"Separation of ownership and control" is a phrase whose history will forever be associated with Adolf A. Berle and Gardiner C. Means' The Modern Corporation and Private Property (1932), as well as with Institutionalist economics, Legal Realism, and the New Deal. Within that milieu the large...

Inclusivity is perhaps the single most important human need to facilitate and demonstrate fairness for all members in an open and free society. When this principle need is compromised by appearances of unscrupulous self-interested privileged elites to perpetuate a systemic widening disparity...

This paper is the keynote speech delivered by Professor William Baumol at the First World Congress of Environmental Economists that was held in Venice on June 25-27, 1998. It analyses the situation of the environment under different economic regimes: the feudal society, Marxism and capitalism....

In Hume’s epistemology, induction leads to discovery in matters of fact. However, because of the poor data Hume analyzes the balance of trade with a thought experiment, doing what Mill makes explicit afterwards: reason from assumptions, to reach conclusions which are true in the abstract....

This paper is an account of the history of the attempt by Léon Walras to be awarded the Nobel Peace Prize for 1906. It describes Walras’ moves to get three of his Lausanne colleagues to nominate him for the Prize, the arguments advanced in the proposal, and the reception that it received by...

The author emphasizes that 2009 must be remembered not only for the 200 birthday of Charles Darwin, but as well as the 250-year anniversary of Adam Smith’s “Theory of Moral Sentiments”. Proceeding from the fact that Darwin as well as Robert Malthus refer to a classical economist, it is...

In "The Problem of Social Cost" Ronald Coase was highly critical of the work of Cambridge University Economics Professor Arthur Cecil Pigou, presenting him as a radical government interventionist. In later work Coase's critique of Pigou became even more strident. In fact, however, Pigou's...

Karl Mittermaier (1938-2016) was a classical liberal economist at the University of Witwatersrand in Johannesburg. He completed a work in 1986 titled The Hand Behind the Invisible Hand: Dogmatic and Pragmatic Views on Free Markets and the State of Economic Theory, being published in 2020 for the...

Some of the literature on entrepreneurship suggests that the term entrepreneur was first introduced by either Cantillon or Say during the industrial revolution in the 18th and early 19th centuries. This article, by contrast, shows the term and the concept to be far older. Moreover, before the...

The Talmudic rights arbitration, bankruptcy, and contested garment problems involve controversial claims and surprising judge's decisions, given without any justification back then, They have generated many studies and debates, In a paper published in 2008, De Mesnard...