This essay deals with the relationship between stagflation and the process of restructuring. The literature dealing with the interaction of stagnation and inflation is invariably based on some explicit or implicit assumptions about economic structure, but there are very few writings which...

Theories of society, as of nature, are characterized by their elementary particles. The elementary particle of neoclassical economics is the util. The elementary particle of classical Marxism is abstract labour. These elementary particles represent material quanta. They are deemed useful because...

This paper provides an introduction to the field of evolutionary economics with emphasis on the evolutionary theory of household behavior. It shows that the goal of evolutionary economics is to improve upon neoclassical economics by incorporating more realistic and empirically grounded...

Theory suggests that the cross-border bank lending flow from rich countries to poor countries is facilitated when lending-related legal and social norms are shared and valued equally by both lenders and borrowers. According to this reasoning the fast adoption of Western-style democracy and...

The aim of this paper is examine how moral failure shaped the global financial crisis with particular attention to the role of neoclassical economics theory. The paper compares the premises and characteristics of Schumacher's (1973) Buddhist economics with the prevailing neoclassical economics,...

In this paper I argue that methodological reflection guided by a critique of the ontological foundations of economic theories can be used to enhance arguments for a pluralist economics education. I accomplish this by reviewing the literature regarding the requirements for a pluralist economics...

Economic growth in the very long run is described by a multiple-phase, dynamic process with potentially complex dynamics during transitions between regimes. Technology is assumed to rest on a managerial-administrative infrastructure which influences natality, mortality and the productivity of...

This paper presents evidence that accounting (or flow-of-fund) macroeconomic models helped anticipate the credit crisis and economic recession. Equilibrium models ubiquitous in mainstream policy and research did not. This study identifies core differences, traces their intellectual pedigrees,...

In various forms, economists are still taking sustained action to find specific answers to questions related to the issue of economic fluctuations. In this context of continuing concerns, both the "old" classics and the "new" classics have made substantial progress in their own theories of the...

The study of economic growth is central to macroeconomics. More than anything else, macroecon-omists are concerned with finding policies that encourage growth. And by ‘growth’, they mean the growth of real GDP. This measure has become so central to macroeconomics that few economists question...