F.A. Hayek essentially quit economic theory and gave up the phenomena of industrial fluctuations as an explicit object of theoretical investigation following the publication of his last work in technical economics, 1941's The Pure Theory of Capital. Nonetheless, several of Hayek's more...

The paper aims to establish that Terence Hutchison's argument in The Politics and Philosophy of Economics (1981) to the effect that the young F.A. Hayek maintained a methodological position markedly similar to that of Ludwig von Mises fails to establish the relevant conclusion. The first problem...

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...

James Buchanan argued that Tullock was a “natural born” economist. In this paper, we explore the notion that Tullock, more appropriately, was a “natural born Misesian.” Characterizing Tullock as such, we ask the following question: was Gordon Tullock also an economic imperialist,...

Today, Alchian's quot;Uncertainty, evolution and economic theoryquot; (1950) is hailed by evolutionary economists as a most important piece, which resumed an evolutionary brand of theorizing in economics after the eclipse of the interwar period. On the other hand, Alchian's article is also...

The paper reconstructs Sraffa's assessment of utility-based and individualistic explanations of demand in Marshallian economics in the light of some fresh evidence provided by Sraffa's unpublished manuscripts of the 1920s. It is shown that Sraffa criticised the standard Marshallian explanation...

This paper translates F.A. Hayek's informal capital theory into a dynamic equilibrium model. The focus is restricted to Hayek's largely unrecognized contribution in "Utility Analysis and Interest", published by The Economic Journal in 1936, being restated in "The Pure Theory of Capital", first...

This paper addresses Ludwig von Mises's business cycle theory at maturity, as advanced in his opus magnum Human Action. In this work, Mises embeds the business cycle theory which he initially developed in Theorie des Geldes und der Umlaufmittel into the broad context of his methodological...

This paper explores how a consideration of ontological issues - that is, issues concerned the nature of social reality - informed Elinor Ostrom's analysis of the possibility that local communities can successfully govern common property resources. It is suggested that several ontological issues...

Our forthcoming book, Welfare Theory, Public Action and Ethical Values challenges the belief that, until modern welfare economics introduced issues such as justice, freedom and equality, economists adopted what Amartya Sen called “welfarism.” This is the belief that the welfare of society...