Showing 1 - 10 of 53,064
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
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
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
The neoclassical synthesis has been defined as a bridge between Keynesian theory and Walrasian general equilibrium theory. The aim of this article is to show that founders of the neoclassical synthesis were not homogenous in their appraisal of the importance of Walrasian theory. To do so, we...
Persistent link: https://www.econbiz.de/10012854082
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
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
This book chapter demonstrates that there has been from Adam Smith to Vernon Smith a tradition of economic scholarship that is grounded in the decision calculus of individuals, or what F.A. Hayek referred to as the logic of choice, which requires neither the heroic assumptions of omniscience,...
Persistent link: https://www.econbiz.de/10012937174
Robert Neild (born 1924) has made a major contribution to economics and to peace studies. This paper provides a brief sketch of Neild's life and work. While noting his research in economic policy and peace studies, this essay devotes more attention to his largely-unnoticed contributions to...
Persistent link: https://www.econbiz.de/10012944789
This paper is an exploration of the genesis of Paul Samuelson's Foundations of Economic Analysis (1947) from the perspective of his commitment to Edwin B. Wilson's mathematics. The paper sheds new lights on Samuelson's Foundations at two levels. First, Wilson's foundational ideas, embodied in...
Persistent link: https://www.econbiz.de/10012932192
This paper is an exploration of the genesis of Paul Samuelson's Foundations of Economic Analysis (1947) from the perspective of his commitment to Edwin B. Wilson's mathematics. The paper sheds new lights on Samuelson's Foundations at two levels. First, Wilson's foundational ideas, embodied in...
Persistent link: https://www.econbiz.de/10011760010