Ludwig von Mises seems to be something of an outlier within the Austrian school when it comes to capital – though his position is clearly foreshadowed in a neglected article by Carl Menger (1888). In this paper we examine Mises's view on capital and suggest that it constitutes a bridge between...

Even the sharpest problem focus cannot help but sharpen the problem. Thus, the key to our understanding of alternatives to capitalism and alternative forms of capitalism is not in the ongoing problematization of the dominance of the economic principle. Rather, the question addressed in the...

We study a simple coordination problem to understand the difference between centralized and decentralized economic systems. The decentralized system is more robust than the centralized system to communication errors. But the centralized system takes less time than the decentralized system to...

This paper develops an agent-based computational model to study the role of knowledge in shaping the institutional type and the internal organization of the institution through which economic activities are coordinated. The market and the firm are different institutions for coordinating economic...

Jürgen Habermas has recently warned that the sovereign debt crisis in Europe is transforming democratic governments into ‘economic government' threatening not only economic disaster but the end of the world's first supranational project — the European Union. And, according to Habermas,...

Why did America embrace right wing populism in the 2016 election? A look back at past moments of economic transformation suggests that government policy of "producerism" mitigated the pain and fear among those losing jobs and opportunity in a changing economy. The abandonment of this policy...

This paper examines the aims behind the incorporation of competition rules into the European project and studies how the development of the doctrine has been molded to the specific circumstances and outlooks encountered in post-war Europe. It is argued that the objectives of competition law in...

This paper studies the problem of accumulating heterogeneous capital goods in an economy with imperfect markets populated by boundedly rational agents. It relaxes classical assumptions about information and cognition. The agents are not capable of computing an equilibrium path to steady state....