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Microeconomics
  1. Frank Ackerman (2002). Still Dead After All These Years: Interpreting the Failure of General Equilibrium Theory. Journal of Economic Methodology 9 (2):119-139.
    More than 25 years after the discovery that the equilibrium point of a general equilibrium model is not necessarily either unique or stable, there is still a need for an intuitively comprehensible explanation of the reasons for this discovery. Recent accounts identify two causes of the finding of instability: the inherent difficulties of aggregation, and the individualistic model of consumer behaviour. The mathematical dead end reached by general equilibrium analysis is not due to obscure or esoteric aspects of the model, (...)
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  2. J. Alcalde, M. C. Marco-Gil & J. A. Silva, The Minimal Overlap Rule: Restrictions on Mergers for Creditors' Consensus.
    As it is known, there is no rule satisfying Additivity in the complete domain of bankruptcy problems. This paper proposes a notion of partial Additivity in this context, to be called µ-additivity. We find that µ-additivity, together with two quite compelling axioms, anonymity and continuity, identify the Minimal Overlap rule, introduced by Neill (1982).
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  3. Elizabeth Anderson (2000). Beyond Homo Economicus: New Developments in Theories of Social Norms. Philosophy and Public Affairs 29 (2):170–200.
  4. Dominick T. Armentano (1992). Anti‐Antitrust: Ideology or Economics? Reply to Scherer. Critical Review 6 (1):29-39.
    F.M. Scherer has not effectively rebutted my subjectivist criticism of the standard microeconomic welfare model; Scherer's historical reference to what Congress (allegedly) believed is irrelevant to the theoretical concerns raised by subjectivism. Nor does my ?principal? criticism of antitrust policy rests on ?philosophical foundations?; my principal criticism rests on conventional economic analysis and a detailed economic history of the classic antitrust cases. My conclusion that the electrical equipment conspiracy of the late 1950s had no significant effect on market prices is (...)
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  5. N. Emrah Aydinonat (2007). Models, Conjectures and Exploration: An Analysis of Schelling's Checkerboard Model of Residential Segregation. Journal of Economic Methodology 14 (4):429-454.
    This paper analyses and explicates the explanatory characteristics of Schelling's checkerboard model of segregation. It argues that the explanation of emergence of segregation which is based on the checkerboard model is a partial potential (theoretical) explanation. Yet it is also argued that despite its partiality, the checkerboard model is valuable because it improves our chances to provide better explanations of particular exemplifications of residential segregation. The paper establishes this argument by way of examining the several ways in which the checkerboard (...)
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  6. Roger E. Backhouse (2004). History and Equilibrium: A Partial Defense of Equilibrium Economics. Journal of Economic Methodology 11 (3):291-305.
    This paper responds to the argument, made by many heterodox economists, that equilibrium theory should be abandoned in favor of theories that pay more attention to history. It considers some of the main ways in which the concept of equilibrium has been understood in economics, and the reasons why there has been confusion in discussions of equilibrium. The conclusion is drawn that the focus should be less on equilibrium as a concept than on equilibrium analysis as a method, and limited (...)
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  7. Roger E. Backhouse (1993). Lakatosian Perspectives on General Equilibrium Analysis. Economics and Philosophy 9 (02):271-.
  8. José Luis Bermúdez (2010). Rational Decisions , Ken Binmore. Princeton University Press, 2009, X + 200 Pages. [REVIEW] Economics and Philosophy 26 (1):95-101.
  9. James M. Buchanan (2001). Game Theory, Mathematics, and Economics. Journal of Economic Methodology 8 (1):27-32.
  10. Robin P. Cubitt, Chris Starmer & Robert Sugden (2001). Discovered Preferences and the Experimental Evidence of Violations of Expected Utility Theory. Journal of Economic Methodology 8 (3):385-414.
