Richard Cantillon and David Hume both propose the theory of monetary nonneutrality, whereby the money supply changes through the money balances of specific individuals. Such an uneven distribution of monetary change then spreads throughout the economy step by step and changes relative prices....

The death of welfare economics has been declared several times. One of the reasons cited for these plural obituaries is that Kenneth Arrow's impossibility theorem, as set out in his path-breaking Social Choice and Individual Values in 1951, has shown that the social welfare function - one of the...

Translation of old economic doctrines into new technical frameworks led the profession to lose a valid theory of monetary non-neutrality. The theory relates to how additional money diffuses through the economy after entering at different points. Diffusion takes time, redistributes resources, and...

Samuelson and Solow in their 1960 paper in the American Economic Review: Papers and Proceedings were among the first economists to engage with Phillips' famous unemployment/wage-inflation analysis, now referred to as the Phillips curve. They addressed the question of the relevance of Phillips's...

Little is known about the relationship between Carl Menger, founder of the Austrian School of Economics and one of the three fathers of marginal utility theory, and Karl Menger, whose Vienna Mathematical Colloquium was crucial to the development of mathematical economics. The present paper...

We begin with an economic model of science according to which signals concerning scientific reputation both serve to coordinate the plans of individuals in the scientific domain and ensure that the knowledge that emerges from interactions between scientists and the environment is reliable...

This paper addresses the intellectual relationship between Max Weber and three key proponents of neoliberalism: F.A. Hayek, Walter Eucken and Wilhelm Röpke. This relationship is contextualized in the history of German-language political economy, focusing on the nexus and proximity between early...

The method appropriate to the historical and conceptual investigation of Hayek’s ideas is implicit in his own writings on the methodology of disciplines that study complex phenomena. The phenomena of Hayek’s career are complex phenomena requiring a method appropriate to this complexity.

Samuelson kept optimization-based problems separated from macroeconomic dynamics in his Foundations, where dynamics were defined in terms of difference and differential equations. Despite some criticism of his "correspondence principle" of stability analysis by D.F. Gordon, D. Patinkin and...

The paper investigates the role played by Friedman’s interpretation of the Brazilian inflation in his 1967 formulation of the natural rate hypothesis and in his 1976 discussion of indexation and other institutional arrangements in the face of chronic inflation. It is argued that, as an...