The positions of British and German economists on public debt in the long 19th century differed substantially from each other. While British classical economists regarded any public debt as ruinous for the country, German economists promoted debt accumulation for productivity-enhancing public...

In this clear and engaging book, economist Louis Putterman places the economy and the study of economics in a broad historical and social perspective. He explores the history of the discipline, the history of the modern economy, different perspectives on the market economy, and the relations...

This document makes an analysis of the neoclassical framework in relation to the way how the agents choose, emphasizing that the assumptions reward the formalization, despising its power of representation of the model. According to studies made by authors like Kahneman & Tversky (1973, 1979,...

One of the most debated issues in international finance is the meaning of the pari passu clause in sovereign bonds. The clause is ubiquitous; it is in almost every single foreign-law sovereign bond out there. Yet, almost no one seems to agree on its meaning. One way to cut the Gordian knot is to...

One of the most enduring relationships in economics is that proposed by Ernst Engel in 1857: “The poorer is a family, the greater is the proportion of the total outgo [family expenditures] which must be used for food. … The proportion of the outgo used for food, other things being equal is...

Es gibt unglaublich viele und unglaublich schwerwiegende Ungerechtigkeiten. Acht Millionen Menschen verhungern jedes Jahr. Milliarden Menschen können ihre Möglichkeiten und Fähigkeiten nicht ausleben. Gleichzeitig werden Einzelne mit zum Teil unsozialem Verhalten märchenhaft reich. Viele...