    The discovered preference hypothesis appears to insulate expected utility theory (EU) from disconfirming experimental evidence. It asserts that individuals have coherent underlying preferences, which experiments may not reveal unless subjects have adequate opportunities and incentives to discover which actions best satisfy their preferences. We identify the confounding effects to be expected in experiments, were that hypothesis true, and consider how they might be controlled for. We argue for a design in which each subject faces just one distinct choice task for (...)
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  11. Michel de Vroey (2003). Perfect Informationà laWalras Versus Perfect Informationà laMarshall. Journal of Economic Methodology 10 (4):465-492.
    In this paper I ponder upon the meaning of the perfect information assumption, and argue that a distinction should be drawn between the Walrasian and Marshallian conceptions of perfect information. I show that the Marshallian conception is more demanding than the Walrasian, due to the absence of the auctioneer figure. Next, I examine a few modern imperfect information models (Friedman's expectations?augmented Phillips Curve model, Lucas' neutrality of money model, Shapiro and Stiglitz' efficiency wage model) in order to assess whether the (...)
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  12. Brian Epstein (2014). Why Macroeconomics Does Not Supervene on Microeconomics. Journal of Economic Methodology 21 (1):3-18.
    In recent years, the project of providing microeconomic foundations for macroeconomics has taken on new urgency. Some philosophers and economists have challenged the project, both for the way economists actually approach microfoundations and for more general anti-reductionist reasons. Reductionists and anti-reductionists alike, however, have taken it to be trivial that the macroeconomic facts are exhaustively determined by microeconomic ones. In this paper, I challenge this supposed triviality. I argue that macroeconomic properties do not even globally supervene on microeconomic ones. This (...)
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  13. Brian Epstein (2009). Ontological Individualism Reconsidered. Synthese 166 (1):187-213.
    The thesis of methodological individualism in social science is commonly divided into two different claims—explanatory individualism and ontological individualism. Ontological individualism is the thesis that facts about individuals exhaustively determine social facts. Initially taken to be a claim about the identity of groups with sets of individuals or their properties, ontological individualism has more recently been understood as a global supervenience claim. While explanatory individualism has remained controversial, ontological individualism thus understood is almost universally accepted. In this paper I argue (...)
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  14. Brian Epstein (2008). When Local Models Fail. Philosophy of the Social Sciences 38 (1):3-24.
    Models treating the simple properties of social groups have a common shortcoming. Typically, they focus on the local properties of group members and the features of the world with which group members interact. I consider economic models of bureaucratic corruption, to show that (a) simple properties of groups are often constituted by the properties of the wider population, and (b) even sophisticated models are commonly inadequate to account for many simple social properties. Adequate models and social policies must treat certain (...)
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  15. Andrew Halpin (2007). Disproving the Coase Theorem? Economics and Philosophy 23 (3):321-341.
    This essay explores the detailed argument of the Coase Theorem, as found in Ronald Coase’s “The Problem of Social Cost” and subsequently defended by Coase in The Firm, the Market, and the Law. Fascination with the Coase Theorem arises over its apparently unassailable counterintuitive conclusion that the imposition of legal liability has no effect on which of two competing uses of land prevails, and also over the general difficulty in tying down an unqualified statement of the theorem. Instead of entering (...)
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  16. David L. Hammes & Lawrence A. Boland (1984). Neoclassical Vs. Classical Economic Models. Philosophy of the Social Sciences 14 (1):107-113.
  17. D. Wade Hands (1994). Restabilizing Dynamics: Construction and Constraint in the History of Walrasian Stability Theory. Economics and Philosophy 10 (02):243-.
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  18. D. Wade Hands (1985). The Structuralist View of Economic Theories: A Review Essay: The Case of General Equilibrium in Particular. Economics and Philosophy 1 (2):303-.
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  19. Neil Hart (1996). Equilibrium and Time: Marshall's Dilemma. Journal of Economic Methodology 3 (2):285-306.
