This note proposes a growth model that is derived from the standard Solow growth model by replacing the neoclassical production function with Kaldor's technical progress function while maintaining a marginalist theory of factor prices in the spirit suggested by von Weizsäcker (1966, 1966b). The...

This note proposes a growth model that is derived from the standard Solow growth model by replacing the neoclassical production function with Kaldor's technical progress function while maintaining a marginalist theory of factor prices in the spirit suggested by vonWeizsäcker (1966, 1966b). The...

German policy during the Eurozone crisis supposedly follows an ordoliberal tradition. In this paper, we discuss to what extent this contention holds and to what extent Germany pragmatically responded to different crisis phenomena. A proper analysis of ordoliberal thinking reveals that the...

The monetary ideas of Georg Friedrich Knapp have recently resurfaced in the context of the Modern Monetary Theory whose representatives see themselves in his tradition. The historical debate on Knapp’s "State Theory of Money," which divided opinion when it was first published in 1905 as well...

This paper challenges the commonly held view that Smith's moral theory is a subjectivist theory. Smith's test for goodness and rightness - for propriety - is not the approbation of an impartial spectator, but the warranted approbation of such a spectator. Something is right or good not because...

In recent years, commentators have noticed that the European liberal order is 'under attack'. Traditional parties of the center are in decline. Populist movements of the right and the left have won elections or significant shares in parliaments. In the face of this 'new' crisis of liberalism,...

The grant element is the “gift portion” of a financial transaction. The mathematical technique for arriving at a precise grant element percentage was first proposed by John Pincus of the RAND Corporation in 1963, and developed mathematically by Göran Ohlin of the Development Centre in 1966....

Lewis argued that his 1954 model of economic development in a dual economy was based on the classical framework originally advanced by Smith, Malthus, Ricardo and Marx. The present paper provides a detailed investigation of how Lewis adopted and adapted classical concepts such as...

Standard histories of economics usually treat the "marginal revolution" of the midnineteenth century as both supplanting the "classical" economics of Smith and Ricardo and as advancing the idea of economics as a mathematical science. The marginalists - especially Jevons and Walras - viewed...