The theory of capital investment is the cornerstone of the theory of macroeconomic dynamics, and the question of whether or not the agents involved in the investment decision have the information needed to make individually and collectively optimal choices is central to capital accumulation theory. New Classical and neoclassical theory assume that they do. Keynesian and Post Keynesian theory as...

I Neoclassical theory's neglect of the firm is understandable because the allocation of resources within the firm results from presumably rational decisions. These decisions might have been of interest to the developing study of psychology, but they presented no obvious mystery to neoclassical economists. No social organization puzzle seems to be involved, although there lurk behind these manag...

Marshall was the great synthesiser of neoclassical economics. Yet with his qualified assumption of self-interest, his emphasis on variation in economic evolution, and his cautious attitude to the use of mathematics, Marshall differs fundamentally from other leading neoclassical contemporaries. Metaphors inspire more specific analogies and ontological assumptions, and Marshall used the guiding m...

Austrian economics is sometimes considered as an alternative to the mainstream. Regardless whether this holds true in other areas, the present paper argues that it is not the case as far as the demand theory is concerned. I attempt to show that the Austrian version of the theory is in fact equivalent with the neoclassical (in its ‘revealed preference’ incarnation). In particular, it is shown th...

Neoclassical paradigm, evolutionary theory and the theory of intangible assets are utilized to analyse reasons, modalities and evaluation of public intervention in research and innovation, in general terms and in the concrete field of space activities, with a particular focus on the Italian Space Agency.

In this essay I review the main features of neoclassical growth theory, with an eye to seeing what it has to say about the causes of wealth and poverty among nations. I argue that outside the OECD and a comparatively small circle of other countries, neoclassical models contribute little to identifying the deeper sources of cross-national patterns in growth and productivity. I then discuss recen...

Arthur Lewis’s seminal 1954 paper and its emphasis on dualism appeared at a time when neither the work of Keynes and Harrod–Domar nor the later neoclassical production function of Solow seemed relevant for developing countries. As a consequence, his model, rooted in the classical tradition, plus its many extensions, generated an extensive literature at the center of development theory. The appr...

The McElroy-Horney Nash-bargaining model of family demand behavior relaxes the restriction that nonearned income of husband and wife has the identical effect on family labor supply and commodity demands. This restriction of the neoclassical model offamily behavior is tested for the determination of husband and wife labor supply andfertility based on the 1981 Socioeconomic Survey of Thailand. Th...