The evolutionary vision in which history matters is of an evolving economy driven by bursts of technological change initiated by agents facing uncertainty and producing long term, path-dependent growth and shorter-term, non-random investment cycles. The alternative vision in which history does...

The modern Schumpeterian vision in which history matters is of a non-stationary, evolving economy driven by bursts of technological change initiated by agents facing uncertainty and producing long term, path dependent growth and shorter term non-random investment cycles. The New Classical vision...

We summarise salient developments in the interaction of the multilateral trading system and multilateral trading agreements (MTAs) on the one hand and regional trading agreements (RTAs) on the other. We then consider the economic effects of RTAs, comparing customs unions with free trade...

The Abstract of your paper: This paper criticises three Robbinsian positions still often found in modern economics: (1) the methodology of intuitively obvious assumptions; (2) treating facts as illustrations rather than as tests of theoretical propositions; (3) assuming that theory provides...

The origin of the second best article is described and criticisms assessed. Distortions making impossible the achievement of either first or second best optima are outlined. Attempts to establish the applicability of first best rules are criticised, as are general rules for making piecemeal...

While acknowledging the successes of modern economics, this paper concentrates on some shortcomings. Many are traced to a single source: the great insights of economics are all qualitative. Economics does not have a theoretical structure that is tightly related to a rich body of data and those...

The following propositions are argued. Technological advance is a necessary condition for sustained economic growth. It can be sustained by more then one set of institutions. Technology and institutions co-evolve. Although some institutions inhibit growth while others encourage it, no single...

We argue that small group competition among overlapping oligopolies is the predominate market form in modern society applicable whenever goods are located by their address in some relevant space: characteristic space for monopolistic competition and geographic space for spatial competition....

Fully updated, but maintaining its rigorous approach, the thirteenth edition of Economics guides students through the core principles of micro and macroeconomics, building firm foundations of understanding. Clear explanations ensure that students master each key concept before practical...