Milton Friedman's longstanding advocacy in favor of floating exchange rates has contributed to a mistaken belief that he opposed currency board regimes or outright dollarization. Nothing could be further from the truth. Over a period of almost five decades Friedman consistently made it clear...

Keynes' General Theory was a massive step forward relative to classical economics, but it was also a step backward in its denial of the conflictual nature of capitalism. There is need to understand Keynes' technical contributions regarding the workings of monetary economies, but also need to...

One of the main reasons to dollarize an emerging market economy is to eliminate high, persistent, and volatile inflation. To be effective, dollarization must generate sufficient credibility, which in turn depends critically on whether its expected probability of reversal is low. Argentina once...

This paper uses as source material twenty-three autobiographical essays by Nobel economists presented since 1984 at Trinity University (San Antonio, Texas) and published in Lives of the Laureates (MIT Press). A goal of the lecture series is to enhance understanding of the link between biography...

The New Classical theorem asserts that (a) the individuals with rational expectations do not change their consumption levels unless the expected permanent income changes, and, (b), thusly, tax and/or debt policies are not significant on consumption decisions of the individuals, at least in the...

Challenging economic theory that is developed at micro level is a common practice among macro-economic behaviors of conventional economic system. In this context the paper analyses Islamic banking that tries to bring an interest free financial system. The paper explains the circumstances that...

Challenging economic theory that is developed at micro level is a common practice among macro-economic behaviors of conventional economic system. In this context the paper analyses Islamic banking that tries to bring an interest free financial system. The paper explains the circumstances that...

No longer does society consider the full extent of the argument and consequences or benefits of a system change. All the record-breaking economic success of the last few decades simply furthers a divide between people/organizations that have money and people/organizations that need money....

This paper is a contribution to the debate surrounding the steady decline in importance of the history of economic thought within the economics curriculum. The relevance of the history of financial economics to this debate is examined and a ‘histories of economic thought’ strategy is...

This book contains twelve essays on some important Italian economists whose works were mostly published in the 20th century. The essays are written mostlty by non-Italian authors and deal with Vilfredo Pareto (by A. Kirman), Maffeo Pantaleoni (Peter Groenewegen), Enrico Barone (P. C. Dooley),...