Historians of economic thought are paying greater attention to issues of social ontology (that is, to the assumptions that economists make about the nature of social reality). In this paper, we contribute to this burgeoning literature by exploring the hitherto neglected way in which James...

As reiterated for a long, modern neoclassical economics mainly relies upon a set of unrealistic axioms and deductive assumptions, which, nevertheless, are what underpins its core postulates. They are unnecessarily unrealistic assumptions, mainly because the empirical evidence for contrasting...

This paper argues that modified versions of the so-called “New Cambridge” approach to macroeconomic modeling are both quite useful for modeling real capitalist economies in historical time and perfectly compatible with the “vision” underlying modern Post-Keynesian stock-flow consistent...

After World War II only a few developing countries were able to catch up to real GDP per capita levels prevailing in developed countries. These successful countries in almost all cases came from Asia and did not follow the free market doctrine in the tradition of the Washington Consensus. There...

This paper develops a nonlinear econometric model of the determinants of capital flight for eighteen developing countries over the period 1978 to 1988. During most of the 1980s, capital flight proved difficult to reverse. Besides an uncertain domestic policy environment, costs associated with...

In 1947, for the first time a report on national accounting concepts was published by the UN (the 1947 UN-report). Some years later (in 1951), the first official guidelines were published. Since then, national accounting theory and practice have increasingly been dominated by these guidelines....

This work focuses on the welfare costs of exposure to shocks and uncertainty linked to trade openness – a prominent issue in international debate. It contributes by presenting a comprehensive review of the literature on the “destabilizing effects” of trade openness, drawing together...