This paper considers the economic theories that are relevant for the study of peace war and international security . It presents different levels of generality, starting with the big questions of international security, which are usually the domain of international relations, before moving to general economic theoretical perspectives and then focusing on some specific developments in economics ...

The debate about behavioral economics – the incorporation of insights from psychology into economics – is often framed as a question about the foundational assumptions of economic models. This paper presents a more pragmatic perspective on behavioral economics that focuses on its value for improving empirical predictions and policy decisions. I discuss three ways in which behavioral economics c...

The field of cognitive psychology studies how people make decisions and how these decisions are reflected in behavior. In contrast, neo-classical economics has pursued the economic conditions which are sufficient for decentralized resource allocation to achieve a Pareto optimal outcome. In pursuit of these conditions, neoclassical economists have identified those characteristics of economic beh...

Edith Penrose’s The Theory of the Growth Firm provides an intellectual foundation for a theory innovative enterprise, which is essential to any attempt explain productivity growth, employment opportunity, and income distribution. firm also antidote absurdity that has been taught by PhD economists millions college students over seven decades: most unproductive efficient economy. dissemination th...

This is a schools brief style of introduction to evolutionary economics. It addresses the nature of evolutionary theory in relation to economics, and examines why evolutionary economists argue that market-capitalism is an evolutionary system. Finally, it argues that liberal economic philosophy has much stronger and more direct relationship with evolutionary economic analysis than neoclassical e...

Ever since Hayek’s 1937 classic, “Economics and Knowledge,” Austrians and other sympathetic writers have rightly emphasized study of the coordination properties of an economic system. To this end, they have claimed a distinction between the Hayekian focus on coordination and the neoclassical focus on equilibrium and efficiency. Although genuine and important, this distinction has yet to be sati...