    The neglect and misinterpretation of Marshall's treatment of time led many of his followers and critics to overlook the significance of the qualifications and criticisms of equilibrium analysis in his Principles. This misinterpretation arises from a failure to fully understand the purpose and method of Marshall's analysis. Marshall's methodological struggles in Principles did not arise from an attempt to preserve the concept of competitive equilibrium in a world where increasing returns are pervasive. Rather, they emanated from an attempt at providing (...)
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  20. Geoffrey M. Hodgson (2006). Microeconomics: Behavior, Institutions, and Evolution, Samuel Bowles, Princeton University Press and Russell Sage Foundation, 2004, 584 Pages. [REVIEW] Economics and Philosophy 22 (1):166-171.
  21. Karsten Klint Jensen (2012). Unacceptable Risks and the Continuity Axiom. Economics and Philosophy 28 (1):31-42.
    Consider a sequence of outcomes of descending value, A > B > C > . . . > Z. According to Larry Temkin, there are reasons to deny the continuity axiom in certain cases, i.e. cases of triplets of outcomes A, B and Z, where A and B differ little in value, but B and Z differ greatly. But, Temkin argues, if we assume continuity for cases, i.e. cases where the loss is small, we can derive continuity for the case (...)
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  22. Elias L. Khalil (2008). Equilibrium Without Rationality:Microeconomics: Behavior, Institutions and Evolution, Samuel Bowles . Princeton: Princeton University Press, 2003. (595 Pp; US $29.95 Pbk; ISBN 9780691126388. [REVIEW] Biological Theory 3 (1):90-92.
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  23. Maurice Lagueux, Omniscience and Rationality in Microeconomics.
    It would be very difficult to discuss the question concerning the hypothesis of omniscience in microeconomics without relating this hypothesis to the more fundamental hypothesis of rationality (usually referred to as rationality principle or postulate) which is at the base of the very idea of an economic theory and even social sciences. Indeed omniscience is a quality which was typically attributed to homo oeconomicus whose essential characteristic is to be perfectly "rational". This association between omniscience and rationality goes back to (...)
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  24. Christian List & Ben Polak (2010). Introduction to Judgment Aggregation. Journal of Economic Theory 145 (2):441-466.
    This introduces the symposium on judgment aggregation. The theory of judgment aggregation asks how several individuals' judgments on some logically connected propositions can be aggregated into consistent collective judgments. The aim of this introduction is to show how ideas from the familiar theory of preference aggregation can be extended to this more general case. We first translate a proof of Arrow's impossibility theorem into the new setting, so as to motivate some of the central concepts and conditions leading to analogous (...)
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  25. C. Mantzavinos (2008). On Don Ross's Defense of Neoclassical Economics. Journal of Economic Methodology 15 (3).
  26. C. Mantzavinos (1994). Wettbewerbstheorie. Duncker & Humblot.
  27. Caterina Marchionni (2013). Playing with Networks: How Economists Explain. [REVIEW] European Journal for Philosophy of Science 3 (3):331-352.
    Network theory is applied across the sciences to study phenomena as diverse as the spread of SARS, the topology of the cell, the structure of the Internet and job search behaviour. Underlying the study of networks is graph theory. Whether the graph represents a network of neurons, cells, friends or firms, it displays features that exclusively depend on the mathematical properties of the graph itself. However, the way in which graph theory is implemented to the modelling of networks differs significantly (...)
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  28. Maria Cristina Marcuzzo (1996). Microfoundations: A Critical Inquiry, Maarten C. W. Janssen. Routledge, 1993, Xix + 198 Pages. [REVIEW] Economics and Philosophy 12 (01):104-.
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  29. Michael Moehler & Geoffrey Brennan (2010). Neoclassical Economics. In Mark Bevir (ed.), Encyclopedia of Political Theory. SAGE Publications.
