requested is temporarily unavailable. Try again later.
Research Interests:
The production of a scientifi c journal is, by its very nature, a collaborative effort that requires the hard work and indispensable advice of its referees. The Editors wish to thank the following individuals for all their efforts during... more
The production of a scientifi c journal is, by its very nature, a collaborative effort that requires the hard work and indispensable advice of its referees. The Editors wish to thank the following individuals for all their efforts during the past academic year. ... Philip Arestis Tony Aspromourgos Keith Bain Christian Bidard Robert Blecker Peter Boettke Daniel Bromley Suzanne de Brunhoff William Butos Sergio Cessarato Ed Chilcote Roberto Ciccone Paul Dalziel John Davis Michael Dietrich James Dietz Sheila Dow Alan Dyer Gary Dymski Peter Earl Bruce Elmslie Diane ...
Research Interests:
Research Interests:
An adaptive systems approach is used to compare a free banking system and a central banking regime with respect to their respective capacities to use and generate relevant knowledge. Monetary equilibrium, as a byproduct of a free banking... more
An adaptive systems approach is used to compare a free banking system and a central banking regime with respect to their respective capacities to use and generate relevant knowledge. Monetary equilibrium, as a byproduct of a free banking system, has also been proposed as a norm for central bank policy. Differences in the way each system functions are found to cast doubt on that claim. The central problem identified is the difficulty of exporting results from one institutional setting (free banking) to a qualitatively different one (central banking).
Research Interests:
Many social orders, including markets and science, can be understood as instances of adaptive systems, i.e., networks of active components whose interactions implement a persistent but mutable structure which is adaptable to its... more
Many social orders, including markets and science, can be understood as instances of adaptive systems, i.e., networks of active components whose interactions implement a persistent but mutable structure which is adaptable to its environment. This general model of social structure, being neither exclusively reductionist (in that it encompasses emergent phenomena and adaptive reactions at the system level) nor exclusively holistic (in that it pays due attention to the lower-level interactions which drive the system) can serve as a fertile source of novel ideas for investigating a range of social phenomena.
Research Interests:
The characterization of science as a “spontaneous order” was forcefully put forward by Michael Polanyi in his principled opposition to schemes for government management of science pressed in the 1930s and 40s. Polanyi insisted that... more
The characterization of science as a “spontaneous order” was forcefully put forward by Michael Polanyi in his principled opposition to schemes for government management of science pressed in the 1930s and 40s. Polanyi insisted that scientific communities were self-governing arrangements based on tacitly held liberal traditions which would be destroyed by the application of central control. At the same time, in response to the trends toward government economic planning, F.A. Hayek was also exploring the idea of spontaneous order, but applied to the economy rather than to science. Hayek argued that the prices emergent from the interactions within the market order could not be duplicated by central planning. While Both Polanyi and Hayek employed the concept of spontaneous order to expose the unintended consequences of government control, neither put forward a fully consistent theory of spontaneous order. Polanyi not only favored prescriptive rules for science but also, in arguing that ...
The characterization of science as a “spontaneous order” was forcefully put forward by Michael Polanyi in his principled opposition to schemes for government management of science pressed in the 1930s and 40s. Polanyi insisted that... more
The characterization of science as a “spontaneous order” was forcefully put forward by Michael Polanyi in his principled opposition to schemes for government management of science pressed in the 1930s and 40s. Polanyi insisted that scientific communities were self-governing arrangements based on tacitly held liberal traditions which would be destroyed by the application of central control. At the same time, in response to the trends toward government economic planning, F.A. Hayek was also exploring the idea of spontaneous order, but applied to the economy rather than to science. Hayek argued that the prices emergent from the interactions within the market order could not be duplicated by central planning. While Both Polanyi and Hayek employed the concept of spontaneous order to expose the unintended consequences of government control, neither put forward a fully consistent theory of spontaneous order. Polanyi not only favored prescriptive rules for science but also, in arguing that ...
