In contemporary non-mainstream economic debate, it is widely thought that the functioning of a market economy needs a set of rules (i.e. institutions) which bind agents in their behaviour, allowing efficient outcomes. This idea is contrary to the General Equilibrium Model (GEM) where markets are...

In this paper the view of humankind and nature upon which the thinking of Malthus is founded will be reflected on and contrasted with the opposed understanding of his contemporary Wordsworth. We show that the economic considerations of both are based decidedly on the premise of these views, and...

Using Adam Smith's notion of an 'invisible hand', this extraordinary contribution identifies dogmatic versus pragmatic views of free markets. Published posthumously, with new contributions by Rod O'Donnell, Daniel B. Klein and Christopher Torr, this book outlines Mittermaier's main thesis and...

Ákos Navratil (1875-1952) is an outstanding theoretical economist from the first half of the 20th century. A selection of his works was published as volume 8 in the series Classics in Hungarian Economics (Old truths and new theories in economics by Ákos Navratil, (int., ed. by M. Hild)). The...

This book considers the relationship between Hayek and Mill, taking issues with Hayek's criticism of Mill and providing a broader perspective of the liberal tradition. Featuring contributions from the likes of Ross Emmett, Leon Montes and Robert Garnett, these chapters ask whether Hayek had an...

I explore a unique exogenous instrument to examine how the intra-familial position of women influence health outcomes of their children using micro data from Ghana Demographic and Health Survey, 2008. Using the 2 SLS-IV estimation technique, I build a model of household bargaining and child...

Recent theoretical research has studied extensively the link between wage setting and monetary policymaking in unionized economies. This paper addresses the question of the role of monetary uncertainty from both an empirical and theoretical point of view. Our analysis is based on a simple model...

All else equal, higher wages translate into higher inflation. More rigid wages imply a weaker response of inflation to shocks. This view of the wage channel is deeply entrenched in central banks’ views and models of their economies. In this paper, we present a model with equilibrium...

This paper presents an extensive, but non-formalized, critique ofthe concept of the non-accelerating inflation rate of unemployment(NAIRU) and all similar concepts such as the steady-inflation rateof capacity utilization (SIRCU) which are used by mainstream economiststo argue that there is no...