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  1.  7
    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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  2.  10
    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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  3.  10
    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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  4.  13
    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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  5.  11
    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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