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Financial Bailouts and the Philosophy of Frédéric Bastiat

McGee, Robert W. - 2014

Frédéric Bastiat (1801-1850) was a French thinker who did most of his writing in the last six years of his life. One of his major contributions to economic thought was his application of opportunity cost to a wide range of economic policies. The present paper uses the Bastiat approach to...

Persistent link: https://www.econbiz.de/10013054176

Lucas’s Way to his Monetary Theory of Large-scale Fluctuations

Galbács, Peter - 2022

This introductory paper offers a look into the intellectual and technical progress that led Robert E. Lucas to his seminal paper entitled Expectations and the neutrality of money. It is argued that the neutrality paper applies the capital-theoretic approach of Lucas’s firm microeconomics of...

Persistent link: https://www.econbiz.de/10013312423

The aggregate production function and Solow's "three denials"

Felipe, Jesus; McCombie, John S. L. - 2024

This paper offers a retrospective view of the key pillar of Solow's neoclassical growth model, namely the aggregate production function. We review how this tool came to life and how it has survived until today, despite three criticisms that undermined its raison d'être. They are the Cambridge...

Persistent link: https://www.econbiz.de/10014500314

F.A. Hayek and the Rationality of Individual Choice

Rizzo, Mario J. - 2019

An under-appreciated aspect of F.A. Hayek's mature views about rationality is the inter-relation of the “pure logic of … rationality and replaced it with a completely rule-oriented conception of decisionmaking. In fact, however, the analysis in Hayek ….Furthermore, this framework also shows that his fundamental conception of individual rationality is pragmatic, contextual, modifiable …

Persistent link: https://www.econbiz.de/10012904211

From Austrian theory of capital to dissent : Nicholas Kaldor, Friedrich A. Hayek and the way to disequilibrium

Telles, Keanu - In: Economia : revista da ANPEC 24 (2023) 1, pp. 86-114

Purpose - In the early 1930s, Nicholas Kaldor could be classified as an Austrian economist. The author reconstructs the intertwined paths of Kaldor and Friedrich A. Hayek to disequilibrium economics through the theoretical deficiencies exposed by the Austrian theory of capital and its...

Persistent link: https://www.econbiz.de/10014418096

Is equilibrium enough and was Stigler wrong? : value theory in the Böhm-Bawerk/Fisher controversies : comments welcome

Cohen, Avi Jonathan - 2011 - Revised January 2011

The interest-rate controversies between Böhm-Bawerk and Fisher have attracted little attention and, in the opinion of most commentators, justifiably so. Böhm-Bawerk and Fisher argue over what appear to be two minor issues – Böhm-Bawerk's claims that his third cause of interest (productivity...

Persistent link: https://www.econbiz.de/10011642528

An Analysis of Carl Menger's Economic Theory

Mallios, Spyros - 2017

In the first chapter I present my point of view that Menger's theoretical approach may more properly be called relationism, rather than objectivism or subjectivism. In the second chapter I present the thoughts presented in Carl Menger's Principles of Economics in an axiomatic way. The purpose is...

Persistent link: https://www.econbiz.de/10012941635

Under risk, over time, regarding other people : language and rationality within three dimensions

Jullien, Dorian - 2018

This paper conducts a systematic comparison of behavioral economics’s challenges to the standard accounts of economic behaviors within three dimensions: under risk, over time and regarding other people. A new perspective on two underlying methodological issues, i.e., interdisciplinarity and...

Persistent link: https://www.econbiz.de/10011809698

Hayek’s epistemic theory of industrial fluctuations

Scheall, Scott - 2013

It is generally accepted that F.A. Hayek gave up the business cycle as an object of theoretical investigation following the publication of 1941's The Pure Theory of Capital. The present paper aims to cast a shade of doubt upon this received view. Many of Hayek's philosophical writings bear...

Persistent link: https://www.econbiz.de/10011706943

The Growing of Ramsey's Growth Model

Garcia Duarte, Pedro - 2010

Frank Plumpton Ramsey (b.: Feb. 22, 1903; d.: Jan. 19, 1930) was a Cambridge mathematician who made important contributions not only to philosophy, mathematics, logic, and probability, but also to economics with two major works published in 1927 and 1928 in the Economic Journal, which became popular...

Persistent link: https://www.econbiz.de/10012758540