Hans Albert hat in einigen Arbeiten den apriorischen Charakter des "neoklassischen Denkstils" kritisiert und treffend als "Modellplatonismus" bezeichnet. Die apriorische Denkhaltung findet sich aber nicht nur in der von Albert kritisierten Neoklassik, sondern vielleicht noch ausgeprägterer bei...

The German philosopher Hans Albert has critizised the aprioristic nature of the neoclassical style of thought and has characterized it as "model Platonism". Apriorism is not confined to some lines of neoclassical though, however, but is, perhaps even more pronouncedly, present in Austrian...

The paper generalizes Feldstein's criticism (Perceived Wealth in Bonds and Social Security, 1976) of Barro's analysis (Are Government Bonds Real Net Wealth?, 1974) for the case that the interest rate exceeds the growth rate. This is done by considering an economy in steady state where all agents...

Government bonds are interest-bearing assets. Increasing public debt increases income, wealth, and consumption demand. The smaller government expenditure is, the larger consumption demand must be in equilibrium, and the larger must be public debt. Conversely, lower public debt implies higher...

The Labor Market and Employment (Handbook article). The labor market differs from typical markets in important ways. We find job competition and collective mechanisms that set wages and working conditions. Changes in employment bring about changes in wages and prices and entail political and...

Economists are widely familiar with the Ricardian equivalence thesis. It maintains that, given the time-path of government spending, a change in taxation does not alter the set of feasible life-time consumption plans of the households and affects neither the demand for commodities and services...

Economists are widely familiar with the Ricardian equivalence thesis. It maintains that, given the time-path of government spending, a change in taxation does not alter the set of feasible life-time consumption plans of the households and affects neither the demand for commodities and services...

This note generalizes Feldstein’s (1976) criticism of Barro’s(1974) analysis for the case that the interest rate exceeds the growth rate. This is done by considering an economy in steady state where all agents hold “Barro expectations”: they believe that government debt must necessarily...

This note identifies a severe mistake in my article “Unexpected Consequences of Ricardian Expectations” that appeard in this journal in the July 2013 issue.

This note proposes a growth model that is derived from the standard Solow growth model by replacing the neoclassical production function with Kaldor’s technical progress function while maintaining a marginalist theory of factor prices in the spirit suggested by von Weizsäcker (1966, 1966b)....