Fabio Petri's Microeconomics for the Critical Mind (2021) is an impressive tour de force in the field of microeconomic theory. It manifests the author's command of cutting edge analytical tools, concepts, and theoretical approaches both in the mainstream and in the heterodox literature. The book...

We provide a brief primer on how the core of usable macroeconomic theory for monetary policymakers has evolved over the past 50 years. Today's policy discussions center on the New Keynesian (NK) synthesis, which builds on the Neoclassical growth model and the AS-AD framework. It incorporates...

A Journey Through the History of Economics -- Stone Age, Antiquity, and Pre-Classical Period -- Classical Economics -- Neoclassical Economics and Recent History -- Present Day -- Current and Future Challenges of the Economy -- The Quintessence of Economic Thought -- The Most Urgent Issues of...

The objective of this paper is to propose an analytical framework to examine the foundations of the theory of efficient growth. The theory of efficient growth is a newly developed theory based on the principles of the neoclassical framework. It argues that an economy grows efficiently under two...

This paper explores the Economic Theory of Inflation, meticulously progressing from fundamental concepts to intricate mathematical models. Investigating causes and consequences, the study draws on pertinent economic theories and empirical evidence. Key findings elucidate the multifaceted nature...

Fabio Petri's Microeconomics for the Critical Mind (2021) is an impressive tour de force in the field of microeconomic theory. It manifests the author's command of cutting edge analytical tools, concepts, and theoretical approaches both in the mainstream and in the heterodox literature. The book...

While current economic theory focuses on prices and games, this book models economic settings where harmony is established through one of the following societal conventions: • A power relation according to which stronger agents are able to force weaker ones to do things against their will. •...

This paper examines heterodox theories of the determinants of the value of money. Orthodox approaches that tie money's value to relative scarcity of money or to the price level are rejected as inconsistent with the monetary theory of production embraced by heterodox traditions linked to Marx,...

I argue that the outbreak of the Great War facilitated a shift in the dominant view of human nature within the Cambridge-Bloomsbury intelligentsia, steering it away from an optimistic view toward a pessimistic one. The conceptualization of human reason and rationality within this group, however,...

This article is the first of a series that offers a new paradigm for economics, the "multilevel paradigm," using generalized Darwinism as its theoretical framework. Generalized Darwinism refers to all processes that combine the ingredients of variation, selection, and replication - not just...

The article discusses the ongoing debate about a potential paradigm shift in eco-nomics. Institutions like the Institute for New Economic Thinking, the New Economics Foundation, and the Forum New Economy have been established to foster new approaches to understanding and transforming economies....

Der 300. Geburtstag von Adam Smith bot 2023 die Gelegenheit, sich ausführlich mit Leben, Werk und Nachwirkung des Gründers der modernen Ökonomik zu beschäftigen. Die acht Beiträge dieses Bandes bieten nicht nur einen ausführlichen Überblick über den aktuellen Stand der ökonomischen und...

Das vorliegende Buch vertieft das in Vorlesungen erworbene Wissen zu den Grundlagen der Volkswirtschaftslehre anhand zahlreicher und vielfältiger Übungsaufgaben und bereitet somit auf Klausuren vor. Die fünfte Auflage wurde um eine Reihe zusätzlicher Aufgaben zu aktuellen ökonomischen und...

Dem Zusammenhang zwischen wirtschaftswissenschaftlichen Modellen und modelliertem Wirtschaftsleben kommt eine Schlüsselbedeutung bei der Bewältigung gesellschaftlicher Krisen zu. Wenn ökonomische Modellwelten mit anderen Welten interagieren, spricht man von »Performativität«. Carsten Damm...

While current economic theory focuses on prices and games, this book models economic settings where harmony is established through one of the following societal conventions: • A power relation according to which stronger agents are able to force weaker ones to do things against their will. •...

An essay collection that insightfully explores the professional culture of contemporary economic theory, highlighting key features of successful economic theory from the last quarter century.When is a theoretical result taken seriously enough for economic application? How do theorists actively...

Preface by Ping Xinqiao -- An Important Innovation Achievement of Economics Theory with Chinese Characteristics -- On Li Yining's contribution to economics -- Introduction -- I. Formation of Economics Theory with Chinese Characteristics -- II. The Framework Structure and Main Content of this...

Objective: The objective of the article is to refer to the thesis about the need to modify the main paradigm of economic sciences - by which we mean mainstream economics - with all its consequences that influence the whole economic sciences. We posit the need for the modification of how economic...

EPUB and EPDF available Open Access under CC-BY-NC-ND licence. With contributions from Alan Kirman and Rod O'Donnell, Karl Mittermaier's posthumously published work establishes a conceptual framework that will help economic theorists explore new paths of empirical analysis.

Economists have become very influential intellectuals in our contemporary society. The scientific knowledge produced by the discipline and the academic status of economists can be considered as a decisive power resource in media debates and politics. The current state of economics has been...

This work deals with the Cobb-Douglas production function and related assumptions. The function has been at the center of the so-called ”capital controversy” and the object of a good deal of econometric research. We argue that while in the early days when the function was proposed the...

America has evolved into an ownership society. Home-buying decisions, resource allocation, debt exposure, and financial planning for the future are now left to individuals, with little guidance from the companies or institutions they work for. Economics, with its insistence on quantifying ideas...

The aim of this article is to discuss why we should synthesize feminist and post-Keynesian/Kaleckian economics. We answer three related questions. Why does post-Keynesian economics need feminist economics? Why does feminist economics need post-Keynesian macroeconomics? Finally, what is the...

For the Austrian School, the problem of efficient allocation of scarce resources is not computational in nature (ability to collect and process data) but economic-entrepreneurial (human assessment and decision around new ends and means of productive activity), and that can only be resolved...

This text provides a comprehensive analysis of why and how social economy organizations create superior value for society. The chapters discuss the social economy's role in promoting innovation for impact, as well as its role as an agent of societal change and as a partner to businesses,...

Purpose - In the early 1930s, Nicholas Kaldor could be classified as an Austrian economist. The author reconstructs the intertwined paths of Kaldor and Friedrich A. Hayek to disequilibrium economics through the theoretical deficiencies exposed by the Austrian theory of capital and its...

The History of Economics Society was founded at a time when the History of Economic Thought was being expelled from the Economics post-graduate curriculum in many universities, and was one of the key institutions around which the sub-discipline successfully re-organised itself and continued to...