The purpose of this chapter is to link Ronald Coase's methodological approach to what he ‘learned' when he was at the London School of Economics (LSE) from Edwin Cannan and Arnold Plant. The main lesson Coase taught us and insisted upon was that economics should not be too ‘abstract' and...

I discuss Aoki's fundamental model of institutions in its most recent version, building on a comment that Aoki contributed to a paper by Hindriks and Guala in 2015. These authors advance a ‘rules in equilibrium' approach to institutions that claims to reduce a Searlian social ontology of...

Vertrauen hat Konjunktur. Seit etlichen Jahren ist es en vogue, Vertrauen einzufordern. - Politiker fordern das "Vertrauen" der Wähler und konstatieren konsterniert, dass sie das Vertrauen der Wähler verloren haben (Der Spiegel Nr. 26; 2004: 24, Müntefering: 'Uns ist das Vertrauen der Menschen...

This paper takes off from Jan Kregel's paper "Shylock and Hamlet, or Are There Bulls and Bears in the Circuit?" (1986), which aimed to remedy shortcomings in most expositions of the "circuit approach". While some "circuitistes" have rejected John Maynard Keynes's liquidity preference theory,...

So far Schumpeter's affinities with the German Historical School (GHS) have been inadequately acknowledged or even unexplored in major accounts of Schumpeter's work. This essay argues that Schumpeter formulated some of his principal theses in accordance with the conceptual framework of the GHS....

Portuguese Abstract: Discuto neste artigo a concepção de racionalidade de Herbert A. Simon em duas de suas principais definições gerais: a racionalidade limitada e a racionalidade procedimental. Argumento que a segunda é a que melhor sintetiza a visão do autor sobre o comportamento...

This article revisits the socioeconomic theory of the Austrian School economist Ludwig M. Lachmann. By showing that the common claim that Lachmann's idiosyncratic (i.e., eclectic and multidisciplinary) approach to economics entails nihilism is unfounded, it reaches the following conclusions. (1)...

Since the death of Hyman Minsky in 1996, much has been written about financialization. This paper explores the issues that Minsky examined in the last decade of his life and considers their relationship to that financialization literature. Part I addresses Minsky’s penetrating observations...

German “Ordnungstheorie” (~ system theory, ordo theory) relates essentially to Walter Eucken (Freiburg) who attempted to strike a balance between the economics of the German Historic School, still relevant in Germany of the 1930s, and its opposing neoclassical analysis. The paper starts,...

This paper uses Alfred Marshall’s treatment of wants and activities and Francis Edgeworth’s treatment of utilitarian redistribution to re-examine what since the 19th century has been described as “the social question.” This comparative examination is prefaced by a distinction between...