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This paper considers some methodological aspects of Joan Robinson's contribution to post-Keynesian growth theory. Joan Robinson's criticisms of equilibrium analysis, of the conflation of logical and historical time and of the uses (and misuses) of mathematical formalisation are scathing. But...
Money has always been something of an embarrassment to economic theory. Everyone agrees that it is important; indeed, much of macroeconomic policy discussion makes no sense without reference to money. Yet, for the most part, theory fails to provide a good account for it. Indeed in the...
The Great Recession and the financial crisis of 2007-09 prompted ca lls for fundamental reforms of economic theory. The role of theory in economics and in recent economic events is considered in light of two recen t books: the sociologist Richard Swedberg's The Art of Social Theory and the...
This paper addresses various attempts by so-called new Keynesians, writing mainly in the 1980s and 1990s, to strengthen the analytical basis, in particular the microeconomic foundations, of these assertions. What, exactly, have then the new Keynesians accomplished, and how should their...
Neoclassical economists of the current era frequently pay lip service to Adam Smith’s theories to certify the validity of natural-laws-based, laissez-faire policies. However, neoclassical theories are fundamentally disconnected from Adam Smith’s notion of value, his understanding of the...
This article is an obituary, in memoriam of professor Claudio Napoleoni, an economist and politician.
This paper provides a comparison between Adam Smith and David Ricardo’s treatments of poverty in a capitalist society. The comparison focus on the different arguments they use to relate poverty to inequality and institutional realities. The discussion points out the life experiences of each...
For more than one decade, Hayek's theory of cultural evolution has been the object of a double controversy, with scientific and philosophical aspects. What is in discussion is nothing less than the existence of inner contradictions in the work of the Austrian Nobel prize winner. Apparently...
This paper is about Nicky Kaldor and other economists contributions to economics.
The aim of this paper is to provide an outline of the development of the theory of exchange, concentrating on the less well-known development of the formal model which culminated in the contribution of Edgeworth. The importance of exchange, viewed as the central economic problem for the early...