Chapter 2 is one of the most important chapters in the General Theory. Not only does it set out Keynes' disagreements with key elements of the classical model, it lays out his own model of the working of the labour market, which underlies the analysis in the remainder of the General Theory. The...

Both Keynes’ and Hayek’s shared the belief that there existed a need to revisit the economic discourse that began in the thirties and involved their respective analyses of growth and the business cycle. This paper looks at these topics and discovers some of the deep methodological, cultural,...

Mikhail Tugan‑Baranovsky was one of the most prolific Russian economists at the turn of the 19–20th centuries. His thought was largely influenced by Western ideas, like most of his fellow Russian economists. But Tugan‑Baranovsky’s theories in turn also influenced Western economic thought...

Culture shapes economic action and, as such, impacts economic life. Although there is a growing recognition amongst economists that culture matters, there is nothing approaching a universal agreement on how to incorporate culture into economic analysis. We provide a brief summary of how...

Capital theory is one of the most controversial topics in economics and an object of debate inside the Austrian School of Economics. If Böhm-Bawerk's capital theory, usually identified as the Austrian Capital Theory, left many Austrian economists unsatisfied, a clear definition of capital,...

Purpose - In the early 1930s, Nicholas Kaldor could be classified as an Austrian economist. The author reconstructs the intertwined paths of Kaldor and Friedrich A. Hayek to disequilibrium economics through the theoretical deficiencies exposed by the Austrian theory of capital and its...