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Modigliani considered himself a Keynesian economist, convinced that 'a private enterprise economy using an intangible money needs to be stabilized, can be stabilized, and therefore should be stabilized' (Modigliani [5], p. 1). In the intervening years, Modigliani was confronted with diverse research experiences, which Rancan reconstructs by paying particular attention to Modigliani's scientific network. Antonella Rancan's new book retraces the intellectual path of Franco Modigliani, from his early writings, including the famous article on Keynesian and classical economics (Modigliani [4]), to his contributions of the 1950s and 1960s.[1] In this way, Rancan offers relevant insights into the origins and development of the neoclassical synthesis of Keynesian macroeconomic thinking. [...] I resorted to the help of one of the most brilliant of the Keynesians here, Franco Modigliani [...] When Modigliani had finished sketching the outline of the Keynesian edifice I raised my objections. [Extracted from the article]

In I Reforming Capitalism for the Common Good: Essays in Institutional and Post-Keynesian Economics i , Charles Whalen provides much needed historical perspective on these alternative currents within the discipline and compellingly demonstrates the ongoing value of heterodox economics. Reforming Capitalism for the Common Good: Essays in Post-Keynesian Economics By Whalen, Charles J.. Indeed, upon reading the Wisconsin institutionalist's work, Keynes wrote that "there seems to be no other economist with whose general way of thinking I feel myself in such general accord.". [Extracted from the article]

The socialist economic calculation debate can work as a platform of communication between different traditions in economics to explore the dichotomy of technology-humans. Based on the metalanguage of the economic calculation as first systematized by Don Lavoie, I develop a triangular and complementary relationship between the mainstream neoclassical model, the Austrian school of economics and the Marxist Political Economy to minimize misunderstandings due to poor communication and to look for agreements that are usually disregarded. This paper draws attention to an important convergence between the antagonistic sides in the socialist economic calculation debate regarding the relationship between humans and technology and that the issue of control must be explicitly taken into account if any scientific advancement is to be made. [ABSTRACT FROM AUTHOR]

Talking about "The Uses of the Past", Axel compared the evolution of economic thinking to the growth of a decision tree (Leijonhufvud [6]). On 2 May 2022 Axel Leijonhufvud passed away at the age of 88 years. Axel amply demonstrated that he was up to this challenge, beginning with his doctoral dissertation I On Keynesian Economics and the Economics of Keynes i (Leijonhufvud [1]). [Extracted from the article]

Editors' Introduction written by Edward Baring and Maliha Safri on behalf of the Editorial Collective. Yahya M. Madra Teaches economics and history of economic thought at Drew University in Madison, New Jersey, since 2016, and is a psychoanalyst practicing in New York City, since 2022. Maliha Safri Teaches political economy at Drew University in Madison, New Jersey. [Extracted from the article]

This essay shows the influence of Max Weber on Frank Knight's interest in combining economic theory and comparative economic history. In the interwar period -when the teaching of economics had a pluralistic character-Knight opposed institutionalism and defended the scientific status of neoclassical theory, but his readings of Weber Knight led him to regard equilibrium and perfect competition as "ideal types," constructs useful for theorizing but never observed in reality. They help to identify the central elements, but the study of how they change is not the object of theory. One must then turn to history, in which changes do not resemble equilibria. In the postwar period a new scientific standard appeared, which redefined the discipline and relegated Knight's work to the non-scientific realm of "social philosophy". [ABSTRACT FROM AUTHOR]

• First English translation of Luigi Pasinetti's 'The Tableau Économique and the Modern Economy'. • Elaborates the historical contexts for the Tableau Économique and draws attention to its place within eighteenth-century debates about taxation. • Explains in non-technical terms the importance of François Quesnay's Tableau to Luigi Pasinetti's work in general and in particular his attacks on the Marginalists. In 2002, Professor Luigi L. Pasinetti gave a keynote address at the Raffaele Mattioli Foundation and Library in honour of their acquisition of a rare third edition of François Quesnay's Tableau Économique. This lecture subsequently appeared as a chapter in Italian in the conference volume edited by Giancarlo De Vivo in 2009. In honour of Luigi Pasinetti's 90th birthday, Professor Coffman has offered the first English translation of Pasinetti's essay on Quesnay, which she also introduces by reflecting on its rhetorical strategy, argumentative structure, and Pasinetti's use of Quesnay to critique mainstream neoclassical economics. She ends her introduction by drawing attention to the place of the Tableau within contemporary debates about taxation and the optimal scale and capacities of the state. [ABSTRACT FROM AUTHOR]

