Search results for "classical economics"
showing 10 items of 54 documents
Non-linearities and partial analysis
1995
Abstract This paper argues that, where there are non-linearities, the fundamental postulate of partial analysis — the principle of the negligibility of indirect effects — may be undermined: any feedback effects, however seemingly negligible, may have profound implications.
“A certain amount of ‘recantation’”: On the origins of Frank H. Knight’s antipositivism
2016
The aim of this paper is to investigate in some detail the origins of Knight’s antipositism and to assess the main influences that brought him to a change in methodological perspective after 1921. As importantly, what follows is also an attempt to increase our general understanding of the methodological debates taking place during the early decades of the last century and to shed new light on the inherently pluralistic character of US interwar economics. This paper is organized as follows: the first section outlines Knight’s methodological views as presented in his early works; the second section discusses Knight’s “recantation” and his attack on behavioristic social science; the third sect…
The Classical Notion of Competition Revisited
2013
This article seeks to fill a lacuna within classical economics concerning the process of market price determination in situations of market disequilibrium. To this aim, first we distinguish the classical notion of free competition from the Walrasian notion of perfect competition and we argue that the latter is beset with some theoretical difficulties alien to the former. Second, we reconstruct in some detail Smith’s and Marx’s views concerning market price determination and show that Marx’s extensive use of metaphors and numerical examples foreshadows the modern taxonomy of buyers’ market, sellers’ market, and mixed strategy equilibrium in the capacity space of a standard Bertrand duopoly m…
Testing Heckscher— Ohlin—Vanek Model Using Spanish Regional Data
2008
The authors conduct an empirical study of the Heckscher—Ohlin—Vanek (HOV) model of trade using regional data rather than country data. Findings for Spanish regions suggest that relaxing the assumption of world factor price equalization alone is not enough to improve the performance of the HOV model. The supposition of world identical and homothetic preferences must also be relaxed. The authors also test whether Spanish regions share the same production techniques. Allowing for productivity-adjusted factor price equalization across regions or region-specific input—output matrices contributes very little toward improving the HOV model's predictive power, suggesting that the state of technolo…
Economics, Science and Capitalism
2021
Various strains of heterodox economics have sought, and largely failed, to dismount orthodoxy from its dominant position. This book critiques the criticizers, explaining why heterodox economics challenges have faltered, and then presents a coherent alternative paradigm of its own. This simultaneously exposes the vacuousness of neoclassical economics, the limitations of heterodox critique and the subverting of Karl Marx’s revolutionary economic thought by his own disciples. The book draws in particular on two key intellectual traditions in making its arguments: critical realism and Marxism. From the refounding of critical realist philosophy of science in the hands of Roy Bhaskar, emphasis is…
The lack of balance in the Spanish First Division football league
2014
Research question: The importance of balance in sports competitions has been made evident on many occasions. The dominance of a few teams over the rest of the participants in the Spanish First Division Football League has made the subject of a lack of balance an omnipresent one in sports journalism. The aim of this article is to show that the lack of balance is not just a matter of the past few seasons, but also it has been evidenced since far back in time. To test this hypothesis, the results of the league have been analyzed since its inception through various static and dynamic indices of competitive balance.Research methods: The empirical distribution of static and dynamic indices under …
Smith, Marshall and Young on division of labour and economic growth
2003
The aim of this paper is to reconstruct the theory of division of labour and economic growth proposed by Adam Smith and developed by Alfred Marshall and Allyn Young. In their approach division of labour is the main engine of growth and plays a central role in capital accumulation and technological progress. We suggest that, according to their theory: 1) economic growth is endogenous; 2) it has the nature of a cumulative, pathdependent process; and 3) it can be described as a disequilibrium process, supported by competitive forces. We argue that these aspects make the contributions of Smith, Marshall and Young still insightful for the development of growth theory, even in the light of the mo…
Entrepreneurship: Concepts, Theory and Perspective. Introduction
2007
The creation of a country’s wealth and dynamism depends upon the competitiveness of its firms and this, in turn, relies fundamentally on the capabilities of its entrepreneurs and managers.
An Economic Viewpoint on Capitalism Bashing
2016
Abstract In this paper I discuss two long disputed notions: that capitalism without crises is a fallacy respectively that capitalism bashing, however severe, will not endanger the system itself. Yet proving both is not an easy task since the capitalism issue has always been a cupellation of theory, ideology and political precepts, which are controversial and hard to disentangle. That capitalism detractors are numberless is a truism. Yet criticism against capitalism, however fierce, has always been clearly delineated. Not any more: globalization has rendered the picture dangerously fuzzy. It is now hard to ascertain whether someone who will harangue about the ostensible evils of globalizatio…
Riding the wave of success: the role of trans-national diffusion mechanisms in the development of far right parties
2018
ABSTRACTThe far right party (FRP) literature is quite variable-oriented and often undervalues the dynamics that motivate FRP development. Previous research describes the implausibility of developme...