In the Cambridge Capital Controversy, critics associated with Cambridge, UK, attack the logical coherence of neoclassical theory and claim to outline an alternative approach to economics. The most prominent neoclassical economists responding to the controversy acknowledge that many models in the...

This article demonstrates certain doctrines of the Austrian school of economics are untenable. The focus is on certain aspects of capital theory undergirding Austrian Business Cycle theory. Other criticisms of Austrian Business Cycle Theory from Cambridge-Italian economists are briefly surveyed....

This paper presents the results of an empirical exploration of data from countries worldwide. Income distribution, as associated with the system of prices of production, fails to describe many economies. Economies in most countries or regions lie near their wage-rate of profits frontier, when...

This article presents an analysis based on a comparison of stationary states. With technology and relative markups among industries taken as exogenous, the long-period trade-off between wages and rates of profits is determined. A long-period change in relative markups among industries can create...

Paul A. Samuelson extends the Ricardian theory of foreign trade to a model of small open economies in which countries can trade semi-finished capital goods on international markets, as well as trade in produced consumer goods. He argues that this extension provides an additional gain from trade,...

Samuelson extends the Ricardian theory of foreign trade to a model of small open economies in which countries can trade semi-finished capital goods on international markets, as well as produced consumer goods. He argues that this extension provides an additional gain from trade, which he labels...

This article considers a model of international trade in which the number of produced commodities does not exceed the number of countries engaged in trade. Technology is modeled such that each commodity can be produced in each country from a finite series of dated labor inputs. The existence of...

This article presents an example in which perturbations in relative markups and technical progress result in variations in characteristics of the labor market. Around a switch point with a positive real Wicksell effect, a higher wage is associated with firms wanting to employ more labor per unit...

This article presents an example in which technical progress results in variations in the labor market. Around a switch point with a positive real Wicksell effect, a higher wage is associated with firms wanting to employer more labor per unit output of net product. Around a switch point with a...

In response to the global economic crisis, some have advocated that Austrian school macroeconomics be reconsidered. This paper examines elements of Roger Garrison's Time and Money as an exposition of Austrian Business Cycle Theory not incorporating some of the more complex elements of Hayek's...