Technological advancements in the means of production are the driving force behind the changes in the prevailing system of socio-economic relations. Feudalism was transformed into capitalism as a result of such advancements. While man obtained physical freedom, the financial freedom remained...

The marketing and sales polices of Iranian crude oil have been revised and changed after the Islamic Revolution of 1979. Production policy that drastically cut back production in order to maintain oil reserves for future generations. In terms of marketing Iranian crude oil, the new revolutionary...

Theoretical choice is not an easy task for economists, as there is always a dilemma between syntactic epistemic virtues (parsimony, generality, unifying power, etc.), and semantic epistemic virtues (relationship between evidence and theory). This document analyzes the theoretical choice process...

The present essay addresses the epistemic difficulties involved in achieving consensus with respect to the Hayek-Keynes debate. It is argued that the debate cannot be settled on the basis of the observable evidence; or, more precisely, that the empirical implications of the relevant theories are...

Mainstream macroeconomic theory understands the economy as a phenomenon tractable by analysis adequately enough to be manageable by macroeconomic policy guided by this analysis. We explore why this epistemological approach of the economy has remained dominant in mainstream economics despite...

Combining concrete policy-oriented modeling strategies of World War II with what was received as traditional neoclassical theory, in 1956 Robert Solow constructed a simple, clean, and smooth-functioning "design" model that served many different purposes. As a working object it enabled...

A popular view of models among economists and philosophers alike is that all models are false, but some are useful. Models are frequently treated as convenient fictions, idealizations, stories about credible worlds, or "near enough" to the truth. But such a understandings pose serious questions,...

This article analyses the nexus between exports, established indicators of governance, and economic growth in Fiji. It finds that exports and governance co-operate to promote economic growth. The interplay between these variables is also meaningful. The findings imply that Fiji needs to improve...

This paper explains the connection between ideas developed in my recent books and papers and those of economists who self-identify as post-Keynesians. My own work is both neoclassical and 'old Keynesian.' Much of my published work assumes that people have rational expectations and that 'animal...

The Financial Crisis of 2008, and the Great Recession in its wake, have shaken up macroeconomics. The paradigm of the 'New' Neoclassical Synthesis, which seemed to provide a robust framework of analysis for short-run macro not long ago, fails to capture key elements of the recent crisis. This...