PreKeynes macroeconomics LelandB Yeager
Keynes characterized the doctrines of his predecessors unfairly, perhaps out of inadequate acquaintance with them. He was by no means the pioneer he claimed to be in developing a theory of output as a whole and in integrating monetary theory with general value theory Marget, 1938 1942, II, chapter I . Keynes said General Theory, p. 13 that 'all members of the orthodox school' tacitly assumed that all unemployed workers 'though willing to work at the current wage will withdraw the offer of their...
Acknowledgements
I would like to thank Edward Elgar for initiating the project. Watien Samuels'- vote of confidence in my ability to organize such a project at such an early stage in my professional career is gratefully appreciated. Warren's devotion to critical scholarship in economics and social theory, his openness to ideas and approaches different from his own, and his warm personality have provided a great example of how to live and learn in this academic business. Mario Rizzo and Don Lavoie saw the...
Praxeology David L Prychitko
Modern economics calls itself the science of choice it studies chokes thai inevitably flow from the fact of scarcity. In contemporary neoclassu id Iheoi y, individuals are modeled as rational agents that maximize utility subject to constraint. The argument is familiar to any student of economics maximization between two scarce goods occurs when an agent chooses a combination ol goods such that the ratio of their marginal utilities equals the price ratio In its generalized form, an 'action' of...
liv Contributors
Roy Ii. Cordato, Lundy-Fetterman School of Business, Campbell University, North Carolina. Robin Cowan, Department of Economics, University of Western Ontario, London. Tyler Cowen, Department of Economics, George Mason University, Fairfax. Thomas J. DiLorenzo, Department of Economics, Loyola University, Baltimore. James A. Dorn, Department of Economics, Towson State University. Kevin Dowd, School of Financial Studies and Law, Sheffield Hallam University. John B. Egger, Department of Economics,...
Gregory B Christainsen
I lie practice of viewing social wholes such as national economies as the pitiduct of individual actions has been a feature of the Austrian school of lt t unomics since its inception. This 'methodological individualism', as it was eventually called, was endorsed by Carl Menger as early as the preface of his Irunds tze der Volkwirthschaftslehre, published in 1871. The methodology to be followed in the social sciences is seen by Austrians ON it fundamental field of study, something to be pursued...