It is generally accepted that F.A. Hayek gave up the business cycle as an object of theoretical investigation following the publication of 1941's The Pure Theory of Capital. The present paper aims to cast a shade of doubt upon this received view. Many of Hayek's philosophical writings bear...

The death of welfare economics has been declared several times. One of the reasons cited for these plural obituaries is that Kenneth Arrow's impossibility theorem, as set out in his path-breaking Social Choice and Individual Values in 1951, has shown that the social welfare function - one of the...

The aim of this paper is to explain the process of diversification of normative economics by presenting the work of two authors: Tibor Scitovsky [1910-2002] and Amartya Sen [1933-]. While these two authors first contributed to traditional welfare analysis from within, they were subsequently...