This essay explores evolutionary and competence-based theories of the firm. Evolutionary theories can be regarded as a subset of a wider class of theories, variously described as “capabilities”, “resource-based”, or “competence-based” theories of the firm. These contrast with a...

Addresses the theory of capital and interest of Eucken. Explains how Eucken works out the temporal aspects of the economic process in different monetary systems, market structures and economic systems. The theory is critically evaluated. Eucken made essential contributions to the theory of...

Examines the implications of real wage rigidity for anticipated fiscal policy in the context of a small open economy operating a floating exchange rate. Employs an extended version of a Mundell-Fleming model, containing an explicit treatment of the supply side, in which domestic output depends...

Using recent literature, examines developments in seven macroeconomic schools of thought: orthodox Keynesian, monetarist, new classical, real business cycle theory, new Keynesian, Austrian and post-Keynesian. Describes all of these and classifies them as orthodox, new or radical. After setting...

This paper presents a simple alternative measure for the arc elasticity of demand that comes naturally and possesses some attractive properties. In particular, it equals the point demand elasticity at some point inside the interval, thus leading to the exact estimations of demand elasticity when...

Allyn Young's lectures, as recorded by the young Nicholas Kaldor, survey the historical roots of the subject from Aristotle through to the modern neo-classical writers. The focus throughout is on the conditions making for economic progress, with stress on the institutional developments that...

Purpose – Joseph Alois Schumpeter's ideas are in the discussion agenda of various economists working in different theoretical traditions. However, several aspects of his work remain unexplored. In particular, the origin of his ideas in the context of the then prevalent economic theories of the...