This paper takes off from Jan Kregel's paper "Shylock and Hamlet, or Are There Bulls and Bears in the Circuit?" (1986), which aimed to remedy shortcomings in most expositions of the "circuit approach". While some "circuitistes" have rejected John Maynard Keynes's liquidity preference theory,...

Milton Friedman (1962) famously argued there can be no freedom of speech where the government owns the printing presses. According to Friedman, political freedom presupposes economic freedom. Less well-known are F. A. Hayek's and John Jewkes's illustrations of the same principle, both drawing...

The roaring (twenty-)twenties are a decade of anniversaries and milestones. 2020 was the 100th anniversary of Ludwig von Mises’s seminal article “Economic Calculation in the Socialist Commonwealth” and the 75th anniversary of F.A. Hayek’s seminal article “The Use of Knowledge in...

Oskar Lange's 1938 article “The Rate of Interest and the Optimum Propensity to Consume”, is usually associated with the original IS-LM approach of the late 1930s. However, Lange's article was not only an attempt to illuminate Keynes's main innovations but the first part of a wide project...

This paper is about the alleged tension between methodological individualism and evolutionary ideas in the work of Friedrich Hayek. This issue is much debated, but I focus my attention on a quite original incompatibility argument by Geoffrey Hodgson. Hodgson sympathizes with the evolutionary...

Previous discussions concerning the relationship between John Dewey’s pragmatic instrumentalism and institutional economics have focused on Clarence Ayres and on issues of valuation. This paper gives attention to the actual conduct of economic investigations by institutionalists such as Wesley...

Carl Menger published his classic work Principles of Economics in 1871, that work is the founding text of what came known as the “Austrian School of Economics”. That label has now been used to describe a historical school of thought, as well as contemporary academic economists and public...

In this essay the Author traces back the modern standard theory of economic rationality to the theological backgrond of the theory of Angels as rational decision makers developed by Christian Scholastics.His main conclusion is that there is an identifiable theological background of modern...

The term “Institutional Economics” has been applied to some of capitalism's strongest critics as well as its most ardent apologists. This paradox in terms has bred contradictory literature in development economics, some declaring the death of this line of thought while others herald its...