This article questions Milton Friedman’s methodological position in a famous essay dating to 1948 where he questions the validity of tests of the assumptions of economic theory. Valid tests, he maintains, by and large, concern the empirical implications of hypotheses derived from the theory....

This article attempts to show that Pigou does not rely on the "wealth effect" in his attack on the doctrine of "unemployment equilibrium" with flexible money wages (a doctrine which, incidentally, he never considers clearly Keynesian). Instead, he depends on a form of "substitution effect,"...

Henry Sidgwick (1838-1900) is generally believed to have rejected the classical theory of comparative costs. He supposedly maintained, contrary to the classical view, that transportation costs instead of international factor immobilities were the primary basis for a special theory of...

This paper questions the popular anthropological assumption that all purpose money rules in the West today. Contrary to the followers of Karl Polanyi in anthropology, modern as well as primitive money is special purpose money. It is argued further that serious difficulties and confusions arise...

The last three decades have witnessed a spectacular integration of the world economy. On the one hand, the impact of the globalization on the economies is related to the activity of firms operating on a "multi-national" scale. These firms acquire subsidiaries abroad, move part of their...