The article investigates Wicksell's change of mind about the machinery question between 1890 and 1900/1901. Wicksell at first sided with the so-called "compensation theory" that workers are not harmed by the introduction of machinery. In his lecture notes of April 1900, made available here for...

Wie selbstverständlich geht die heutige ökonomische Standardlehre davon aus, dass sie Studierenden eine feste und unveränderliche Sicht auf die Welt vermitteln kann. Doch woher kommt diese Annahme? Walter Lippmann, einer der Begründer des Neoliberalismus, gibt hierauf einen ersten Hinweis:...

Little is known about the relationship between Carl Menger, founder of the Austrian School of Economics and one of the three fathers of marginal utility theory, and Karl Menger, whose Vienna Mathematical Colloquium was crucial to the development of mathematical economics. The present paper...

Ronald Coase merged two traditions in economics, marginalism and institutionalism. Neoclassical economics in the 1930s was characterized by an abstract conception of marginalism and frictionless resource movement. Marginal analysis did not seek to uncover the source of individual human...

James Buchanan would have celebrated his 100th birthday in 2019. This serves as an inspiration to look at the future of public choice and the question of how much normativity public choice can bear. In our analysis we draw parallels between public choice and German ordoliberalism (and its source...

This paper deals with Maffeo Pantaleoni's (1857-1924) analysis of money and banking and aims at demonstrating that the Italian economist developed one and the same theory for both institutions, whose central feature was the notion of flexibility and whose main claim was that the most important...

This paper argues that Schumpeter's ‘Theory of Economic Development' is best interpreted as a theory of the avant-garde, in line with such theories developed by artistic avant-garde at the times, such as the Futurists. The work is not only published around the same time that many avant-garde...

Frank H. Knight's classic, Risk, Uncertainty and Profit, became a standard textbook and reference for students at the University of Chicago, the London School of Economics and Political Science, and elsewhere from the 1930s until at least the 1950s. Knight never published new or revised editions...

This paper provides a multifaceted review and analysis of the Schumpeter's Theory of Economic Development and specifically the creative destruction effect intertwined with the business cycles, and their effectiveness in explaining the long-run economic growth by first, looking into the main...

Blockchain - distributed ledger technology - is seen as heralding what some call the internet of trust because it provides an immutable chain of authority that is difficult to hack. Satoshi Nakamoto created an algorithm that required immense amounts of computing power to solve cryptographic...