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...

Leontief was and still is one of the most recognized names in economics, inextricably linked to the development of input-output techniques, but throughout his life he remained fiercely critical of other economists’ works and of the state of economic science. To understand his bitterness, we go...

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...

We define the axioms of quantum game theory and show that classical, Nashian, game theory is a special case of quantum game theory. In our more general framework, we prove the insufficiency of the von Neumann Morgenstern utility, because it is not uniquely defined. Relating utility to the time...

Impulsivity varies substantially across individuals and time and is known in theneurological literature to impact behavior. We show that impulsivity impacts thenumber of suicides in a standard Hamermesh and Soss (1974) model by influencingthe discount rate. Using state-year level data from 1993...

Impulsivity varies substantially across individuals and time and is known in theneurological literature to impact behavior. We show that impulsivity impacts thenumber of suicides in a standard Hamermesh and Soss (1974) model by influencingthe discount rate. Using state-year level data from 1993...

Economic theories are often encoded in equilibrium models that cannot be directly estimated because they lack features that, while inessential to the theoretical mechanism that is central to the specific theory, would be essential to fit the data well. We propose an econometric approach that...

Walter Eucken was one of the main representatives of the Freiburg School of Law and Economics and German ‘neoliberalism’, also known as Ordoliberalism. This chapter portrays and analyses Eucken’s life and work as well as his Ordoliberal legacy. It begins by taking a closer look at...

We consider mandatory components of the economic theory: two scales and four dimensions composed by collective agent’s economic variables, transactions and expectations and by the economic policy. We consider all economic variables, transactions and expectations on an equal footing and don’t...

Population ageing is often thought to have adverse economic consequences, and economics therefore has a responsibility for contributing to an understanding of ageing. This paper discusses the treatment of population ageing in economic theory and argues that mainstream economics is too narrow and...

Can economic theory help - forecasting key macroeconomic variables? This article aims to provide some insight into the question by drawing lessons from the literature. The definition of ‘economic theory’ includes a broad range of examples, such as accounting identities, disaggregation and...

Using the case of handicap sports (like horse racing and golf) as an apt analogy, the Eurozone's leverage of competitiveness is first simply demonstrated. It is then argued that there is a discordance between economic theory, and particularly the theory of international trade, and the concept of...

This article aims to present a concise overview regarding global economic ideas and its historical development with brief evaluation of capitalism and communism as well as question of laissez-faire and concept of ownership in relation to Islamic economic thought. What are the rudiments,...

Under the impetus of Edward Lazear, personnel economics has established itself as a particularly dynamic area of mainstream labour economics. It aspires to provide the best solutions to the practical problems that human resource managers encounter. The following paper aims to do the following:...

Chapter 1. Introduction -- Chapter 2. Rediscovering Classical Economics in the Laboratory -- Chapter 3. Price Formation: Overview of the Theory -- Chapter 4. Price Formation: Partial Equilibrium -- Chapter 5. Price Formation: General Equilibrium -- Chapter 6. Financial Instability: Re-tradable...

This working paper - like its companion, Caldwell and Klausinger 2021 - grew out of the authors' joint work on Hayek: A Life, 1899-1950 (Caldwell and Klausinger 2022) and it contains material supplementing it. This paper draws to a large extent on Friedrich Hayek's own investigations into the...

This article--designed to give readers unfamiliar with public choice a historical overview and flavor for the kinds of problems considered--is divided into three main sections, "historical origins," the "modern founders of MPE," and a brief description of some "current issues" studied by public...

This paper develops a decision-theoretic approach to policy analysis. We argue that policy evaluation should be conducted on the basis of two factors: the policymaker's preferences, and the conditional distribution of the outcomes of interest given a policy and available information. From this...

This chapter explores the evolution and contribution of social economics to modern political economic analysis. It reviews the origins and early history of social economics, discusses more fully recent postwar social economics, and then identifies new themes in social economics’ current...

Abstract. Blockchain (or crypto) foundations are nonprofit organizations that supply public goods to a crypto-economy. The standard theory of crypto foundations is that they are like governments with respect to a national or regional economy, i.e. raising a public treasury and allocating...

Economics and culture have usually been kept apart in academic discussion. The resulting division is damaging to economics, since important cultural questions such as the formation of preferences, the influence of ideology and the relation between the individual and society are systematically...

Much economic theory, especially the orthodox variety, keeps away from structural methods and makes little or no reference to social structure: the word ‘structure’ is used only rarely and casually, so that its sense remains unclear. This paper argues that economics might gain from a richer,...

This paper reviews the current academic literature on investment theory with a focus on the modern portfolio theory in longer term investments. There are a variety of different investment instruments in the primary and secondary markets including equities, fixed income products, and financial...

This article presents a theory of labor discrimination based on the behavior of economic agents that maximize utility and profits. The article makes use of a monopsony that hires workers that have the same labor productivity, to focus on perfect discrimination; discrimination by quantities of...

Whilst it is impossible to argue that the earth is flat without fearing ridicule, fallacies in economics are widespread. Such fallacies pervade the intellectual sphere and even influence policy. Professor Geoffrey Wood of the University of Buckingham exposes such popular economic fallacies in...

Although many economists, most notably Strotz, have discussed dynamic inconsistency and precommitment, none have dealt directly with the essence of the problem: self-control. This paper attempts to fill that gap by modeling man as an organization. The Strotz model is recast to include the...

This essay examines the idea and potential of a computational approach to theory,' discusses methodological issues raised by such computational methods, and outlines the problems associated with the dissemination of computational methods and the exposition of computational results. We argue that...

What determines the intensity and objects of hatred? Hatred forms when people believe that out-groups are responsible for past and future crimes, but the reality of past crimes has little to do with the level of hatred. Instead, hatred is the result of an equilibrium where politicians supply...

Jim Tobin, who died on March 11, 2002 at the age of 84, was one of giants of economics of the second half of the twentieth century and the greatest macroeconomist of his generation. Tobin's influence on macroeconomic theory is so pervasive - so much part of our professional 'acquis' - that many...