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A critique of the theory of rational expectations is made. It is noted that Knight and Keynes, by distinguishing …- disoriented the critique of the Main Stream probabilistic approach and deprived economic theory of the fruits it they could have …
Persistent link: https://www.econbiz.de/10014358642
Public benefit-cost analysis of market policies often relies on a particular definition of market surplus that adds up consumer and producer surplus and external costs. This paper provides an overview of conceptual strategies to deal with moral considerations and then develops an adjusted market...
Persistent link: https://www.econbiz.de/10014233415
Mainstream economic theory relies largely on deductions from assumptions, rather than from assertions based on a …); prices determination (price theory); firms’ size relative to market demand (market power); prevailing market structure … relation to the respective average costs”– (price theory), and therefore on the relative relevance of firms’ profits. Second …
Persistent link: https://www.econbiz.de/10013232704
Massive amounts of confusion exists regarding the definition of Islamic Economics. This has blocked progress in terms of the development of the discipline, since there is no agreement on what its proper subject matter and methodology is. This paper shows that the confusion arises because of our...
Persistent link: https://www.econbiz.de/10013214871
This paper critically assesses the rise of central bank independence (CBI) as an apparent success story in modern monetary economics. As to the observed rise in CBI since the late 1980s, we single out the role of peculiar German traditions in spreading CBI across continental Europe, while its...
Persistent link: https://www.econbiz.de/10008664014
production function with Kaldor's technical progress function while maintaining a marginalist theory of factor prices in the …
Persistent link: https://www.econbiz.de/10010464709
production function with Kaldor's technical progress function while maintaining a marginalist theory of factor prices in the …
Persistent link: https://www.econbiz.de/10010464712
Opinion is divided on whether it is better to have a single world money or variable exchange rates.Pope, Selten and von Hagen (2003) propose that fresh light would be shed via an analysis that allows forseven complexity impacts on the exchange rate that are underplayed (where not entirely...
Persistent link: https://www.econbiz.de/10003612858
At a time when economics is giving intense scrutiny to the likely impact of artificial intelligence (AI) on the global economy, this paper suggests the two disciplines face a common problem when it comes to uncertainty. It is argued that, despite the enormous achievements of AI systems, it would...
Persistent link: https://www.econbiz.de/10011442410
production function with Kaldor's technical progress function while maintaining a marginalist theory of factor prices in the …
Persistent link: https://www.econbiz.de/10011281275