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Entry for "The Elgar Companion to Alfred Marshall", edited by Tiziano Raffaelli, Marco Dardi, and Giacomo Becatini …
Persistent link: https://www.econbiz.de/10010440450
Neoclassical economists of the current era frequently pay lip service to Adam Smith's theories to certify the validity of natural-laws-based, laissez-faire policies. However, neoclassical theories are fundamentally disconnected from Adam Smith's notion of value, his understanding of the economic...
Persistent link: https://www.econbiz.de/10012951067
Neoclassical economists of the current era frequently pay lip service to Adam Smith’s theories to certify the validity of natural-laws-based, laissez-faire policies. However, neoclassical theories are fundamentally disconnected from Adam Smith’s notion of value, his understanding of the...
Persistent link: https://www.econbiz.de/10011695560
Right-wing critics of Keynes have often suggested that he was a socialist. His policy proposals were very often described as a slippery slope that would lead society into a totalitarian nightmare. Alternatively, from the left, Keynes was often seen as a reformist that intended to preserve the...
Persistent link: https://www.econbiz.de/10014529493
Homer clearly expressed the economic problem of choosing the best option among several alternatives given a certain set of restrictions. In the Odyssey he specifically wrote about the minimum cost choice. This kind of problem, as is well known, is at the heart of the neoclassical economics. We...
Persistent link: https://www.econbiz.de/10013028101
Adam Smith is commonly referred to as one of the first who thought of foreign trade in terms of an international division of labour, whereby each country specialises in the production of certain goods. It is argued that he made a strong case for foreign trade on this basis. In this article, I...
Persistent link: https://www.econbiz.de/10012990740
This working paper - like its companion, Caldwell and Klausinger 2021 - grew out of the authors' joint work on Hayek: A Life, 1899-1950 (Caldwell and Klausinger 2022) and it contains material supplementing it. This paper draws to a large extent on Friedrich Hayek's own investigations into the...
Persistent link: https://www.econbiz.de/10012515260
This working paper - like its companion, Caldwell and Klausinger 2021 - grew out of the authors' joint work on Hayek: A Life 1899-1950 (Caldwell and Klausinger 2022) and it contains material supplementing it. This paper examines the intellectual circles of fin-desiécle Vienna in which the Hayek...
Persistent link: https://www.econbiz.de/10012515261
Chapter Six and its Appendix deal in some detail with the way Keynes is defining income, savings and investment in the General Theory while the appendix to Chapter 6 goes into detail on user cost. His concept of user cost at one point sparked a certain amount of controversy among Keynesians but...
Persistent link: https://www.econbiz.de/10013077469
Chapters 8, 9 and 10 set out Keynes' theory of consumer behavior. Chapter 8 is entitled The Propensity to Consume: I. The Objective Factors, Chapter 9 is The Propensity to Consume: II. The Subjective Factors, and Chapter 10 is The Marginal Propensity to Consume and the Multiplier. Contrary to...
Persistent link: https://www.econbiz.de/10013077470