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Beyond private ownership of the means of production, what is the most important, or essential, fact of capitalism? Friedrich A. Hayek thought it was the economy of knowledge with which the system operated, whereas for Joseph A. Schumpeter it was the process of creative destruction. To our...
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asymmetric shocks. Whereas Mundell's (1961) seminal theory on optimum currency areas suggests depreciation in the face of crisis …
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-based policies and academic growth theory (Solow 1956 and 1957; Romer 1990), and some of the rhetoric surrounding them (Part II … course of tracing this historical development, a simple but significant inconsistency between microeconomic theory and …
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