The weak rationality principle is not an empirical statement but a heuristic rule for how to proceed in social sciences. It is a necessary ingredient of any 'understanding' social science in the Weberian sense. In this paper, first this principle and its role in economic theorizing are...

Das schwache Rationalitaetsprinzip ist eine heuristische Regel, wie man in den Sozialwissenschaften sinnvollerweise vorgehen kann. Es ist notwendiger Bestandteil jeder ‚verstehenden‘ Sozialwissenschaft im Sinne von Max Weber. Zunaechst werden dieses Prinzip und seine Rolle im Rahmen der...

The weak rationality principle is not an empirical statement but a heuristic rule how to proceed in social sciences. It is a necessary ingredient of any understanding’ social science in the Weberian sense. In this paper, first this principle and its role in economic theorizing is discussed. It...

The weak rationality principle is not an empirical statement but a heuristic rule of how to proceed in social sciences. It is a necessary ingredient of any ‘understanding’ social science in the Weberian sense. In this paper, first this principle and its role in economic theorizing is...

The determinants of the velocity of money have been examined based on life-cycle hypothesis. The velocity of money can be expressed by reciprocal of the average value of holding time that is defined as interval between participating exchanges for one unit of money. This expression indicates that...

This paper extends the new hybrid Keynesian Phillips curve (NKPC) to the open economy context. We hypothesise that pricing decisions depend on both labour costs and intermediate imported input prices. The results for Hong Kong are consistent with the theory if import prices are given substantial...

In this paper, by utilizing the Poincaré–Bendixson theory and the Hopf bifurcation theory, we analyze both rigid-price and flexible-price nonlinear disequilibrium Keynesian macroeconomic systems, prove the existence of a persistent business cycle and derive the conditions for global...

Ten years after its introduction, the Euro is in an existential crisis. The crisis is the outcome of economic policies that have aimed at labour market flexibility and financial integration. The paper argues, firstly, that the aggregate demand regime in the Euro area is wage led. While an...

The juxtaposition of Kennedy and Reagan approaches to economic problems is particularly instructive in that they express the two major - and quite different - approaches of macroeconomic policy in the past three decades: the 1962 Kennedy Camelot which relied on traditional Keynesian economics,...

Over the past several decades, economists have devoted ever-growing effort to developing economic models to help us understand how changes in interest rates brought about by monetary policy actions affect the production and provision of goods and services in the economy. Although New Keynesian...