The economic paradigms of Ludwig von Mises on the one hand and of John Maynard Keynes on the other have been correctly recognized as antithetical at the theoretical level, and as antagonistic with respect to their practical and public policy implications. Characteristically they have also been...

El reciente auge de la neuroeconomía ha abierto una serie de preguntas sobre el impacto que esta nueva disciplina puede tener sobre la forma en que se hace teoría económica. Este trabajo busca resaltar la relevancia que la metodología en ciencia económica tiene como herramienta...

This paper outlines the development of Hayek's account of the working of decentralised economies, focusing in particular on his move away from using the notion of economic equilibrium towards an emphasis on the notion of 'order'

We suggest that one way in which economic analysis is useful is by offering a critique of reasoning. According to this view, economic theory may be useful not only by providing predictions, but also by pointing out weaknesses of arguments. It is argued that, when a theory requires a non-trivial...

There is a fundamental difference between the natural and the social sciences due to reactivity. This difference remains even in the age of Artificially Intelligent Learning Machines and Big Data. Many academic economists take it as a matter of course that economics should become a natural...

This paper considers the role of theory in our understanding of economic phenomena. While theoretical findings are sometimes claimed to have direct, real world relevance, this is based on rhetoric rather than logic. Theory can and has been considered as analogy, metaphor or framing. These...

The idea to propose an alternative theory approach for economics is to generate an open discussion and exchange of ideas about the study of any economic phenomenon from a multi-dimensional perspective. This theory is called “The Economic Multidimensionalization Theory”. The economic...

"Empirical" economists typically have no problem with data-driven, inductive research. But so-called Austrian economists have always objected strenuously on ontological and epistemological grounds that such studies do not produce real knowledge (Mises 1998, 113-115; Mises 2007). Camps of economists...

We examine the various senses in which economist use the term “rationality” and then outline some of the commonly drawn implications and auxiliary assumptions. Finally, we confront the implications with the empirical evidence, drawing on the insights from the exciting new field of behavioral...

The economics profession appears to have been unaware of the long build-up to the current worldwide financial crisis and to have significantly underestimated its dimensions once it started to unfold. In our view, this lack of understanding is due to a misallocation of research efforts in...