Economists have been unable to comprehend the logical framework of Keynes’ A Treatise on Probability (1921) and General Theory (1936). This is due to their failure to read both works in their entirety. Instead, they concentrate on the first three chapters of Part I of the General Theory or the...

In 1936, Keynes published The General Theory of Employment, Interest and Money, one of the most influential books in economics of the twentieth century. With this publication, Keynes has confused and will continue to confuse generations of economists as to what classical economics means. This...

The recent events of national and global economy prove, in a sense synthesizers, non-performance, ignorance and economic dilettantism of some considered domain experts, reason for which, through this article, we highlight the need to revisit the concept of economist in economy and society, and,...

Both Rosa Luxemburg and Michal Kalecki utilised Marx’s scheme’s or reproduction as the starting point of their analysis of economic dynamics. However, Luxemburg did not realise that they were not meant to serve as models of capitalist growth, but rather to show that the conditions for stable...

This paper discusses the following two hypotheses. The first one is based on the epistemological proposal which we have named the principle of discontinuity. It asserts that certain developments in the history of economic thought involve theoretical breaks which can only be fully explained by...

A system of thought allowed for the free market price of land to cyclically go down to zero. This is the economics of Moses. The economics of Jesus is a restatement of the economics of Moses. The first was applied during Biblical times and the latter, united with Aristotle’s thought and...

This paper covers the history of secular stagnation from Alvin's Hansen's AEA Presidential address in 1938 to the recent re-discovery of the idea by Lawrence Summers. It is argued that the story of secular stagnation is more complicated than the simple version usually told: the theory changed in...

The current dominant belief among economists that Smith made no original contributions to economic theory outside of presenting an original system of thought that was composed of the original analysis of other thinkers is incorrect.Smith made four unique contributions which have been overlooked....

This book examines new classical macroeconomics from a comparative and critical point of view that confronts the original texts and later comments as a first dimension of comparison. The second dimension appears in a historical context, since none of the new classical doctrines can be analyzed...

Kalecki's profit theory has always been popular among heterodox economist as an alternative approach to solve the paradox of monetary profits. In the present paper his formula ‘The workers spend what they get, the capitalists get what they spend' is scrutinized for its logical and factual...