This paper provides a look into what Lucas meant by the term 'analogue systems' and how he conceived making them useful. It is argued that any model can be regarded as an analogue system provided it has remarkable predictive success. The term is thus neutral in terms of usefulness. To be useful,...

Friedrich Hayek has been one of the dominating intellectual figures of the 20th century. Hayek, together with Gunnar Myrdal, received the 1974 Nobel Memorial Prize in economics, for "their pioneering work in the theory of money and economic fluctuations and for their penetrating analysis of the...

Robert Triffin became famous with his trenchant analyses of the vulnerabilities of the Bretton Woods system. These are still at the center of many discussions today. This paper argues that there is a remarkable continuity in Triffin's work. From his earliest writings, Triffin developed a vision...