This paper examines the views of Hyman Minsky and Abba Lerner on the functional finance approach to fiscal policy. It argues that the main principles of functional finance were relatively widely held in the immediate postwar period. However, with the rise of the Phillips curve, the return of the...

This paper examines the views of Hyman Minsky and Abba Lerner on the functional finance approach to fiscal policy. It argues that the main principles of functional finance were relatively widely held in the immediate postwar period. However, with the rise of the Phillips curve, the return of the...

Scholars routinely credit R.H Coase and his first seminal work — The Nature of the Firm — as the progenitor of the nexus-of-contracts theory of the corporation. This account, which has dominated legal scholarship for four decades, describes a corporation as a nexus of contracts between the...

This chapter summarizes the case for considering money as a legal institution. The Western liberal tradition, represented here by John Locke’s iconic account of money, describes money as an item that emerged from barter before the state existed. Considered as an historical practice, money is...

The History Schumpeter´s of Economic Analysis, is a tour de forcé of scholarship. The display of erudition is 'truly unbelievable. How could one man have acquired and then digested so much knowledge? Not only does the History offer two thousand years of economics, from Aristotle to Paul...

This article addresses the question of whether sanctions constitute violence in the broad sense of that term, and whether, and under what conditions, sanctions can be justified. The sanctions imposed against Iraq and Cuba are discussed as case studies and several ethical theories are applied to...

Frederic Bastiat (1801-1850) was an economist and journalist. A member of the French Liberal School, he is best known for his free trade ideas and his philosophy of law. Mark Blaug ranks him as one of the 100 greatest economists before Keynes. Schumpeter called him a brilliant economic...

Frederic Bastiat (1801-1850) was a French economist and journalist. One of his classic works is The Candlemakers' Petition, which uses the reductio ad absurdum philosophical technique to dismantle the arguments the French protectionists put forth to protect French industry in the mid-nineteenth...

This paper provides an overview and discussion of the legal and economic philosophy of Frederic Bastiat (1801-1850), a French political economist. A bibliography with links to other Bastiat studies is also included