The marginalist revolution transformed the principles of price determination in competitive markets. Nevertheless, the systematization that accompanied neo-classical theory, especially Walras’ general equilibrium formulation, confirmed Classical economists’ belief, most powerfully articulated by Smith, that impediments to free trade should be removed. So, while the transition from the Classical...

In the past thirty years interest has grown again among economists and others in the application of economic analysis to topics heretofore considered beyond their borders. Some of the work has been done by neo-classical economists, but it has not always been done well. Much of it has been done by economists critical of the standard neo-classical model from one direction or another. In either ca...

My theme in these lectures is the capacity of the methods of the Classical political economists, Adam Smith, Thomas Malthus, David Ricardo, and their critic, Karl Marx, to reveal the self-organizing character of the capitalist economy regarded as a complex, adaptive, non-equilibrium system. From one point of view this is an exercise in anachronism, since the language of complex systems theory a...

Abstract ‘Post-Keynesian’ became an umbrella term for those heterodox economists wanting to move away from the dominant neo-classical paradigm but not comfortable with another of ‘political economy’. This review is about contributions understanding societal and economic change established internationally recognised group post-Keynesian economists. Many features which differentiate them other, s...

Economists were interested in economic stabilization policies as early as the 1930’s but the formal applications of stability theory from the classical control theory to economic analysis appeared in the early 1950’s when a number of control engineers actively collaborated with economists on economic stability and feedback mechanisms. The theory of optimal control resulting from the contributio...

this paper reviews the relationship between inflation rate and minimum wage in iran’s economy over the 1969-2005. according to the economic literature, there is a narrow relationship between inflation rate and minimum wage. some economists believe in increased inflation due to minimum wage. the other group of economists considers the increased inflation as a cause for increasing minimum wage. t...

I have chosen the title of this paper with some care. I am not undertaking to set out the conceptual foundations of cost-benefit analysis. Cost-benefit analysis (CBA) is a body of practical techniques. Although it is clear enough that these techniques are largely derived from neo-classical economic theory, what we take the conceptual foundations of CBA to be is still to some extent a matter of ...