This article outlines relevant economic patterns in a world with artificial intelligence (AI). Five specific economic patterns influenced by AI are discussed: (1) following in the footsteps of ‘homo economicus’ a new type of agent, ‘machina economica’, enters the stage of the global...

The ever augmenting climate debate nowadays sent us back on the field of research to one of the first economists that truly understood the devastating effects of human activity over our planet – no other than the founding father of bioeconomics, Nicholas Georgescu-Roegen. Reflecting upon all...

China's rise drives a growing impact of China on economics. So far, this mainly works via the force of example, but there is also an emerging role of Chinese thinking in economics. This paper raises the question how far Chinese perspectives can affect certain foundational principles in...

In this paper, we show that Adam Smith pointed out the existence of the Feldstein-Horioka Paradox or Puzzle and even gave an explanation for it more than 200 years before the publication of Feldstein and Horioka (1980). Smith argues that it is the pursuit of their own security that leads owners...

In his Idea of Justice, Amartya Sen compares the two basic approaches to evaluate institutions, transcendental institutionalism and realization-focused comparisons. Referring to Smith's Impartial Spectator, he argues in favour of the latter and proposes the principle of Open Impartiality....

Keynes provided an overwhelming argument in his letter of August 27th, 1935 to Harrod that convinced Harrod twice to acknowledge that Keynes had made a “radical reconstruction” of the theory of the rate of interest. Special significance can be given to Keynes's three point post script in...

Modern economic theory cannot make sense of the operation of the economy and following from that failing, modern economists are unable to formulate policies that permit the economy to expand and allow real incomes to rise. The central problem is the near universal adoption of Keynesian economic...

Say's Law occupies a prominent, but equivocal, position in the history of economics, having been the object of repeated controversies about its meaning and significance since it was first propounded early in the nineteenth century. It has been variously defined, and arguments about its meaning...

Smith's use of the “Invisible Hand,” as pointed out by Gavin Kennedy, is a metaphor provided for the great percentage of readers of the Wealth of Nations whom Smith realized would not be able to grasp the nature of his argument, which was about the ambiguity-uncertainty aversion of the...

The paper sketches a coherent history of the choice of the measure standard from Adam Smith's Wealth of Nations to Sraffa's Production of Commodities. As neither the Smithian labour commanded unit nor the Ricardian-Marxian labour embodied one provide a general solution to the dilemma concerning...