Gul and Pesendorfer (2008) argue that neuroeconomics is evidentially and explanatorily irrelevant to economics, because neuroeconomics and economics ask different questions and utilize different abstractions. They suggest neuroeconomics is only relevant as a source of inspiration for economists....

Rothschild (2001) argues that the invisible hand refers to blind individuals and presume privileged knowledge on the part of the social scientist. For this reason, she takes it that the invisible hand is, in fact, an un− Smithian concept and that Smith was making an ironical joke. In this...

This note is mainly based on a short interview with Thomas C. Schelling (TCS), who shared the Nobel Prize with Robert J. Aumann in 2005. The interview took place on 06.03.2001 at University of Maryland, College Park, USA. It consists of two parts. The first part is about his interpretation of...

This paper discusses the epistemic import of highly abstract and simplified theoretical models using Thomas Schelling's checkerboard model as an example. We argue that the epistemic contribution of theoretical models can be better understood in the context of a cluster of models relevant to the...

The image of economics got somewhat puzzling after the crisis of 2008. Many economists now doubt that economics is able to provide answers to some of its core questions. The crisis was not so fun for economics. However, this not so fun image of economics is not the only image in the eyes of the...

A review essay on Avner Greif, Institutions and the Path to the Modern Economy : Lessons from Medieval Trade, Cambridge, Cambridge University Press, 2006, xx+503.

This note is mainly based on a short interview with Thomas C. Schelling (TCS), who shared the Nobel Prize with Robert J. Aumann in 2005. The interview took place on 06.03.2001 at University of Maryland, College Park, USA. It consists of two parts. The first part is about his interpretation of...

Menger's explanation of the 'Origin of Money' is one of the paradigmatic examples of invisible hand explanations. This paper examines Menger's explanation in detail and comments on the characteristics of invisible hand explanations.