be a useful guide to readers while demonstrating the ongoing relevance of...

Im Jahr 1873, vor 150 Jahren, wurde der Verein für Socialpolitik gegründet. Aus diesem Anlass beschäftigte sich der Vereinsausschuss für die Geschichte der Wirtschaftswissenschaft im Juni 2022 mit zentralen Themen der Vereinsgeschichte. Analysiert wird die Rolle von Gustav Schmoller als...

The History of Economics Society was founded at a time when the History of Economic Thought was being expelled from the Economics post-graduate curriculum in many universities, and was one of the key institutions around which the sub-discipline successfully re-organised itself and continued to...