The accepted theory of the firm abounds with fallacies, starting with one that has been known to be false since 1957 - the horizontal demand curve for the individual competitive firm. When these fallacies are corrected, nothing of substance remains. Equating marginal revenue & marginal cost does...

This financial resilience survey was circulated on behalf of a working group of the Complexity Council of the World Economic Forum comprised of Prof. Eve Mitleton-Kelly of London School of Economics and Prof. Dirk Helbing at ETH Zurich's Risk Center. It was sent to a few dozens of financial...

The 2008 crisis was an obvious anomaly for mainstream Neoclassical economic theory, and yet a decade after the crisis, the Neoclassical school still dominates the discipline and is largely unchanged. I argue that the separation of academic economics from the consequences of its empirical...