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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...
Persistent link: https://www.econbiz.de/10014251970
Wicksell discussed in his 1893 book Value, capital and rent, as part of a critical comment on Launhardt and Jevons, conditions for consistent aggregation. He argued that Jevons’s trading body concept was only valid if identical linear marginal utility functions (with ensuing parallel Engel...
Persistent link: https://www.econbiz.de/10014145720
This paper analyses the foundation of utilitarian ethics and theory of probability in the works of Francis Y. Edgeworth. We argue that he pursued an unitary philosophical project, the search for a common epistemological foundation for the social sciences. The common root of the disciplines is...
Persistent link: https://www.econbiz.de/10014053165
Probability theory has a central role in Edgeworth's thought; this paper examines the philosophical foundation of the theory. Starting from a frequentist position, Edgeworth introduced some innovations on the definition of primitive probabilities. He distinguished between primitive probabilities...
Persistent link: https://www.econbiz.de/10014053168
The notion of solution plays a crucial role in the conceptual system of Léon Walras, the founder of General Equilibrium Theory (GET). In this paper, after introducing the two solution concepts employed by Walras in the development of his version of GET, respectively called the "theoretical" and...
Persistent link: https://www.econbiz.de/10014055100
Walras' theory of general economic equilibrium undergoes deep changes over the twenty-six years elapsing from the date when Walras' first significant theoretical contribution is published (1874) and the date when the fourth edition of his fundamental work, the Eléments d'économie politique...
Persistent link: https://www.econbiz.de/10014056847
The article shows Frederic Bastiat as one of the main advocates of individual freedom and an ardent opponent of the enforced action of a centralized State. He lived in the epoch of liberal ideas put into practice. As the free market and the laissez-faire principle had brought about difficult...
Persistent link: https://www.econbiz.de/10014057129
After briefly reconstructing the debate in Italy during the period of the marginalist revolution on the correct methodology for the history of economic thought, the article examines De Viti de Marco's position. A historical essay of his (1891) on Antonio Serra (1613), becomes the first object of...
Persistent link: https://www.econbiz.de/10014075284
The paper brings to light an article by Knut Wicksell published in Swedish in 1908 about the American crisis of 1907. Wicksell explicitly distinguished, apparently for the first time in the literature, three features of a healthy banking system: Solvency, liquidity, and versatility. The paper...
Persistent link: https://www.econbiz.de/10013149594
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...
Persistent link: https://www.econbiz.de/10014357632