Interest in thermodynamic analogies in economics is older than the idea of von Neumann to look for market entropy in liquidity, advice that was not taken in any thermodynamic analogy presented so far in the literature. In this paper we go further and use a standard strategy from trading theory...

Mathematics has been extremely effective in physics, but not in economics beyond finance. To establish economics as science we should follow the Galilean method and try to deduce mathematical models of markets from empirical data, as has been done for financial markets. Financial markets are...

We investigate the websites of economists at Harvard University and George Mason University. We draw a contrast between the two departments by using Robert Nelson’s distinction between the “scholastic†and the “pietistic†approaches to knowledge and discourse....

Most people believe economists are more selfish than noneconomists. The reasons for such belief and for the related moral condemnation of economists remain confused. Both charges and evidence are insufficient to support substantial judgements. Further elaboration would be welcome before drawing...

A value added panel and a larger posttest sample are applied to test hypotheses regarding the common influences on student performance on the TUCE III. Common influences, those shared by all students in a given classroom, included: day vs. night time of course; class size; peer effects; and...

In previous research on the impact of the Research Assessment Exercise on heterodox economics and heterodox economists in the UK, the author concluded that reliance on Diamond List journals to rank departments would drive economic departments to discriminate positively in terms of their hiring,...

The emergence of Islamic viewpoints on economic issues under the umbrella of Islamic economics has captivated much interest especially in its practical manifestation in Islamic banking and finance. In light of the failure of mainstream economics to address many pressing issues, and hence the...

While the most recent financial crisis highlighted a myriad of problems within mainstream economics, the call for reform has been widespread, long-standing, and deep-seated. This paper reaffirms this call from a historical perspective, with accelerating climate change adding a sense of urgency....

The current crisis has triggered significant debate concerning economic theory and policy. Largely absent from this debate is an informed discussion of the methods used by economists in analysing the economy and formulating their proposals. But method matters. Here I argue that current academic...

The Queen of England famously asked her economic advisers why none of them had seen it (the global financial crisis) coming. Obviously, the answer is complex, but it must include reference to the evolution of macroeconomic theory over the postwar period - from the Age of Keynes, through the...