The focus of this study is on black markets which provide an important segment of the parallel economy. These markets operate in disequilibrium,search and information costs become very important.Trafficking in drugs taken as case, to explore both theoretically and empirically. The problem,...

This paper develops a hypothesis of the economist Albert Hirschman in: The Rhetoric of Reaction, Perversity, Futility, Jeopardy (Harvard 1991) regarding the history of the Independence of Colombia. The Rhetoric of Independence extended the geographical worldview of the people of Spanish...

Two main paradigms split the core of the debate on governance structures: the maxi-minimizing and the satisfacing paradigms. Some differences between the two has been hidden by the (only apparently) similarity of the quot;maximumquot; and quot;maximalquot; concepts. If the maximizing behavior...

Propongo una reforma radical y ramificada del plan de estudios. Aún se debería enseñar el modelo básico de comportamiento del agente de la economía tradicional, pues no es totalmente irrelevante para el mundo real. Pero solo debería ser una de las numerosas formas de comportamiento de los...

The world has embraced a set of concepts (knowledge driven growth) which are seen as the ‘core of future growth and wellbeing’ without any commonly agreed notion of what they are, how they might be measured, and crucially therefore, how they actually do (or might) affect economic growth and...

This paper is prompted by the concluding comments to a recent paper (Denis “Hypostatisation”), which suggests that the neoclassical use of the concept of equilibrium expresses a formal mode of thought. Heterodox tendencies from Marxian to Austrian and Post Keynesian economics, that paper...

This paper draws upon the scholarship of interdisciplinarity to argue that Economics, like all disciplines, should be open to a wide range of theories and methods, and the study of all relevant phenomena. A classification of the different methods and theory types used by scholars identifies key...

Considerable attention has recently been directed towards the analysis of pluralism in social science, not least in economics. Plurality is often taken as a mark of pluralism. But it is not the same thing, and often indicates little more than a disconnected fragmentation of contributions to a...

Pluralism is the concept that there is no single methodology that is always the correct one for discovering scientific truths, so multiple approaches and methodologies are required for a complete scientific understanding of a subject. Heterodoxy refers to those approaches to a subject that are...

Several observers have noted signs of a growing plurality in mainstream economics. At the same time there has been a growing emphasis in heterodox economics on commonality. The purpose of this paper is to explore the nature of plurality in economics in order to make sense of these...