This paper develops a complete reconstruction of the real part of the Ricardian model of international trade, which shows that the share of the demand of each good in the total expenditures and the relative size of the economies are the key factors in the determination of the equilibrium terms...

En este trabajo se desarrolla una reconstrucción completa de la parte real del modelo ricardiano de comercio internacional. Esta permite demostrar que la participación de la demanda de cada bien en el gasto total y el tamaño relativo de las economías son los factores clave en la...

Adam Smith is commonly referred to as one of the first who thought of foreign trade in terms of an international division of labour, whereby each country specialises in the production of certain goods. It is argued that he made a strong case for foreign trade on this basis. In this article, I...

Some scholars have argued that the Framers of the U.S. Constitution did not have a common set of views on economics, or that the Constitution, except perhaps in isolated clauses, does not reflect any specific economic views. The principal Framers did, in fact, share a basic set of economic...

Classical, neoclassical and Austrian economists assume that self-interest in exchanges is alone sufficient to make markets work, because of the invisible hand of Adam Smith. This assumption has motivated market deregulation. On the contrary, we argue that Adam Smith was not assuming or...

This is a review article on Burgstaller's book "Property and Prices" (1995). It is argued that the book misrepresents the common ground and the differences between the classical and the Walrasian approaches to value and distribution, and furthermore that many of the author's claims, e.g. that...

The objective of this article is to examine four theories that consider an explanation and measurement for the value of liquidity. Liquidity will be understood as cash, that is, we are leaving aside assets of lesser degree of liquidity than cash. The article begins with the Keynesian view about...

This is a comment on Gintis (2007, 'The Dynamics of General Equilibrium', Economic Journal 117 (523) , 1280–1309), who provides an agent-based model of a Walrasian economy where the tâtonnement is replaced by imitation. His simulations show that the economy converges to the Walrasian...

Este artículo revisa las teorías de precios de Ricardo y Jevons. El argumentoprincipal es que la diferencia entre estas teorías proviene de motivaciones y…nalidades teóricas diferentes. Mientras Ricardo tenía interés en encontrarun estándar de valor que sirviera para homogeneizar la...

L'economia politica è, tra le scienze umane, quella che maggiormente sperimenta l'attrazione verso i metodi quantitativi e in particolare verso la matematica e la statistica. Recentemente questa attrazione si è fatta ancor più forte che in passato, al punto che non è raro trovare, tra gli...