During the 1780?'s, some mathematicians addressed economic and statistical decision problems in the same way. Condorcet and Laplace in France, Tetens in Denmark applied a unique mathematical tool to compute both the bankruptcy probability of an insurance company and the estimation risk. Such...

The present paper investigates the perception of market and mechanism of pricing among the sixteenth century Muslim scholars, a period hitherto unexplored. In the commencement it briefly states the insufficient attention that the subject of market – the most fundamental element of Economics...

A recent book by McLure analyses Italian economic thought in the early 20th century with breference to the school of fiscal sociology, consisting of a number of Italian economists who shared the views of Vilfredo Pareto on public finance. These Italian economists sought ways to explain choices...

El presente artículo pretende ubicar a la Nueva Economía Política como una corriente de pensamiento económico alimentada de trabajos y corrientes anteriores, identifica sus fuentes originarias, sus campos de estudio, y metodologías para el entendimiento del desarrollo de las sociedades y de...

This paper develops a model of the impact of monetary policy on the price level under a gold standard. The model is more consistent with the historical record than are previous models developed by Barro (1979) and McCallum (1989). In particular, it will be demonstrated that under a gold...

The existence of the doctrine of laissez faire in Taoist philosophy is mentioned only briefly in the economics literature, and no attempt has been made in it to explain why the Taoists advocate laissez faire. This paper examines Taoist philosophy in order to answer this question, and shows that...

This paper presents an interpretation of John Locke’s theory of political society. After reviewing the differences between Locke‘s and Hobbes‘ ideas of individual, government and the importance of a rational discussion about the construction of political society, the article shows the role...

Where average fixed costs are large compared to marginal costs, competition will drive industry into bankruptcy. During the last century, the chaos that competition created within the railroad industry caused many prominent U.S. economists to reject the market in favor of trusts, cartels, and...

This work concentrates in the fundamental ideas that constitute the existing theoretical framework of the poverty measurement from the 1960’s to the state-of-the-art, with an extended comment on the more relevant issues, the presentation of more influencing approaches and the probable path of...