Following up on the suggestions of Adolph Lowe, the paper investigates the potential contribution of pragmaticist philosopher Charles Sanders Peirce's concept of "retroduction" (and especially Norwood Hanson's elaborations of that concept), mathematician George Polya's work on heuristics,...

This paper proposes a new route, namely efficient bargains between the union and the firm over wage and employment, to shed light on the robustness of the Mundell (1963) proposition. It is found that, in a flexible exchange rate economy with perfect capital mobility, a fiscal expansion will have...

In 1971, Robert Mundell proposed a stunning solution to the three problems then affecting the U.S. economy: high inflation and unemployment, and a weak currency. Mundell suggested that the policy mix of fiscal expansion and monetary contraction could work to raise output, reduce inflation, and...