1. Introduction The question of value has been central to economics since its inception as a scientific discipline. The Classical economists thought deeply about the distinction between use value and exchange value and the relationship between human happiness and the market prices of goods and services. With the development of marginal value theory, beginning in the 1870s, the value problem see...

The „selection arguments‟ advanced by Alchian (1950) and Friedman (1953) were clearly meant to boost confidence in neoclassical economics. But whereas Friedman didn‟t show the slightest reservation, Alchian warned economists “not to push their luck too far” in relying on the argument. Alchian‟s warning spurred some economists (such as Nelson and Winter) to engage with evolutionary theorizing in...

Neoclassical economics has only recently considered the problem of sustainability—how to provide for the well-being of future generations given ecological constraints. In general, the neoclassical economist perceives physical and ecological constraints on economy-environment interactions as inconveniences that will inevitably be overcome by substitution—the discovery of new economic resources o...

Seminal work within experimental economics has shown the remarkable tendency for experimental trading markets to converge to neoclassical predictions. Yet, the extent to which neoclassical competitive market theory explains the equilibrating forces operating in extra-lab markets remains under-researched. In this study, we depart from the traditional experimental investigation of neoclassical co...

This paper aims to provide the most up-to-date survey of tourism economics research and to summarise the key trends in its recent development. Particular attention is paid to the research progress made over the last decade in respect of approaches, methodological innovations, emerging topics, research gaps, and directions for future research. Remarkable but unbalanced developments have been obs...

Within the last 25 years large progress has been made in Neo-Schumpeterian Economics, this branch of economic literature which deals with dynamic processes causing qualitative transformation of economies basically driven by the introduction of novelties in their various and multifaceted forms. By its very nature, innovation and in particular technological innovation is the most exponent and mos...

The major thesis of this article is that combining the resource-based theory of the firm with Austrian economics and heterogeneous demand theory provides the foundations for a new theory ofcompetition, the resource-ativantage theory. This new theory has macro and public policy implications. Specifically, when compared with neoclassical perfect competition theory. the resource-advantage theory b...

This paper outlines an approach for writing biological economic articles. There is a schism within economics between neoclassical and behavioral schools. Biology holds the promise of modern synthesis these apparently competing theories. Natural selection favors maximization analogous to sort assumed by economics. Behavior, however, produced specific physiologic machinery that sometimes produces...