    The term neoclassical economics delineates a distinct and relatively homogenous school of thought in economic theory that became prominent in the late nineteenth century and that now dominates mainstream economics. The term was originally introduced by Thorstein Veblen to describe developments in the discipline (of which Veblen did not entirely approve) associated with the work of such figures as William Jevons, Carl Menger, and Leon Walras. The ambition of these figures, the first neoclassicists, was to formalize and mathematize the subject (...)
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  30. Philippe Mongin (2000). Does Optimization Imply Rationality? Synthese 124 (1-2):73 - 111.
    The relations between rationality and optimization have been widely discussed in the wake of Herbert Simon's work, with the common conclusion that the rationality concept does not imply the optimization principle. The paper is partly concerned with adding evidence for this view, but its main, more challenging objective is to question the converse implication from optimization to rationality, which is accepted even by bounded rationality theorists. We discuss three topics in succession: (1) rationally defensible cyclical choices, (2) the revealed preference (...)
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  31. Nikil Mukerji & Christoph Schumacher (2008). How to Have Your Cake and Eat It Too: Resolving the Efficiency- Equity Trade-Off in Minimum Wage Legislation. Journal of Interdisciplinary Economics 19:315-340.
    Minimum wages are usually assumed to be inefficient as they prevent the full exploitation of mutual gains from trade. Yet advocates of wage regulation policies have repeatedly claimed that this loss in market efficiency can be justified by the pursuit of ethical goals. Policy makers, it is argued, should not focus on efficiency alone. Rather, they should try to find an adequate balance between efficiency and equity targets. This idea is based on a two-worlds-paradigm that sees ethics and economics as (...)
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  32. Alan Nelson (1984). Some Issues Surrounding the Reduction of Macroeconomics to Microeconomics. Philosophy of Science 51 (4):573-594.
    This paper examines the relationship between modern theories of microeconomics and macroeconomics and, more generally, it evaluates the prospects of theoretically reducing macroeconomics to microeconomics. Many economists have shown strong interest in providing "microfoundations" for macroeconomics and much of their work is germane to the issue of theoretical reduction. Especially relevant is the work that has been done on what is called The Problem of Aggregation. On some accounts, The Problem of Aggregation just is the problem of reducing macroeconomics to (...)
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  33. Julianne Nelson (1992). The Market Ethic: Moral Dilemmas and Microeconomics. [REVIEW] Journal of Business Ethics 11 (4):317 - 320.
    Brief cases written as multiple choice questions can provide the basis for a classroom game based on business ethics. This teaching note describes the organization of such a game and provides five sample cases.
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  34. Louis Putterman (1988). The Firm as Association Versus the Firm as Commodity. Economics and Philosophy 4 (02):243-.
    Recent years have seen the flowering of a new literature on the economic nature of firms marked by a concern with their internal organization and contractual characteristics. Related literatures on the principal-agent problem and the theory of financial markets have also contributed to a better understanding of firms as economic institutions. However, the place of the concept of the ownership of the firm is poorly developed in most of this literature, with many writers either ignoring the concept entirely or arguing (...)
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  35. Alejandro Rosas (2010). Reciprocity, Altruism and the Civil Society: In Praise of Heterogeneity , Luigino Bruni. Routledge, 2008, XIII + 158 Pages. [REVIEW] Economics and Philosophy 26 (1):108-114.
    Economic theory has tended to reduce all social bonds and relations to forms of contract, whereas social theory has seen contracts as opposed to, and destructive of, genuine social bonds. Bruni sees these contrapositions as ideological (‘left’ against ‘right’, p. xi). His main goal is to overcome them; to show that three forms of reciprocity, covering the ideological spectrum from left to right, are complementary and simultaneously required in a healthy society. These three forms are, in his words: ‘(1) the (...)
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  36. Alex Rosenberg (1995). The Metaphysics of Microeconomics. The Monist 78 (3):352-367.
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  37. Don Ross (1995). Real Patterns and the Ontological Foundations of Microeconomics. Economics and Philosophy 11 (01):113-.
