Banning deception in economic experiments does not exclude experiments with participants in the role of experimenters who can gain by deceiving those in the role of participants. We compare treatments with and without possible deception by experimenter-participants to test whether deception...

As the conception of and debates on regional powers have been led by political science, this pa-per aims to contribute to the discussion from an economics perspective. Based on the discussion of different concepts of economic power - such as those of Schumpeter, Perroux, Predöhl, or...

The methodological individualism and subjectivism of the Austrian tradition in economics is often associated with a methodological dualism, i.e. the claim that the nature of its subject matter, namely purposeful and intentional human action, requires economics to adopt a methodology that is...

The ongoing discussion of U.S.-Japanese trade relations suggests that national differences such as in the institutional environment may be relevant for assessing international trade policies. However, economic trade theory often assumes countries to be organized around common notions of complete...

The attempts by Schulze, Warning, and Wiermann (2008) and Ritzberger (2008) to develop a joint ranking list of journals for economics and business research are critically evaluated. Their lists suggest that the quality of top business journals is substantially lower than that of many economics...

We show how time-dependent macroeconomic response follows from microeconomic dynamics using linear response theory and a time-correlation formalism. This theory provides a straightforward approach to time-dependent macroeconomic model construction that preserves the heterogeneity and complex...

In this paper, we explore a dynamical version of by Aoki and Yoshikawa model (AYM) for an economy driven by demand. We show that when an appropriate Markovian dynamics is taken into account, AYM has different equilibrium distributions depending on the form of transition probabilities. In the...

A large market economy has a huge number of degrees of freedom with weak microlevel coordination. The 'implicit microfoundations' approach assumes this property of micro-level interactions more strongly conditions macro-level outcomes compared to the precise details of individual choice...

In this paper, the authors explore a dynamical version of the Aoki and Yoshikawa model (AYM) for an economy driven by demand. They show that when an appropriate Markovian dynamics is taken into account, the AYM has different equilibrium distributions depending on the form of transition...