For more than a century, neoclassical theory dominated economic thinking. Neoclassical economics is a theory based on three key assumptions: individuals have rational preferences; individuals maximize ...

In a classic case of ‘they would say that, wouldn't they?’, economic textbook authors McTaggart, Findlay and Parkin have recently defended economics from the criticism that it failed in not predicting ...

https://doi.org/10.13169/worlrevipoliecon.3.4.0457 • https://www.jstor.org/stable/10.13169/worlrevipoliecon.3.4.0457 Copy URL The article seeks to focus attention ...

Before I start, I want to say that I have not read Mises, Hayek or Rothbard. I arrived at these conclusions on my own. I also want to quote Buffett: It is better to be approximately right, than ...

I suppose it is also difficult to shed old habits of mind, as Keynes frequently did. It can be quite devastating for these people when they finally realize the gold standard is over…and all that may ...

At the heart of neoclassical economic theory is its fundamental unit of analysis, the rational actor. This individual, it is purported, behaves in a manner that maximises their utility: a series of ...

JOURNALIST Christopher Hayes recently wrote an article in which he describes taking Allen Sanderson’s introductory economics course at the University of Chicago. Mr Hayes claims to have found the ...