This paper examines elements of the complex place/role/influence of psychology in the history of consumer choice theory. The paper reviews, and then challenges, the standard narrative that psychology was “in” consumer choice theory early in the neoclassical revolution, then strictly “out” during the ordinal and revealed preference revolutions, now (possibly) back in with recent developments in ...

D uring the 1930s, the work of Robinson and Chamber!in resulted in a revitalization of economic theory. While classical and neoclassical theory provided a useful framework for economic analysis, the theories of perfect competition and pure monopoly had become inadequate as explanations of the contemporary business scene. The theory of perfect competition assumes homogeneity among the components...

Understanding turbulence in fusion plasmas has become a crucial task in order to achieve sufficient confinement level in large-scale devices like ITER. The ELMFIRE full f nonlinear gyrokinetic simulation code has been developed for calculation of plasma evolution and dynamics of turbulence in tokamak geometry. Code ELMFIRE is based on a particle-in-cell algorithm with direct implicit treatment ...

Recent work has reduced the gap between search-based monetary theory and mainstream macroeconomics by incorporating into the search model some centralized markets as well as some decentralized markets where money is essential. This paper takes a further step towards this integration by introducing labor, capital and neoclassical ̄rms. The resulting framework nests the search-theoretic monetary m...

This is the latest in our series of Critical Survey articles. The aim of the series is to report on recent developments, to provide an assessment of alternative approaches and to suggest lines of further inquiry. The intention is that the articles should be accessible not only to other academic researchers but also to students and others more practically involved in the economy. Recent Survey a...

In this paper, we seek to re-establish the link between the CES production function and neoclassical growth theory. We did so in three dimensions. First, we reviewed the increasing importance of the CES technology in modern dynamic macroeconomics, in expanding not only theory but also in addressing important policy questions. Second, we argued that the importance of the CES function in growth t...

This paper offers an organizational perspective on the firm in new economic geographies. It starts with the premise of the firm as a production function in neoclassical economics and a cost minimisation device in transaction cost economics. By pointing out the inadequacy in these mainstream economic perspectives on the firm, I draw upon recent behavioral and managerial theories to develop a rel...