Search results for "neoclassical economics"
showing 10 items of 33 documents
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…
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...
Bilateral Monopoly: A Contribution by Francesco Ferrara
2009
In this paper, we propose an interpretation of the application of "cost of reproduction" of Francesco Ferrara to the exchange between two agents to highlight its relevance for the theory of bilateral monopoly. In the Teoria delle Mercedi (1863), Ferrara gives a numerical example to explain price determination in the exchange between one buyer and one seller. Here, this example is translated into a mathematical model that reproduces the fundamental issues of the neoclassical debate on the indeterminacy of price in the Cournot model (1938), and anticipates the solutions proposed by Edgeworth (1881) at the end of this debate.
Circuit Theory and the Employment Issue.
2005
The circuit is a time-honoured concept in economics. It can be traced back to the Physiocrats of eighteenth-century France, who viewed production as a circular process initiated by advances, that is, capital expenditures which are recouped when goods are produced and then sold. Ever since then, however, this conception, without being explicitly discarded, has been left on the sidelines. For instance, Schumpeter, Keynes, Kalecki and J. Robinson, to mention twentieth-century economists only, undoubtedly made allowance for the circuit but did not give it prominence.1 In fact, the idea of making use of this conception as a research tool remained largely dormant until the late 1960s in France an…
Academic capitalism and the informational fraction of the transnational capitalist class
2013
This article is based on the idea that if we are witnessing an on-going shift towards the transnational phase of capitalism, this objective structural change should also be taken into account in higher education studies. In this sense, this article reflects the increased scholarly attention into the relationship between globalisation and higher education since the 1990s. The main purpose of this article is to contribute to these discussions by developing dialogue between global capitalism theories and the theory of academic capitalism. In order to achieve this, William Robinson's concept of the transnational capitalist class (TCC) will be amended to include also the informational fraction. …
An Institutionalist's Journey into the Years of High Theory: John Maurice Clark on the Accelerator-Multiplier Interaction
2007
A few years ago, an article by Arnold Heertje and Peter Heemeijer (2002) triggered an articulate and stimulating debate among scholars on the intellectual origins of Paul Samuelson's multiplier-accelerator model (1939a, 1939b). The discussion, which involved the participation of Samuelson himself, centered on whether, and to what extent, Samuelson's 1939 seminal contributions were inspired by Roy Harrod'sThe Trade Cycle(1936). Heertje and Heemeijer argue that “there is little factual support for Samuelson's suggestion ascribing the model mainly to Alvin Hansen, his mentor in the days of the creation of the model” (Heertje and Heemeijer 2002, p. 207). Instead, they provide convincing evidenc…
Reconciling the Evidence on the Knowledge-capital Model
2005
The Knowledge Capital Model (KC-model), described in Markusen (2002), encompasses both market size (horizontal) as well as factor endowment (vertical) explanations to why multinational production occurs. Although the KC-model seems intuitively appealing, the empirical support has, so far, been weak and even confused. In this study, we find strong, robust and consistent support for the KC-model. In contrast to previous studies, our skill measures follow directly from the model. We also use an enlarged dataset, where the data coverage is significantly improved. Our results also give estimated surfaces remarkably similar to theoretical simulations of the KC-model. In addition, the results give…