The paper tries to clarify the status of the market in Social Choice and Individual Values. It shows how Arrow at first intended to propose a third theorem of welfare economics (Feldman [1991]), which would show that the market achieves not only Pareto-optimality, but also equitable social...

Kornai János rendszerparadigma-fogalmából és az ott felsorolt közgazdászok névsorából kiindulva, a tanulmány kiemel néhány mozzanatot ennek eszmetörténeti előzményeiből. A hatvanas évek szociológiai irodalmában időszerűtlennek tartották a nagy elmélet létrehozását, a...

A láthatatlan kéz Adam Smith nyomán a közgazdaságtan legismertebb metaforája lett, de jelentősége és értelmezése máig megosztja a közgazdászokat és eszmetörténészeket. Az interpretációk skálája rendkívül széles: mértékadó közgazdászok szerint ez a közgazdaságtan...

This article is a critical review of the picture drawn by Arild Sæther and Ib Eriksen (2014) of the economic policy and development of postwar Norway and of the influence exerted by Ragnar Frisch. Regarding the postwar economy the present article draws on a number of comprehensive studies by...

In the story of Norwegian economics, and of Norwegian economic policy and performance during the postwar years, a central place must be given to Ragnar Frisch (1895–1973). In 1969 he was awarded the first Nobel Prize in economics, together with Jan Tinbergen (1903–1994). In our view, the...

Professor Olav Bjerkholt has provided a spirited critique of our 2014 article titled “Ragnar Frisch and the Postwar Norwegian Economy.” Here we reply briefly, noting that many of the quotations he provides actually support our interpretation, that it is naïve of him to play the ideology...

This paper submits that one of the most fallacious paradigms in economic thought and policy, stemming from Ricardo, has been that of comparative advantage, as it has assumed no capital mobility whereas it has been mainly foreign direct investment that has driven global trade since World War II...

The article contains a review of the contemporary research in the field of economics of happiness. Economics of happiness deals with correlation between the subjective notion of well-being and happiness with one’s life (happiness level) and economic indicators. The author considers the...

The role of the prominent Soviet economist, academician A. Anchishkin (1933—1987), whose 80th birth anniversary we celebrate this year, in the development of ideas and formation of economic forecasting in the country at the time when the directive planning acted as a leading tool of economic...

In this essay, I review Sylvia Nasar's long awaited new history of economics, <em>Grand Pursuit: The Story of Economic Genius</em>. I describe how the book is an economic history of the period 1850-1950, with distinguished economists' stories inserted in appropriate places. Nasar's goal is to show how...