This article surveys some arguments brought forward in defense of the theory of perfect competition. While some critics propose that the theory of perfect competition, and thus also the theory of the firm, are logically flawed, (mainstream) economists defend their most popular textbook model by...

In this paper we show that a rational consumer choice along the lines traditionally suggested might lead to paradoxical results if one considers multidimensional goods, which incorporate a series of incommensurable aspects. Thereby, we explore the similarity between the resulting paradox and...

This article investigates citations metrics as an institutional phenomenon from two perspectives: first it tries to articulate the role of citation metrics within a Gramscian framework; second it compares citation patterns from orthodox and heterodox economic journals to gain insights on the...

Addressing the question why Economics as a discipline is not subject to evolutive processes itself, we explain the paradigmatical dominance of neoclassical theories in Economics as a path dependent process. Recognizing economics as "locked into neoclassical thinking," we first identify three...

This article reviews strategic suggestions for heterodox economic journals and heterodox economists relating to quantitative indexing. It contains a critique of Thomson Scientifics "Journal Impact Factor" as well as an integrated discussion of general strategic guidelines and specific strategic...

This article reflects on the economic development leading to the recent crisis and interprets this development as a series of events within a Minsky-Veblen cycle. To illustrate this claim we introduce conspicuous consumption concerns, as described by Veblen, into a stock-flow-consistent post...

It is a well-known criticism that due to its exponential distribution, survey data on wealth is hardly reliable when it comes to analyzing the richest parts of society. This paper addresses this criticism using Austrian data from the Household Finance and Consumption Survey (HFCS). In doing so...

This paper discusses the role of mathematics as a conversational tool in economics. Based on the observation that mathematics is understood as an alternative language to express theoretical concepts and ideas, this paper reports experimental results trying to estimate the potential effects such...