The paper investigates the development of the notion of rationality in choice and decision theory from the viewpoint of the transformation undertaken by neoclassical economics during the 20th century — the so-called formalist revolution. The main point is that the reduction of the economic...

This paper appraises, from the point of view of the history of economic thought, Alchian and Demsetz' contribution on the theory of the finn. This celebrated contribution can be considered partly as a reply to the "radical challenge" which occurred at the end of the 1960's. In spite of numerous...

In developing their pure-exchange equilibrium models, Jevons [1871], Walras [1874–77], and Edgeworth [1881] make use of some version of a law, called law of indifference (or principle of uniformity) by Jevons and Edgeworth and often referred to as the law of one price in connection with...

The aim of this paper is to examine the concepts of freedom used by John Rawls and Amartya Sen in the light of two well-known pairs of freedom: the pair freedom of the ancients/freedom of the moderns defined by Constant and the pair negative freedom/positive freedom defined by Berlin. After a...

In his paper entitled "Choice, Expectation and Measurability" Nicholas Georgescu-Roegen severely attacked the utility theory by rejecting systematically the so-called Archimedian axiom. His argument strongly relied on the use of lexicographic ordering. However he did not bring the argument to...

Hahn's (1982) influential critique of Sraffa (1960) crucially rests on his conclusion that "the only falsifiable entailment of the Sraffa equations is the postulate of a uniform rate of profit". This paper argues that the uniformity of the rates of profit in Sraffa’s system is not an...

Two perspectives on the price system are examined, as a method of valuation represented by Walrasian equilibrium and as a means of appropriation represented by “perfectly competitive equilibrium.” The stronger requirements of perfectly competitive equilibrium emphasize that valuation is...

The aim of this essay is to describe the concept of self-interest and show how it relates to the idea of the individual as an economic agent, focusing only on Smith's Wealth of Nations. Self-interest is analysed from three different perspectives that highlight its conceptual complexity. The...

The aim of this paper is to trace the evolution of the concept of ''rational consumer'' in Hicks's writings. After being one of the pioneers in the introduction of rationality assumptions about consumer behaviour in economic models, Hicks gradually developed a sceptical view about some of the...

One of the keys to Max Weber's social economics is the evolution of institutional arrangements. In the first part, I show that Weber can be interpreted as an institutional economist. In the second part, I reconstruct the most important features of Max Weber's institutionalism, namely the...