We review and evaluate some recent contributions on modeling entrepreneurship within a neoclassical framework, analyzing how and to what extent the fundamental ingredients suggested in the social science literature were captured. We show how these approaches are important in stressing the main elements of a complex picture without being able to fully describe it. Each modeling attempt focuses o...

Neoclassical economics, the dominant economics paradigm, has influenced and been influenced by developments in regulated industries. We identify major theoretical and empirical accomplishments, discuss the impact ofthese accomplishments onpolicy development, and list the channels through which the impacts are madepossible. We then discuss regulatorypolitics, lack ofresearch perspective, an over...

This paper is investigating that:" resurging evolution of economic thought, EET, is brilliantly in direction with eminence of substantive elements of economics itself". It presupposes that the substantive elements of economics embraces the following package: 1- maintaining on some epistemic doctrines, including rationality, efficiency and equilibrium.2-dynamic characteristic of economic theorie...

The notion of "opportunity cost" has been neglected in economics. reason is that any such measure cost invisible, unobservable, and untestable. Yet the so-called 'competitive ideal' neoclassical theory based on claims decreasing returns substitutional tradeoffs production, consumption social relations, therewith an exclusive focus scarcity Within this view, collusion suspect: it raises prices, ...

Over the last twenty-five years, a different approach to economics has been slowly birthing, and slowly growing—complexity economics. Complexity economics holds that the economy is not necessarily in equilibrium, that computation as well as mathematics is useful in economics, that increasing as well as diminishing returns may be present in an economic situation, and that the economy is not some...

The article points out the limits of Austrian economics in so far as the passage from positive to normative economics is concerned. We propose a comparison with neoclassical economics and discuss the different theoretical solutions adopted by these two schools of thought in their legitimization of the normative discourse. The bridge from positive to normative economics is analyzed as resting up...