Economists have assumed that the Phillips curve, which shows a positive (negative) relation between inflation and the output ratio (unemployment rate), may be mapped off the aggregate demand -aggregate supply apparatus. The paper shows that the Phillips curve requires that unlikely restrictions...

This essay contrasts the production function approach to Kaldor's model of increasing returns which are demand-determined. In particular, the essay analyzes Kaldor's three major empirical "laws", which were adopted by later economists, and the criticisms of these three "laws" by economists who...

Traditionally, economists have considered that mathematics acts as a universal language that lends clarity to theoretical statements. This paper proposes that mathematics does not function as a mere language. Rather, the advocacy of particular theoretical views and the choice of mathematical...