The hermeneutical Austrians wanted to provide (1) a philosophically sound justification for the contention that praxeology is a science of meaning and (2) justification for an approach to empirical/historical work that favors ethnographic methods. This article argues that had the hermeneutical...

Rothschild (2001) argues that the invisible hand refers to blind individuals and presume privileged knowledge on the part of the social scientist. For this reason, she takes it that the invisible hand is, in fact, an un− Smithian concept and that Smith was making an ironical joke. In this...

Rothschild (2001) argues that the invisible hand refers to blind individuals and presume privileged knowledge on the part of the social scientist. For this reason, she takes it that the invisible hand is, in fact, an un− Smithian concept and that Smith was making an ironical joke. In this...

There is a persistent aversion towards methodological discourse by most mainstream economists. Frank Hahn (1992) exemplified this attitude and provoked a number of reactions concerning the role and the reasons for methodological aversion. After offering a categorization of the main explanations...

Constant returns to scale (CRS) is one of the corner-stones of the competitive general equilibrium paradigm of neoclassical economics. This note argues that the equilibrium solutions of this paradigm are not compatible with CRS. CRS implies that all producers (whatever their scale of production)...

This article is a tribute to the economist Albert O. Hirschman and their contributions to historical thinking in Colombia, in particular, having a broad impact analysis on the role of rhetoric in political economy. Hirschman distinguished clearly enough the official discourse of power and...

The paper reflects upon the early mercantile thought of the intellectuals of the medieval city-state - the Republic of Dubrovnik (Ragusae). It provides an insight into the economic thought and practices of the time in scholarly works of Ivan Stojkoviæ, Philip Diversis de Quartigianis and...

A szerző írásában három kérdéssel foglalkozik. 1. Meghaladható-e az általános egyensúlyelmélet a szabályozáselmélettel? 2. Mi volt a sajátossága a Kornai János és Martos Béla által közösen kezdeményezett szabályozás árjelzések nélkül elnevezésű irányzatnak? 3....

Irving Fisher's encounter with the Quantity theory of Money began in the 1890s, during the debate about bimetallism, and reached its high point in 1911 with the publication of The Purchasing Power of Money. His most important refinement of the theory, derived from his recognition of bank...

During the 1950s and 1960s, many economists were convinced that externalities were a cause of "market failures" -- because individuals are not capable of internalizing the costs their actions impose to others -- and therefore that the intervention of the state was necessary to allow an efficient...