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  1.  5
    A Common Misunderstanding About Capitalism and Communism Through the Eyes of Innovation.Dirk-Hinnerk Fischer & Hovhannes Yeritsyan - 2018 - Economic Thought 7 (2):1.
    This paper argues that theories of communism and capitalism should not be considered as opposites or alternatives, but rather systems that satisfy different stages of humanity's technological development. The argument derives from Maslow's hierarchy of needs, and a focus on the role of innovation within systems. Some argue that capitalism focuses on the lower, and communism on the higher, layers of the hierarchy – which lays the basis for their inability to compete in different periods....
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  2.  2
    Cherchez la Firme: Redressing the Missing – Meso – Middle in Mainstream Economics.Stuart Holland & Andrew Black - 2018 - Economic Thought 7 (2):15.
    Aristotle warned against a 'missing middle' in logic. This paper submits that one of the reasons why there has been no major breakthrough in macroeconomics since the financial crisis of 2007-08 has been a missing middle in mainstream micro-macro syntheses, constrained by partial and general equilibrium premises. It maintains that transcending this needs recognition that large and dominant multinational corporations between small micro firms and macro outcomes – while also influencing both – merit the conceptual paradigm of mesoeconomics. Drawing on (...)
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  3.  2
    The Lucas Critique: A Lucas Critique.Christian Müller-Kademann - 2018 - Economic Thought 7 (2):54.
    The Lucas critique has been – and continues to be – the cornerstone of modern macroeconomic modelling. In this note we apply the Lucas critique to macroeconomic modelling using deep rational expectations. In conclusion, we point out that Lucas's critique reveals a fundamental flaw in Lucas's own, popular 'solution', i.e., the so-called forward-looking rational expectations models. Heeding Lucas's call for model-consistent policy advice eventually requires an ontological shift in economics – which throws the door wide open to an exciting, hardly-explored (...)
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  4.  4
    Quantum Economics.David Orrell - 2018 - Economic Thought 7 (2):63.
    A decade after the financial crisis, there is a growing consensus that the neoclassical approach to economics has failed, and that new approaches are needed. This paper argues that economics has been trying to solve the wrong problem. Economics sees itself as the science of scarcity, but instead it should be the science of money. Just as physicists' ideas about quantum matter were formed by studying the exchange of particles at the subatomic level, so economics should begin by analysing the (...)
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  5.  3
    Computational Agents, Design and Innovative Behaviour: Hetero Economicus.Timon Scheuer - 2018 - Economic Thought 7 (2):82.
    For too long, a majority of economic stories speak of perfectly informed, fully rational optimisation within a purely materialistic world – leaving a lack of evidence and explanation regarding human decision makers and entrepreneurs revolutionising the decision space. Strands like game theory and institutional economics have already adopted a more practical view. Evolutionary and behavioural economics were finally able to establish the necessary links to other disciplines – like psychology and informational science. This paper recaps selected parts of the literature (...)
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  6.  4
    The Decline of the 'Original Institutional Economics' in the Post-World War II Period and the Perspectives of Today.Arturo Hermann - 2018 - Economic Thought 7 (1):63.
    Original, or 'old', institutional economics – also known as 'institutionalism' – played a key role in its early stages; it could be said that it was once the 'mainstream economics' of the time. This period ran approximately from the first important contributions of Thorstein Veblen in 1898 to the implementation of the New Deal in the early 1930s, where many institutionalists played a significant role. However, notwithstanding its promising scientific and institutional affirmation, institutional economics underwent a period of marked decline (...)
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  7.  10
    Reassessing Marshall's Producers' Surplus: A Case for Protectionism.Daniel Linotte - 2018 - Economic Thought 7 (1):50.
    The rationale for liberal economic policies refers inter alia to the so-called producer and consumer surpluses, namely welfare concepts which were proposed by Alfred Marshall in his seminal work Principles of Economics, first published in 1890. In the case of trade policy, relying on surpluses and referring to the 'small country case', it is recommended to remove tariff barriers imposed on the imports of commodities because it should increase welfare and, in theory at least, the losers of such a trade (...)
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  8.  6
    The Backward Induction Controversy as a Metaphorical Problem.Ramzi Mabsout - 2018 - Economic Thought 7 (1):24.
    The backward induction controversy in game theory flared up and then practically ended within a decade – the 1990s. The protagonists, however, did not converge on an agreement about the source of the controversy. Why was this the case, if opposing sides had access to the same modelling techniques and empirical facts? In this paper I offer an explanation for this controversy and its unsettled end. The answer is not to be found in the modelling claims made by the opposing (...)
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  9.  1
    Comments on Arturo Hermann's Paper, 'The Decline of the “Original Institutional Economics”'.Anne Mayhew - 2018 - Economic Thought 7 (1):87.
    Read Arturo Hermann's paper, 'The Decline of the "Original Institutional Economics" in the Post-World War II Period and the Perspectives of Today'...
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  10.  4
    Spiethoff's Economic Styles: A Pluralistic Approach?Sebastian Thieme - 2018 - Economic Thought 7 (1):1.
    The main scope of this article is to introduce Spiethoff's economic styles approach to economists outside the German-speaking scientific community. It also provides a contemporary reading and interpretation of this approach, especially regarding the methodology Spiethoff used in his research. Essentially, it will be shown that Spiethoff applies a kind of 'abductive' thinking that is usually ignored. Especially in the recent debate about pluralism in economics, the dichotomy of induction and deduction excludes the concept of abduction. Against this background, the (...)
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