The present financial and economic crisis has revealed a systemic failure of academic economics and emphasized the need to re-think how to model economic phenomena. Lawson (2009) seems concerned that critics of standard models now will fill academic journals with contributions that make the same...

This paper examines conceptions of the individual in recent economics (including prospect theory, preference reversal/construction approaches, social preference theory, Bacharach's team view, Ross's neuroeconomics view, and the Sugden/Bruni civil happiness approach). The first three are...

In a lucid and compelling analysis, written for economists and non-economists alike, the authors find that happiness research cannot be used to justify government intervention in the way its proponents suggest. Those who would wish governments to take into account measures of wellbeing when...

Over the past two decades, many countries around the world have experienced substantial growth in their economies, driven by inflow of the foreign capital especially in the form of foreign direct investment (FDI). The share of net FDI in world GDP has grown five-fold through recent years, making...

Perhaps the most important contribution of CAPITAL is that that Marx employs systematically in CAPITAL the method of dialectic logic. In the viewpoint of modern sciences it is similarly a genetic method in economics. But due to historical limitations, the genetic structure of CAPITAL is not...

CAPITAL is a work of logic; but the conclusions of Capital keep a great distance from that of the reality. However, the academic circles have not yet discovered the real origin of the logical defect in CAPITAL, which has been a logical puzzle perplexing the academic circles for more than a...

This paper is an introduction to an edited volume entitled, 'Transforming Economics: Perspectives on the Critical Realist Project.' It outlines the project of critical realism in economics, describing how the latter's emphasis on social ontology shapes its approach to economic methodology and...

Robbins's Essay was significant in many ways, but especially in giving economics a definition that came to dominate the professional literature. Our goal in the present paper is to trace the reception of Robbins's definition of economics as, to use a useful abbreviation, the science of scarcity....

An extensive literature in education shows little relationship between teaching and research. Authors advance the notion that research enhances teaching, but typically ignore the prospect of teaching enhancing research. We report the results of a survey of active researchers in economics who...

The analysis of monthly exchange rates is carried out using a model of McCallum [14], which is based on the concept of Rational Expectations. Applying the model to the CHF-USD exchange rate, st, starting a misspecification analysis, the RE component appears to be a weak point of the model. The...