The paper evaluates the present and future international currency status of the US dollar, the euro and the yen. In section two the functions, benefits, and costs of a leading international currency are discussed. In section three key determinants for the continuous dominance of the US dollar...

The demand for cash balances of financial intermediaries that establish contractual liabilities with credit-sensitive customers is characterized. As stated by Merton, the success of the business activities of such firms crucially depends on their credit quality, and hence, they are obliged to...

This paper presents evidence that accounting (or flow-of-fund) macroeconomic models helped anticipate the credit crisis and economic recession. Equilibrium models ubiquitous in mainstream policy and research did not. This study identifies core differences, traces their intellectual pedigrees,...

Methodological pluralism advocates balanced consideration of multiple research methods. The concept rests upon the necessity of choice in the absence of conclusive principles to guide the preference of method. Ecological economics, however, appears to be engaging in a different conception...

Since the neoclassical economics dominants in the literature, its scientific power can be possible sanctify by Nobel prizes. So it’s a normal process that the Nobel prizes reflect the new trends in economics. When the causal relationship between powerfull of orthodoxy and nobel prizes in...

Born out of the conscious effort to imitate mechanical physics, neoclassical economics ended up in the mid 20th century embracing a purely mathematical notion of rigor as embodied by the axiomatic method. This lecture tries to explain how this could happen, or, why and when the economists’...

Bayesian rationality is the paradigm of rational behavior in neoclassical economics. A rational agent in an economic model is one who maximizes her subjective expected utility and consistently revises her beliefs according to Bayes’s rule. The paper raises the question of how, when and why...

The purpose of this note is to clarify how the idea of "causal depth" can play a role in finding the more "approximately true" explanation through causal comparisons. It is not an exhaustive treatment but rather focuses on a few aspects that may be the most critical in evaluating the explanatory...

This work is a PhD dissertation, written at the Department of Economics, McGill University. The thesis offers a new framework for inflation as a process of restructuring. Contrary to existing theories of inflation, which tend to take structure and institutions as given for the purpose of...