The aim of the present paper is to critically reappraise the validity and the relevance of the notion of total factor productivity (TFP) as a measure of technological progress. Placing the focus on the role that the neoclassical distribution theory plays in measuring technological progress, we...

In the Universe of Development Economics, Social Development is represented by Endogenous Circle linking Domestic Technology with Domestic Human Potential (Technical Infrastructure) & Economic Development is represented by Exogenous Circle linking Domestic Investment with Domestic Saving...

Behavioral economics has played a fundamental role historically in innovation in economic institutions even long before behavioral economics was recognized as a discipline. Examples from history, notably that of the invention of workers' compensation, illustrate this point. Though scholarly...

Professor Sherwin Rosen correctly suggests that the Austrian and neoclassical schools can be complementary, each accepting much from the other. However his recognition of Austrian strengths needs to be amplified and his criticisms need softening. His appeal to the market test risks encouraging...

The systems aspects of Austrian economic thought pertaining to the process of competition deserve a prominent place in modern economic thinking. The paper develops the differences between the Austrian view of competition as an evolutionary process, and the neoclassical emphasis on determining...

After several decades of academic research on the contingent valuation (CV) method a consistent behavioral explanation of 'hypothetical bias' is still lacking. Based on evidence from economics, economic psychology and the political sciences, I propose an explanation that is based on two simple...

The modern world has influenced the approach to empirical modeling and consequently the approach to methodology in general. The question of whether to base a model on an economic theory is easier when several models can be constructed, but an empirical evaluation analysis is required. Starting...

The present paper is devoted to the economic ideas of the late Scholastics Spanish theologians of 15th and 16th century – especially Salamanca school. It has two tasks. First, to analyze reflections on economic ideas of Spanish Scholastics in the history of economics thought. It is clamed that...

[Part I] The leading part of this volume, authored by Simon Stander and true to the interdisciplinary nature of political economy, focuses attention on why capitalism survives crises by developing the novel argument that it has moved on from its 19th century embodiment to include a class of...