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Marx made significant contributions to macroeconomics, laying the grounds for both Keynes's theory of aggregate demand and Schumpeter's theory of creative destruction. His law of the tendency of the rate of profit to fall parallels Alvin Hansen's theory of secular stagnation which has recently...
Persistent link: https://www.econbiz.de/10012954595
The paper analyses the evolvement and effects of central bank crisis management since the mid 1980s based on a Hayek-Mises-Wicksell over-investment framework. It is shown that, given that the traditional transmission mechanism between monetary policy and consumer price inflation has collapsed,...
Persistent link: https://www.econbiz.de/10012977401
There is a fundamental difference between the natural and the social sciences due to reactivity. This difference remains even in the age of Artificially Intelligent Learning Machines and Big Data. Many academic economists take it as a matter of course that economics should become a natural...
Persistent link: https://www.econbiz.de/10012949113
Friedrich Hayek’s The Road to Serfdom is an influential book more than seventy years after its publication. This paper examines his arguments and finds that they come up short in many ways and suggests that we have taken “another road to serfdom”. Hayek’s mind was completely closed to...
Persistent link: https://www.econbiz.de/10013315496
This paper is a survey of the literature on theoretical models of the household, paying particular attention to some of the earlier contributions, and using them to place the current state of the theory in perspective. One of its aims is to suggest that the literature's neglect of Samuelson's...
Persistent link: https://www.econbiz.de/10013316648
We study the effect of likability on female and male team behavior in a lab experiment. Extending a two-player public …
Persistent link: https://www.econbiz.de/10012952473
In the reported experiment different payment schemes are examined on their incentive effects. Payment based on …
Persistent link: https://www.econbiz.de/10005765708
with representative behavioral data from a social dilemma experiment. We identify which survey questions intended to elicit … people’s trust correlate well with behaviorally exhibited trust in the experiment. People above the age of 65, highly skilled …
Persistent link: https://www.econbiz.de/10005766135
The formation of social ties is examined in an experimental study of voluntary public good provision. The experimental design consists of three parts. In the first part the value orientation (attitude to a generalized other) is measured. In the second part couples play a multi-period public good...
Persistent link: https://www.econbiz.de/10005766220
Redistribution is an inevitable feature of collective pension schemes. Nevertheless, it is still an open question what people’s preferences are regarding this form of redistribution. This paper reviews experimental evidence on preferences regarding redistribution and asks what this evidence...
Persistent link: https://www.econbiz.de/10008498990