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  1.  1
    About Waged Labour: From Monetary Subordination to Exploitation.Jean Cartelier - 2017 - Economic Thought 6 (2):27.
    Wage-earners voluntarily accept to work under the control, and for the account of, firms run by entrepreneurs1; they do not decide what, how and how much, they must produce; wage-earners are not responsible for the consequences of their activities when they comply with entrepreneurs' orders12; inside the firm, wage-earners are subordinates. Outside the firm, wage-earners freely choose the way they spend their wages in the markets for commodities and services. Such is the 'stylised fact' which characterises the wage relationship in (...)
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  2.  1
    Comment on 'About Waged Labour: From Monetary Subordination to Exploitation'.Ellerman David - 2017 - Economic Thought 6 (2):37.
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  3. Is Cartelier's Monetary Approach a Convincing Alternative to the Labour Theory of Value? A Comment.Mavroudeas Stavros - 2017 - Economic Thought 6 (2):45.
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  4.  1
    Cournot's Trade Theory and its Neoclassical Appropriation: Lessons to Be Learnt About the Use and Abuse of Models.Eithne Murphy - 2017 - Economic Thought 6 (2):1.
    This paper seeks to rehabilitate the trade theory of Augustin Cournot. In contrast to the widespread awareness among neoclassical economists of Cournot's contribution to microeconomics, there is general ignorance of his trade theory, which an earlier generation of neoclassical theorists attributed to its erroneous conclusions. I dispute this view and attempt to show the internal consistency of Cournot's trade analysis. While the assumptions underpinning his trade theory could be considered extreme, they need to be understood in the light of his (...)
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  5.  3
    A Quantum Theory of Money and Value, Part 2: The Uncertainty Principle.David Orrell - 2017 - Economic Thought 6 (2):14.
    Economic forecasting is famously unreliable. While this problem has traditionally been blamed on theories such as the efficient market hypothesis or even the butterfly effect, an alternative explanation is the role of money – something which is typically downplayed or excluded altogether from economic models. Instead, models tend to treat the economy as a kind of barter system in which money's only role is as an inert medium of exchange. Prices are assumed to almost perfectly reflect the 'intrinsic value' of (...)
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  6.  9
    Walras' Law in the Context of Pre-Analytic Visions.Heise Arne - 2017 - Economic Thought 6 (1):83.
    Walras' law is a central tenet of economic theory. For mainstream economics, it is a 'plausibility check' for model-building; for heterodox economists, the refutation of Walras' law is key to understanding Keynes' revolutionary contribution to a new economic paradigm. The purpose of this short research note is to elaborate on the possibility of a refutation of Walras' law and to inquire into its preconditions. It will be argued that this can be achieved on the basis of an alternative pre-analytic vision (...)
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  7.  12
    Graphs as a Tool for the Close Reading of Econometrics.Margolis Michael - 2017 - Economic Thought 6 (1):56.
    Recently developed theory using directed graphs permits simple and precise statements about the validity of causal inferences in most cases. Applying this while reading econometric papers can make it easy to understand assumptions that are vague in prose, and to isolate those assumptions that are crucial to support the main causal claims. The method is illustrated here alongside a close reading of the paper that introduced the use of settler mortality to instrument the impact of institutions on economic development. Two (...)
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  8.  11
    Ricardo's Numerical Example Versus Ricardian Trade Model: A Comparison of Two Distinct Notions of Comparative Advantage.Jorge Morales Meoqui - 2017 - Economic Thought 6 (1):35.
    The so-called Ricardian trade model of contemporary economic textbooks is not a rational reconstruction of Ricardo's famous numerical example in chapter seven of the Principles. It differs from the latter in terms of the definition of the four numbers, relevant cost comparison, rule for specialisation, assumptions and theoretical implications. Thus, the widespread critique regarding the unrealistic assumptions of the textbook trade model does not apply to Ricardo's original proof of comparative advantage.
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  9.  14
    Bourgeois Ideology and Mathematical Economics – A Reply to Tony Lawson.Brian O'Boyle & Terrence McDonough - 2017 - Economic Thought 6 (1):16.
    This paper challenges Tony Lawson's account of the relationship between mainstream economics and ideology along two key axes. First off, we argue that Newtonian physics has been the primary version of pro-science ideology within mainstream economics, rather than mathematics per se. Secondly, we argue that the particular uses of mathematics within mainstream economics have always been ideological in the pro-capitalist sense of the term. In order to defend these claims we develop a line of argument that Lawson has thus far (...)
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  10.  14
    The Signature of Risk: Agent-Based Models, Boolean Networks and Economic Vulnerability.Wallace Ron - 2017 - Economic Thought 6 (1):1.
    Neoclassical economic theory, which still dominates the science, has proven inadequate to predict financial crises. In an increasingly globalised world, the consequences of that inadequacy are likely to become more severe. This article attributes much of the difficulty to an emphasis on equilibrium as an idealised property of economic systems. Alternatively, this article proposes that actual economies are typically out of balance, and that any equilibrium which may exist is transitory. That single changed assumption is central to complexity economics, a (...)
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