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  38. Esther-Mirjam Sent (1998). Sargent and the Unbearable Lightness of Symmetry. Journal of Economic Methodology 5 (1):93-114.
    Influenced by changes in his environment in the early 1980s, Thomas Sargent tried to serve his interest in finding conceptual integrity of theory and method by using rational expectations to link general equilibrium theory and vector autoregressions. Dead ends loomed large on Sargent's horizon when he tried to fit the a priori bias towards symmetry in general equilibrium theory into this framework and when he became aware of the consequences of his initial decisions. In particular, he turned out to be (...)
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  39. David Teira Serrano (2006). A Positivist Tradition in Early Demand Theory. Journal of Economic Methodology 13 (1):25-47.
    In this paper I explore a positivist methodological tradition in early demand theory, as exemplified by several common traits that I draw from the works of V. Pareto, H. L. Moore and H. Schultz. Assuming a current approach to explanation in the social sciences, I will discuss the building of their various explanans, showing that the three authors agreed on two distinctive methodological features: the exclusion of any causal commitment to psychology when explaining individual choice and the mandate to test (...)
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  40. Marciano Siniscalchi (2009). Two Out of Three Ain't Bad: A Comment on “the Ambiguity Aversion Literature: A Critical Assessment”. Economics and Philosophy 25 (3):335-356.
    Al-Najjar and Weinstein (2009) propose to scrutinize the implications of recent theories of ambiguity in dynamic settings. They conclude that such implications are so unreasonable as to cast doubts on the legitimacy of the theories under consideration. The present paper argues that the seemingly unreasonable implications highlighted by Al-Najjar and Weinstein can be understood as the result of basic trade-offs that arise naturally in the presence of ambiguity. In particular, Al-Najjar and Weinstein are uncomfortable with the possibility that an ambiguity-averse (...)
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  41. Paola Tubaro (2009). Is Individual Rationality Essential to Market Price Formation? The Contribution of Zero‐Intelligence Agent Trading Models. Journal of Economic Methodology 16 (1):1-19.
    The paper investigates the minimum level of individual rationality that is needed for market prices to converge toward their equilibrium level. It does so by examining the theoretical and methodological foundations of the ?zero?intelligence? (ZI) agent trading approach, with which Gode and Sunder (1993a) claimed that weak individual rationality requirements suffice to obtain equilibrium prices. The paper shows that ZI agents are endowed with a higher degree of rationality than previously believed. Though not maximizing utility, they exhibit utility?improving behavior, and (...)
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  42. Robert van der Veen (2004). Basic Income Versus Wage Subsidies: Competing Instruments in an Optimal Tax Model with a Maximin Objective. Economics and Philosophy 20 (1):147-183.
    This article challenges the general thesis that an unconditional basic income, set at the highest sustainable level, is required for maximizing the income-leisure opportunities of the least advantaged, when income varies according to the responsible factor of labor input. In a linear optimal taxation model (of a type suggested by Vandenbroucke 2001) in which opportunities depend only on individual productivity, adding the instrument of a uniform wage subsidy generates an array of undominated policies besides the basic income maximizing policy, including (...)
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  43. T. M. Wilkinson (2004). The Ethics and Economics of the Minimum Wage. Economics and Philosophy 20 (2):351-374.
    This paper develops a normative evaluation of the minimum wage in the light of recent evidence and theory about its effects. It argues that the minimum wage should be evaluated using a consequentialist criterion that gives priority to the jobs and incomes of the worst off. This criterion would be accepted by many different types of consequentialism, especially given the two major views about what the minimum wage does. One is that the minimum wage harms the jobs and incomes of (...)
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  44. Oliver E. Williamson (2009). Pragmatic Methodology: A Sketch, with Applications to Transaction Cost Economics. Journal of Economic Methodology 16 (2):145-157.
