The monetary economy has properties that cannot be analyzed using the tools of today's dynamic general equilibrium analysis. Keynes's economics, far from being an aberration in the otherwise orderly evolution of modern macroeconomics from Adam Smith's ideas about the "invisible hand", was a...

The monetary economy has properties that cannot be analyzed using the tools of today's dynamic general equilibrium analysis. Keynes's economics, far from being an aberration in the otherwise orderly evolution of modern macroeconomics from Adam Smith's ideas about the "invisible hand", was a...

La conjoncture historique actuelle est marquee par le rôle de plus en plus central de la connaissance dans l'organisation de la production et la dynamique du progres technique. Cette evolution souleve plusieurs interrogati ons theoriques, en particulier celle de comprendre si la diffusion et le...

The purpose of this paper is to highlight the curiously circular course followed by mainstream macroeconomic thinking in recent times. Having broken from classical orthodoxy in the late 1930s via Keynes’s General Theory, over the last three or four decades the mainstream conventional...

This paper discusses the conceptual framework of delineation the concept of value creation in the context of international taxation. It is about discussing different approaches to facilitate an alignment of value creation and profit allocation. Thus, the paper is explicitly not discussing...

Adam Smith's Wealth of Nations is the most influential work in economics ever written. But it is neither complete nor perfect. Smith's theory of the firm, or the lack thereof, is one of the masterpiece's blind spots. Smith thought history had shown that joint stock companies cannot compete with...

In this article the author, after a critical assessment of the main notions of services developed in economics, presents a revised definition of services based on process analysis. A corresponding distinction is made between material and non-material goods, on the one hand, and services, on the...

Common Law Definition of Employment:What is the difference between an employee and an independent contractor? Both do work for pay; I do a job, and you pay me for it. It's not complicated — until government gets involved. Formal employees require paperwork, legal and regulatory compliance, and...

Adam Smith characterized the medieval Roman Catholic Church as a force impeding Europe’s process of development. The Church was, in Smith words, “the most formidable combination that ever was formed against the authority and security of civil government, as well as against the liberty,...

The theme of this paper is developed in three parts. The first is concerned with methodology. The case is argued for a 'grounded' approach to the analysis of business economics. The second is concerned with intellectual history. It argues that the great economists, such as Smith, used this...