Economists have occasionally noticed the appearance of economists in cartoons produced for public amusement during crises. Yet the message behind such images has been less than fully appreciated. This paper provides evidence of such inattention in the context of the eighteenth century...

This paper sustains that reappraising Austrian economics in the light of Aristotelian ideas is not only possible but also fruitful. First, the paper draws a sketch of the essential features of Austrian economics. Next, it argues about the necessity for a thorough analysis of the notion of...

Though contemporaries, Adam Smith and Sir James Steuart are commonly portrayed as men belonging to different eras. Whereas Smith went down in history both as founder of Classical Political Economy and patron of economic liberalism, Steuart became known as the last, outdated advocate of...

Translation of old economic doctrines into new technical frameworks led the profession to lose a valid theory of monetary non-neutrality. The theory relates to how additional money diffuses through the economy after entering at different points. Diffusion takes time, redistributes resources, and...

[Eliminating history from economic thought] Formal analysis, in which maximizing agents use today's 'true' model of the economy to form expectation upon which they then base their behaviour, trivializes the role of the future in economic life and ignores the possibility that the past's models,...

Neoclassical economists of the current era frequently pay lip service to Adam Smith's theories to certify the validity of natural-laws-based, laissez-faire policies. However, neoclassical theories are fundamentally disconnected from Adam Smith's notion of value, his understanding of the economic...

This paper concerns a neglected aspect of Lucas's work: his methodological writings, published and unpublished. Particular attention is paid to his views on the relationship between theory and ideology. I start by setting out Lucas's non-standard conception of theory: to him, a theory and a...

Given the renewed interest in negative interest rates as method for removing the floor to nominal interest rates, this article offers a concise review of Gesell's life, work and its place in the history of economic thought. It provides a brief biographical sketch of Gesell, demonstrating both...

This paper takes off from Jan Kregel's paper "Shylock and Hamlet, or Are There Bulls and Bears in the Circuit?" (1986), which aimed to remedy shortcomings in most expositions of the "circuit approach". While some "circuitistes" have rejected John Maynard Keynes's liquidity preference theory,...

In the history of economic thought Walter Eucken is mostly known for his impact in establishing the Social Market Economy in post-war Germany. Even though there is a growing interest in his ideas especially from an Austrian and a Constitutional Economics perspective, his influence on the...