    I address the topic of pragmatic methodology as a practitioner in applied microeconomics who has been working in the still nascent field of the ?economics of organization?. My purpose is both to make explicit the methodology out of which transaction cost economics works and to suggest that other theories of economic organization do the same. Conceivably convergence will develop in the process, maybe even a consensus. At a minimum, it will be useful to have each implicit methodology made explicit. I (...)
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Macroeconomics
  1. John D. Abell (1990). A Note on the Teaching of Ethics in the MBA Macroeconomics Course. Journal of Business Ethics 9 (1):21 - 29.
    While there is general agreement on the need to teach ethics in the MBA classroom, there are great difficulties in completely integrating such material within the confines of an actual MBA program. This paper attempts to address these difficulties by focusing on the teaching of such issues in one particular class — MBA macroeconomics.Ethical dilemmas often arise due to failures of the market place or due to inappropriate assumptions regarding the market model. Thus, specific suggestions are offered in regard to (...)
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  2. John Aldrich & Anna Staszewska (2007). The Experiment in Macroeconometrics. Journal of Economic Methodology 14 (2):143-166.
    This paper examines the experiment in macroeconometrics, the different forms it has taken and the rules that have been proposed for its proper conduct. Here an ?experiment? means putting a question to a model and getting an answer. Different types of experiment are distinguished and the justification that can be provided for a particular choice of experiment is discussed. Three types of macroeconometric modelling are considered: the Cowles (system of equations) approach, the vector autoregressive model approach and the computational experiment. (...)
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  3. Heather M. Anderson (1999). Explanations of an Empirical Puzzle: What Can Be Learnt From a Test of the Rational Expectations Hypothesis? Journal of Economic Methodology 6 (1):31-59.
    This paper illustrates the interplay between theory development and data analysis by considering the ability of the rational expectations hypothesis to explain the empirical cointegration structure found in the term structure. It finds that although a standard no-arbitrage theory that incorporates rational expectations can explain some of the properties of Treasury Bill yields, this theoretical explanation is incomplete. A broader-based explanation that accounts for government debt and time-varying risk premia can improve predictions of yield movements, relative to those predictions based (...)
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  4. Roger Backhouse & Andrea Salanti (1999). The Methodology of Macroeconomics. Journal of Economic Methodology 6 (2):159-169.
    This paper outlines some of the main methodological issues to arise in macroeconomics, making the case that the methodological issues arising in macroeconomics are just as important as those arising in microeconomics and that they merit more attention. Focusing on the symposium to which it forms the Introduction, the paper discusses three such issues: can macroeconomic theories be tested? Do macroeconomic theories change in response to evidence? Is contemporary macroeconomics in good methodological shape?
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  5. Amitrajeet A. Batabyal (2001). J. B. Braden and S. Proost, Editors, the Economic Theory of Environmental Policy in a Federal System; A. Cornwell and J. Creedy, Environmental Taxes and Economic Welfare; G. Atkinson, R. Dubourg, K. Hamilton, M. Munasinghe, D. Pearce, and C. Young, Measuring Sustainable Development: Macroeconomics and the Environment; R. Nau, E. Gronn, M. Machina, and O. Bergland, Editors, Economic and Environmental Risk and Uncertainty: New Models and Methods. [REVIEW] Journal of Agricultural and Environmental Ethics 14 (1):97-103.
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  6. George C. Bitros (2010). Two Puzzles Regarding the Replacement Ratio in the Context of Renewal Theory. Journal of Economic Methodology 17 (4):375-395.
    The models Feldstein and Rothschild, on the hand, and Jorgenson on the other adopted in 1974 to highlight the replacement ratio are identical. Yet, the authors reached opposite conclusions and the latter's view prevailed, which is weaker in terms of theoretical and empirical foundations. This paper argues that both puzzles may be resolved by reference to the differences in the methodological preconceptions of the authors involved, the operational advantages of the theorem of proportionality, the accumulated data that facilitate research, the (...)
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