This paper discusses the establishment of the minimum wage determination process in the early twentieth century Australia, following the institutionalisation of compulsory industrial arbitration between capital and labour. This process led to the 1907 Harvester judgment whereby the Common-...

Economic conflict resolution historically has been seen, by the main schools of economic thought, as the distribution of given, scarce resources. The neoclassical school argued that the distribution was efficiently solved by the price system, and the Marxist school argued that a revolution to...

This book presents the history of economic thought as it relates to today’s most pressing problems, and it emphasizes the critical connection that exists between what may seem cold, unrealistic mathematical economic models, and the quality of everyday life of any citizen of the planet earth....

The recent recession has brought a sharp decrease in income, output, and world trade, as well as an increase in unemployment in developed and underdeveloped countries. Experts such as Paul Krugman, Christina Romer, or Barry Eichengreen, compare the current situation with the Great Depression of...

The History Schumpeter´s of Economic Analysis, is a tour de forcé of scholarship. The display of erudition is 'truly unbelievable. How could one man have acquired and then digested so much knowledge? Not only does the History offer two thousand years of economics, from Aristotle to Paul...

In less than fifteen years, the world has experienced the worst financial crisis since the 1930’s, the worst global pandemic since the flu in 1918, and the largest war fought since the Second World War. This manuscript argues that these crises are not isolated events. The main thesis is that...

This is an entry produced for the Handbook of the History of Economic Analysis, edited by Gilbert Faccarello and Heinz D. Kurz (eds). Volume 3. Cheltenham, UK and Northampton, MA, USA: Edward Elgar, forthcoming. We analyze competition as rivarly in a race, as a specific market structure, and as...

This article discusses two major conceptions of competition, the classical and the neoclassical. In the classical conception, competition is viewed as a dynamic rivalrous process of firms struggling with each other over the expansion of their market shares at the expense of their competitors....

The “subsistence fund” was once an integral part of Austrian business cycle theory to indicate the resource constraint on the ability to complete investments. Early agrarian and industrial economies were constrained by resource availability in a manner consistent with that alluded to by the...

In recent years, the Austrian School of Economics (NASE) has decisively expanded its ideological sphere of influence with the help of neoliberal think tanks. At the same time it explicitly cultivates the image of a scientifically heterodox actor far away from the economic mainstream. In this...