The reasons why we as scholars prefer one paradigm to another are not only scientific but also ideological. It is suggested that pluralism should be discussed at the levels of theory of science, paradigms in economics and ideological orientations. Neoclassical economics is closely connected with logical positivism as a theory of science and is close to Neo-liberalism as an ideological orientati...

Modern legal scholars frequently and increasingly base their analyses on the assumption, grounded largely in the extensive experimental literature, that individuals are subject to a number of systematic behavioral biases. Within the legal literature, behavioral economic analysis has been relied upon to generate a significant number of proposals for paternalistic regulation. These proposals are ...

Labour economics is often taken by vivid discussions about the specificity of the labour market and the need to develop a different approach, away from the current standard microeconomics. What is often forgotten is that this was not always the case. Labour research in the interwar years was quite different from what we regard presently as labour economics, being much more broadly and loosely d...

The U.S. national saving rate has been declining since the 1960s while the share of consumption in output has been increasing. We explore if a standard growth model can explain the secular movements observed in this time period. Our quantitative findings indicate that the standard neoclassical growth model is able to generate saving rates and consumption that are remarkably similar to the data ...

Econophysics is the transfer of methods from natural to socio-economic sciences. This concept has first been applied to finance, but it is now also used in various applications of economics and social sciences [2,3]. The present paper focuses on problems in macro economics and growth. 1. Neoclassical theory [4, 5] neglects the “ex post” property of income and growth. Income Y(K, L) is assumed t...

This chapter reviews recent research adopting methods from statistical physics in theoretical or empirical work in economics and finance. The bulk of what has recently become known as 'econophysics' in broader circles draws its motivation from observed scaling laws in financial markets and the abundance of data available from the economy's financial sphere. Sec. 2 of this review presents the ro...

A developmental state is both a theoretical construct and description of the political economy certain nations, primarily in East Asia, over specified time period. Theoretically, particular type with high degree autonomy solid institutional competence, allowing it to undertake series effective state-interventionist policies pursuit objectives. Statism underpin conceptual framework state. The de...

Minsky also believed that economics provided no easy answers. As a careful student of both theory and history, he knew that neither provided strong evidence for relying on markets alone to produce prosperity and economic stability. Making Minsky's search for practical answers even more difficult was the fact that during his career the U.S. economics profession was dominated by neoclassical theo...