Keynes’s IS-LM model in the General Theory, defined in (r,Y) space and contained in chapter 21 in Part IV on pp. 298-299 of the General Theory, was derived from the underlying D-Z model of Chapter 20 that incorporated expectations and uncertainty into the P(expected economic profits-Z) and...

J. Muth's 1961 article on rational expectations was written without any knowledge on Muth's part about what a subjective theory of probability entails and is based on, or what an objective theory of probability entails and is based on. Muth's disbelief, that the individual, subjective...

As existing literature attests, in spite of methodological differences Marx and Veblen draw strikingly similar conclusions regarding production, conflict, and alienation in modern existence. We here attempt to establish that similarity in conclusion stems from similarity in approach. After...

A number of Marxist scholars have tied aspects of Marx's thought to certain Aristotelian categories, yet remarkably little is said of Marx's dialectical materialism in this literature. Here we attempt to lay a foundation for such an effort, paying particular attention to the way in which...

Once economics came to be understood as the scientific investigation of the operation of markets, economic theorists pushed ethical and metaphysical concerns outside their realm of study. After the separation, the claims of Christian theology had no more jurisdiction over the discipline of...

The main point of this paper is to contribute to understanding Milton Friedman’s (1953) “The Methodology of Positive Economics” (hereafter F1953), one of the most influential statements of economic methodology of the twentieth century, and, in doing so, help discern the non trivial but...

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...

The meaning of Methodological Individualism has been one of the most diversified concepts and is one of the basic methodological principles of the social sciences. It indicates an orderly, repeatable and self-correcting research procedure whose object of study is individuals and their set of...