The research on the structure of macroeconomic metamodels began in 1976 and included the development of the archetypes, 10-year scenarios and their validation for three periods until the structures were validated. The goal was to find the drivers of economic growth and sustainability. It...

In the presence of (at least locally) increasing returns to scale tech- nologies, the paper asks the question: does there exist an economic system which implements Pareto efficient allocations and respects the voluntary participation principle? To answer this question, the paper formulates an...

In this essay, I seek to provide an overview of André Gorz's conception of modern capitalism, considering different moments of his intellectual production. From his initial criticism of the concept of the proletariat between the 1970s and 1980s until his last theoretical work that addresses the...

This article reviews an English translation of "First Principles of Islamic Economics" (Leicester: Islamic Foundation, 2011) by Maulana Sayyid Abu'l A‘la Maududi (1903-1979), a foundational document of the field, that was published in Urdu in 1969. After a brief Introduction the selections in...

This essay outlines the big-picture aspects of capitalism and socialism, and uses this overview to discuss human liberty and economic liberty in each system. Additionally, I note that some have argued that capitalism is unfair or immoral and so I consider three specific and common moral...

We examine the dynamics of a country’s growth, consumption, and sovereign debt, assuming that the government is myopic and wants to maximize short-term, self-interested spending. Surprisingly, government myopia can increase a country’s access to external borrowing. In turn, access to...

The chapter outlines a basic model for new institutionalist political economy as a frame for analyzing the relationship between productivity and justice in market societies. It combines a basic model for understanding market societies, a framework for integrating the role of racialized and...

Revisiting Rothbardian monopoly price theory and extending it to the realm of factor pricing, this paper explains how grants of privileges to capitalists can lower labor and land factors' prices compared to what would prevail in a free market environment. Monopolistic grants to capitalists make...

We establish the relationship between property rights and income inequality within 22 former European colonies. The key, unexpected result is: stronger property rights are associated with higher income inequality levels. We provide plausible explanations for these findings