Research Interests:
Research Interests:
Research Interests:
Research Interests:
Research Interests:
We agree with Burczak's identification of the crucial issues. We disagree with his interpretation of them. We expand our defense of the claim that Keynes was a rationalist. We introduce the... more
We agree with Burczak's identification of the crucial issues. We disagree with his interpretation of them. We expand our defense of the claim that Keynes was a rationalist. We introduce the "horizon principle" to critize Keynes' dichotomy between short-term and long-term expectations. We question the statistical simile guiding some Post Keynesian dsiscussions of uncertainty. We point to the role of
Research Interests:
Proefschrift Pennsylvania State University. Bibl.: p.[223]-238.
An adaptive systems approach is used to compare a free banking system and a central banking regime with respect to their respective capacities to use and generate relevant knowledge. Monetary equilibrium, as a byproduct of a free banking... more
An adaptive systems approach is used to compare a free banking system and a central banking regime with respect to their respective capacities to use and generate relevant knowledge. Monetary equilibrium, as a byproduct of a free banking system, has also been proposed as a norm for central bank policy. Differences in the way each system functions are found to cast doubt on that claim. The central problem identified is the difficulty of exporting results from one institutional setting (free banking) to a qualitatively different one (central banking).
Research Interests:
DESCRIPTION Federal Reserve credit easing polices under Bernanke
... The papers have been organized into four general (and certainly overlapping) groupings: (I) Thomas McQuade, GR Steele, Robert Mulligan, and Leslie Marsh on evolutionary and philosophical questions raised by Hayek's cognitive... more
... The papers have been organized into four general (and certainly overlapping) groupings: (I) Thomas McQuade, GR Steele, Robert Mulligan, and Leslie Marsh on evolutionary and philosophical questions raised by Hayek's cognitive theory; (II) Lorenzo Infantino, Franesco Di ...
Research Interests:
Research Interests:
ABSTRACT This article has no abstract
Research Interests:
Research Interests:
Research Interests:
Research Interests:
Research Interests:
Research Interests:
SUMMARY We survey the relationship between government and science (concentrating on the situation in the U.S.). We discuss the theoretical rationale for government funding, showing that it is open to serious question - its model of... more
SUMMARY We survey the relationship between government and science (concentrating on the situation in the U.S.). We discuss the theoretical rationale for government funding, showing that it is open to serious question - its model of science as market is highly suspect, and its implications for the remedial effects of intervention do not stand up to even casual empirical scrutiny.
Research Interests:
Research Interests:
Research Interests:
Economists approaching the study of science typically assume the applicability of a market analogy, but then base their analysis on the presumption that science constitutes an area of pervasive market failure. Given the interactions that... more
Economists approaching the study of science typically assume the applicability of a market analogy, but then base their analysis on the presumption that science constitutes an area of pervasive market failure. Given the interactions that are actually observed to occur between scientists, we suspect that the failure is in the analogy, not in the putative market. In considering how one
Research Interests:
Research Interests:
Research Interests:
How well is Austrian business cycle theory corroborated by empirical evidence? This question is addressed by examining the contraction of 1990–1991 and the expansion leading up to it. An overview of the Austrian theory of the business... more
How well is Austrian business cycle theory corroborated by empirical evidence? This question is addressed by examining the contraction of 1990–1991 and the expansion leading up to it. An overview of the Austrian theory of the business cycle permits the identification of several empirical propositions implied by the theory. Empirical data for several economic variables are examined for consistency with
Research Interests:
We show that the orderliness of market processes and outcomes, and hence the realization and coordination of individuals' plans, are dependent on the social environment in which individuals function.... more
We show that the orderliness of market processes and outcomes, and hence the realization and coordination of individuals' plans, are dependent on the social environment in which individuals function. In specific, when atomicity and stable (social) rules are compromised in the case of Big Players, markets are less orderly despite the fact that individuals are behaving rationally.—The paper provides an
Research Interests:
The paper distinguishes two types of entrepreneurial activity in terms of their institutionally relevant contexts. Type 1 (Kirznerian) entrepreneurship refers to catallactic activity in which coordinating mechanisms, operating via the... more
The paper distinguishes two types of entrepreneurial activity in terms of their institutionally relevant contexts. Type 1 (Kirznerian) entrepreneurship refers to catallactic activity in which coordinating mechanisms, operating via the exchange of property rights, generates market prices. We identify Type 2 entrepreneurship with noncatallactic processes.