Meir Kohn’s Exchange and Value claims that economics can be characterised around two opposed paradigms, the exchange and the value paradigms. In this paper, we apply this dichotomy to characterise the analyses proposed by economists in the field known as “law and economics”. We compare and...

In 1940 Schumpeter wrote a paper entitled: “The Meaning of Rationality in the Social Sciences”, which was intended to one of the meetings of a seminar including Talcott Parsons, Wassilly Léontief, Paul Sweezy and other Harvard scholars, that he took the initiative to start. In this paper...

This paper is an attempt to compare Carl Menger and Thorstein Veblen,’s conceptions of institutions. It is shown that although Menger stresses on the emergence of institutions, Veblen is much aware of analyzing their evolution. On this basis the idea of a dialogue between the two authors is...

Cet article est organisé de la façon suivante: dans un premier temps nous montrons que la référence à la notion de sélection de groupe n’est pas incohérente avec les autres éléments de la pensée hayékienne. Nous développons ensuite l’idée que les travaux récents en matière...

The purpose of this contribution is related to our own view of the Austrian market approach. We first point out how Menger, Wieser, Hayek (to a more limited extent) and Lachmann successively made various analytical achievements which contributed to the emergence of an Austrian view of markets as...

This paper has two aims. First, it studies the way the Austrian theory of institutions evolved from the main works of Menger. Second, and most significantly, it tries to justify the idea that the economic analysis of institutions was inspired more or less explicitly by Menger’s thesis but more...

In this paper, we show that, in 1961 and before he had read "The Problem of Social Cost", Calabresi reached exactly the same conclusions as the one reached by Coase and summarized by Stigler as the "Coase theorem" but he believed that this result was valid only in the theoretical world of the...

In this paper we present one possible historical reconstruction of the German historical school in Bulgaria for the period 1878 – 1944. The main postulates of the historical school which claimed to be a general theoretical model for newly emerging and backward economies suited well the...

Frank Knight was the key person in founding the Chicago school of economics. In this respect he was a seminal figure in the history of twentieth century economics. Yet, few current economists know much about Knight. After his early success in 1921 with Risk, Uncertainty and Profit - Knight's...

In one of the most famous passages of economic literature, John Maynard Keynes (1936, p.156) likens the stock market to a beauty contest in which the winners are those who anticipate the average opinion. Recently there have been attempts at investigating the BC experimentally (Nagel 1995, Duffy...