Economic Theory and Institutions

As the most important search operator in a Genetic Algorithm (GA) approach, many procedures have been proposed to accomplish the idea of a crossover.As a result, knowledge in crossover has incorporated special features such as statistical elements (i.e. arithmetic crossover) and natural observation (i.e. queen bee cro…

• MEHMET LÜTFİ ARSLAN

Abstract This paper offers a historically contextualised intellectual history of the entangled development of three competing post‐war economic approaches, viz the Austrian, Chicago and post‐Walrasian schools, as three forms of neoliberalism. Taking our cue from Foucault's reading of neoliberalism as a mode of governm…

(2002). Theorizing the 'Third Sphere': A Critique of the Persistence of the 'Economistic Fallacy' Journal of Economic Issues: Vol. 36, No. 4, pp. 1045-1078.

The new interpretation (NI) offers a particular understanding of important problems in value theory, especially the value of money and labor power and the structure and dynamics of capitalist accumulation. The NI is to be welcomed for raising these issues but not for the way in which it has dealt with them. Above all,…

• ALFREDO ANTONİO SAAD FILHO

This paper summarises the standard account of the economic calculation debate, the modern Austrian reinterpretation of the debate based on the centrality of tacit knoweledge and discovery, and a neglected third strand in the historical debate, Dobb's insistence on the uncertainty associated with atomistic decision mak…

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This is the first scholarly work to deal solely with the Adam Smith problem, namely the apparent contradiction between Adam Smith's most famous works, "The Theory of Moral Sentiments" and "The Nature and Causes of the Wealth of Nations". Since the 1840s scholars have puzzled over and attempted to explain the fact that…

This essay provides a framework to develop policies that can both resist the capitalist system and formulate alternatives to it, by critically reviewing discussions of an ecosocialist society and its economic organization through revisiting the “calculation debate” that was started in the 1930s and is still ongoing. I…

This paper investigates the impact of the Turkish public sector imbalances on the evolution of the economic crisis during 1990–93. A computable general equilibrium model is used. The theoretical basis of the model rests upon the structuralist/Keynesian macro foundations. Its distinguishing features entail accommodatio…

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• FİKRET ADAMAN

Polanyi argued that the project of creating a fully self-regulating market was utopian, in the sense of impossible. However, movement towards this utopia, the ever greater but never completed process of disembedding the economy from both society and nature, creates growing dislocations and tensions which call forth a…

Current economics textbooks and neoclassical economists justify a theory of consumer behaviour based on utility maximisation on a priori grounds. This methodology follows Lionel Robbins’ idea that economic theory is based on logical deduction from postulates which are “simple and indisputable facts of experience.” Str…