In this brief comment, the public choice theory aims to distinguish the dilemmas and conflicts in formal and empirical. The hypothesis argues that the reality more complex than the principles of choice of Pareto and Liberalism*. Both the ethics and politics are taking decisions that are not...

At least since Leonard Savage’s extension of von Neumann and Morgenstern’s expected utility, rational choice theory has been interpreted as a theory prescribing what individuals should do in any decision context, ranging from certainty to risk and uncertainty. After decades this received...

The death of welfare economics has been declared several times. One of the reasons cited for these plural obituaries is that Kenneth Arrow's impossibility theorem, as set out in his path-breaking Social Choice and Individual Values in 1951, has shown that the social welfare function - one of the...

The death of welfare economics has been declared several times. One of the reasons cited for these plural obituaries is that Kenneth Arrow's impossibility theorem, as set out in his path-breaking Social Choice and Individual Values in 1951, has shown that the social welfare function - one of the...

The death of welfare economics has been declared several times. One of the reasons cited for these plural obituaries is that Kenneth Arrow's impossibility theorem, as set out in his path-breaking Social Choice and Individual Values in 1951, has shown that the social welfare function – one of...

In this contribution we relate the respective works of two important economists, Friedrich von Hayek and Michael Bacharach, namely one of the main intellectual leaders of the Austrian Schools and one of the most original game theorists. Hayek and Bacharach are two authors - few in number – who...

This paper aims at casting light on editorial boards of leading journals in economics. This topic has been largely neglected by economists and sociologists of science, although the crucial role played by editors of prestigious journals in steering the discipline. We start our analysis by mapping...

In this chapter I review the contributions to utility theory that Paul Samuelson made when he was a PhD student at Harvard, from the first scientific papers he began writing in 1936 to the dissertation he submitted in November 1940. Based on this review, I make three points: (1) After exploring...

The idea that consumers are rational decision makers, who carefully consider options when making a decision about a certain phenomenon, will soon phase out! Believe it or not. In a bid to better understand the consumer, a myriad of economists still waste their precious time on “not-so-deep”...

The response to COVID-19 has been overwhelmingly to lockdown much the world’s economies in order to minimize death rates as well as the immediate negative effects of COVID-19. I argue that such policy is too often de-contextualized as it ignores policy externalities, assumes death rate...