Do markets generate a “just” wage? The answer to this question will depend upon the particular theory of the market that the political economist employs. By comparing actual labor markets with the neoclassical theory of competitive equilibrium as its normative benchmark, Joseph Heath (2018)...

The authors highlight under-appreciated problems with implementing a Basic Income Policy, even in the case of simple cash transfers which, given the existence of redistribution, are preferable to the bureaucratic machinery necessary for rationing specific goods

What explains the simultaneous critiques of economic theory and liberalism during the 1930s? Early neoclassical economists had a common understanding of the proper institutional context under-girding a liberal market order. From the marginal revolution emerged a growing emphasis on analyzing...

In this introduction I outline a logical continuity in Hayek's research program from technical economics to his political economy and social philosophy. By taking the starting point of economics as the question of the coordination of plans, Hayek's emphasis as an economist on how economic actors...