A system of thought allowed for the free market price of land to cyclically go down to zero. This is the economics of Moses. The economics of Jesus is a restatement of the economics of Moses. The first was applied during Biblical times and the latter, united with Aristotle’s thought and...

During the second half of the twentieth century economic theory moved increasingly away from price theory, which was gradually displaced by more modern trends such as game theory, decision theory, behavioral-empirical-experimental economics, heterodox economics, etc. This was due to serious...

David Ricardo's key place in the history of economic thought is well established. However, both the understanding of his Principles of Political Economy and Taxation and its role in the development of economic analysis is much more controversial. Cambridge economists have contributed...

This paper offers a reinterpretation of quot;Adam Smith's problemquot; and reconsiders the relation between ethics and economics. It makes a critical revision of the attempts that seek to solve this problem, proposes an alternative framework constructed on the Smithian concepts of sympathy and...

This document includes the Introduction and table of contents of a project: Think Spiral: Essays on Adam Smith. The Introduction has the following sections: (1) A Social Grammar(2) The Three Justices: Commutative, Distributive, and Estimative(3) The Liberal Program(4) The Theory of Moral...

In studying the development of western freedoms, perhaps no subject is more worthy of discussion than classical liberalism, which the late historian Ralph Raico wrote was “the signature political philosophy of Western Civilization.” Raico defined classical liberalism as “the ideology...

The role of first principles in economics is examined through the lens of dominant methodological approaches of the classical and neoclassical periods. First principles are most clearly displayed in pure deductive systems. The tension between first principles as the basis for deductivist...

The whole intellectual edifice has in effect collapsed after 2008's world-economy crisis. Anyhow, this is yet not the first time that the intellectual edifice of economics collapses. The first was the collapse of classical economics the late decades of the 19th century. With the appearance of...

In this paper we use insights from Sraffa's classic, Production of Commodities by Means of Commodities, to argue that the classical notion of ‘centre of gravitation' is not a sound concept. The market mechanics of labour allocation through price signals and quantity adjustments, given...

Adam Smith set economists and examination question: what determines long-run normal prices and the associated rate of profit. The fundamental difficulty is that the long-run equilibrium prices of reproducible means of production (Smith's “natural” prices) must satisfy two conditions at the...