Rapid fall of communism was a surprise to Romanian economists. They lacked any theoretical guide to explain such a historic event and allow them to analyze economic and social processes that followed. Neither political economy of socialism, neither Keynesian nor neoclassical theory have allowed...

Gunnar Myrdal published Asian Drama in 1968, a work which made important analytical contributions to our understanding of development but was deeply pessimistic about Asia's future prospects. Since then, contrary to Myrdal's expectations, Asia's development has been remarkable, although...

Gunnar Myrdal published Asian Drama in 1968, a work which made important analytical contributions to our understanding of development but was deeply pessimistic about Asia's future prospects. Since then, contrary to Myrdal's expectations, Asia's development has been remarkable, although...

In this paper we try to evaluate, through critical analysis, the process of mathematic modeling used within economics. The paper aims to underline the importance of mathematic modeling within economics, but also to point aut that the current modeling of the economic process is not one of the...

The collapse of USSR has stimulated a huge scholarly debate on socialist alternatives. This paper surveys four rounds of the debate on market and planning in the transition towards socialism: the socialist calculation debate (Barone, Mises, Lange and Hayek), market and plan in the Soviet...

This research aims to critically assess the references to theories of crises and economic cycles that existed in the main textbooks on political economy of Portuguese universities during the first half of the 20th Century, and, as much as possible, categorise their authors into international...

This is a review-article on a book on the history of political economy in Italy from the 16th century up today, written by Riccardo Faucci, a known Italian historian of economic thought.

May the history of economic thought be a useful device for addressing a sustainable path towards economic and financial recovery from the Great Financial Depression and the nowadays Sovereign Debt Crises? According to Cicero the answer should be predictable: ‘‘Historia, magistra vitae’’,...

Neoclassical economists of the current era frequently pay lip service to Adam Smith's theories to certify the validity of natural-laws-based, laissez-faire policies. However, neoclassical theories are fundamentally disconnected from Adam Smith's notion of value, his understanding of the economic...