This paper asks whether the post-Keynesian or New Keynesian paradigm provides a more realistic description of the effects of fiscal policy on output and consumption. I establish some macro and microeconomic stylized facts on fiscal multipliers and marginal propensities to consume based on the...

Leszek Jasiński [2019] attempts, as the title indicates, "a reading after half a century" of Michał Kalecki's thought. We dispute the main claim in the book, i.e. that Kalecki has a firm place in contemporary mainstream economics and was the originator of many ideas generally accepted today....

The History of Economic Thought as a field has long taken it as a premise that so far as ancient economic thought is concerned, only the Greeks and Romans are worth studying. This paper introduces the Guanzi as a core text in ancient Chinese economic thought on price stabilization from a...

This book considers the relationship between Hayek and Mill, taking issues with Hayek's criticism of Mill and providing a broader perspective of the liberal tradition. Featuring contributions from the likes of Ross Emmett, Leon Montes and Robert Garnett, these chapters ask whether Hayek had an...

Using Adam Smith’s notion of an 'invisible hand', this extraordinary contribution identifies dogmatic versus pragmatic views of free markets. Published posthumously, with new contributions by Rod O’Donnell, Daniel B. Klein and Christopher Torr, this book outlines Mittermaier’s main thesis...

This article is about the relationship between visions and theory. In the modern vision, the world is a collection of things. In the process vision, the world is a system of relationships. Each of these visions structures inquiry in a distinct way. If the world is a collection of things, time...

This contribution advances a critical examination of Smith’s thought in theological perspective, with a point of departure in a recent interpretation of the "invisible hand." We show that the concept of general providence has displaced traditional understandings of special providence in the...

One of the earliest attempts at formulating a systematic religious approach to economics was undertaken by neo-Calvinists, first in the Netherlands, and later in the twentieth century also in the Anglo-Saxon world. While their approach to and achievements in economics have received due...

Recently, some theological ethicists have criticized modern economics for offering a rival theology that undermines an appreciation for creation and God’s gifts. In their view, through the logic of opportunity cost, economics substitutes a tragic world of scarcity for God’s abundance....