This paper proposes a reconstruction of one of Torrens little unknown piece of work on the making and the distribution of income among the social classes. The framework assumes a single-good economy with fixed production coefficients. It differs from the contemporary Ricardo theory (that...

In this study, the historical roots of individuality will be examined. According to the view of economic individuality, pursuit of self-interest is the fundamental motivation for all of human beings. When we look into the eighteenth century, the main argument was whether the rise of the...

The article investigates Wicksell's change of mind about the machinery question between 1890 and 1900/1901. Wicksell at first sided with the so-called “compensation theory” that workers are not harmed by the introduction of machinery. In his lecture notes of April 1900, made available here...

Prospects for the development of an alternative macroeconomic theory are associated with the provisions that the dynamics of the economy is determined by the change of generations of capital and that there is a problem of coordination between different generations of capital. The circulation and...

Harriet Taylor has been long forgotten as an economist and political philosopher, while merely remembered as John Stuart Mill’s friend and belatedly wife. Never was fate more unjust: we only need to recall that Taylor - whose liberal background soon led her to be fascinated by socialist...

The expression subsistence affluence is a catchphrase for certain perceptions of reality in Papua New Guinea, and after 50 years it still actively conditions opinions of the country (even though its population has trebled in the meantime). The paper examines antecedents of the concept in the...

La teoría de la elección racional (TER), es insuficiente como explicación del comportamiento económico, incluso en su versión extendida (Becker). La TER se fundamenta en la maximización del interés-propio como criterio de elección y atribuye su origen al pensamiento de Adam Smith....

In the Wealth of Nations, Adam Smith argues that a country's national income depends on its labor productivity, which in turn hinges on the division of labor. But why are some countries able to take advantage of the division of labor and become rich, while others fail to do so and remain poor?...

En este trabajo el autor se lamenta de la importancia cada vez menor que se otorga a la historia del pensamiento económico en la comunidad académica mundial, defiende que esta recesión está dando lugar a visiones unidimensionales de la obra de los principales autores en economía y afirma...

Colonial Americans complained that gold and silver coins (specie) were chronically scarce. These coins could be acquired only through importation. Given unrestricted trade in specie, market arbitrage should have eliminated chronic scarcity. A model of efficient barter and local inside money is...