In contemporary non-mainstream economic debate, it is widely thought that the functioning of a market economy needs a set of rules (i.e. institutions) which bind agents in their behaviour, allowing efficient outcomes. This idea is contrary to the General Equilibrium Model (GEM) where markets are...

"Despite abundant literature on transaction costs, there is little to no in-depth analysis regarding what the transaction is or how it works. Drawing on both mainstream and heterodox literature and a variety of interdisciplinary sources, this monograph traces the history of transaction costs in...

Preface -- Introduction: Schumpeter's distinctive approach to price theory -- The theory of economic development -- Business cycle theory and statistical methods -- The price level and the price system -- Money, credit and the price level -- Norms, equilibrium and competition -- Norms for a...

Introduction -- Classicals -- John Locke: a philosopher dedicated to economic thought -- The pamphlets from 1815 : a shining moment for economic theory -- Sismondi's Nouveaux principes d'economie politique : classical liberalism, philanthropy, and the experience of history -- Charles Babbage's...

"Karl Popper and Friedrich von Hayek are remembered as two of the twentieth century's greatest proponents of open society. However, over the years, Hayek's ideas have tended to be favoured over Popper's in both academic and political discussions. This book aims to improve understanding of...