Pecuniary Externalities In the first section following, I argue that certain kinds of pecuniary externalities are conceptually indistinguishable from technological externalities; hence the class of pecuniary externalities need not expand endlessly to implicate all market transactions any more than the class of technological externalities does. In the second section following, I argue that such pecuniary externalities, like technological externalities, can sometime impose costs that exceed their benefits and so are inefficient; hence pecuniary externalities do not necessarily vanish into non-existence even under perfect competition. But the class of pecuniary externalities that resemble technological externalities is in fact even smaller than that, since not all of a price rise causes a pecuniary externality in the first place. In contrast, in the case of an existence-value externality, such as when a timber company's clear-cutting of a forest imposes an existence-value externality on an environmentalist, it is the company's consumption of the trees in and of itself that creates the externality. [Extracted from the article]

The objective of this text is to demonstrate the plausibility of the use of the Hobbesian resolutiv e-compositive method as a base for analysis of the history of modern economic thought, and particularly of macroeconomics. Firstly, the importance of the resolutive-compositive method for the works of Dag Strpić is explained. Secondly, the text shows the basic tenets of stylized shifts in economic paradigms (neoclassical economics – Keynesian economics – free-market paradigm) which are reinterpreted here as resolution-composition- reresolution. An interpretation of the intellectual history “after Hayek” is also offered, focusing on Keynesian macroeconomics based on aggregates. The text then explains neoclassical synthesis and the elementary methodological dilemmas it represented through its long integration of Keynes into the mainstream (including the choice of aggregates or aggregated individuals as the basis of macroeconomics). The text follows the complementary relationship of the effects of long-run analysis, the assumption of rationality and optimal free-market results. The state of the economic mainstream at the end of the 20th century and the beginning of the 21st century is then shown – particularly the Lucasian methodological upgrade of Friedman’s ideas and the developed form of this conceptual framework within the Real Business Cycles theory. The renewed dominance of the resolutive element (free-market paradigm) – constituting the idea of a self-regulating market around the perfectly rational individual – leads us into a challenging situation. The reduction to a perfectly rational individual (resolutive maneuver) should not constitute a larger (compositive) whole if such a reduction is unrealistic to an extent that dramatically limits the very usefulness of the theory. Therefore, the conclusion raises the question of applying this idea of predicting crises and formulating responses to them. [ABSTRACT FROM AUTHOR]

INSIGHTS Written by historians Fredrik Albritton Jonsson and Carl Wennerlind, Scarcity connects, dissects, and narrates the history of Western economic ideas about the natural limits to human societies, from the deep roots beneath Thomas Malthus's 1798 book An Essay on the Principle of Population to Johan Rockström and Will Steffen's contemporary Planetary Boundaries framework. The book completely ignores two of the most important thinkers on human-nature relations since Malthus - the agricultural economist Ester Boserup and Nobel Prize-winning economist of the commons Elinor Ostrom. Can we understand sustainable governance of common-pool re-sources - like Earth's atmosphere - without Ostrom's polycentric governance?. [Extracted from the article]

This paper examines a topic of continuing interest for demographers and sociologists of the family: which factors promote relationship stability among couples. Two competing theories have been highly debated to explain how relative earnings relate to relationship quality and stability. The neoclassical economic theory posits that specialization of home and work duties leads to stability because partners fill complementary roles. Gender scholars propose an alternative explanation, suggesting that when couples violate the traditional male-breadwinner model, they experience relationship strain and are more likely to experience a breakup. Using the new How Couples Meet and Stay Together (HCMST) data set, this paper offers a unique perspective on the debate, by comparing same-sex couples to heterosexual couples. The paper presents three sets of analyses to determine how relative earnings relate to relationship stability. The first analysis employs discrete-time event history models to assess the likelihood of breakup for both heterosexual and same-sex cohabiting couples. Next, the paper presents results predicting self-reported relationship quality among married and cohabiting couples. The final analysis focuses on non-cohabiting couples from wave I of the HCMST survey and examines the likelihood of entering cohabitation in subsequent survey waves. Results demonstrate that the economic or specialization model does not hold in same-sex relationships, suggesting that the effect of earnings equality is dependent upon gender norms in heterosexual relationships. When earnings power is disentangled from gender, as in the case of same-sex couples, equality in earnings promotes stability. [ABSTRACT FROM PUBLISHER]

The article presents an analysis on the factors that caused the 2008 global financial crisis in the U.S. It discusses various explanations of the crisis and the solutions offered by economists from the four schools of thought which include Neoclassicals, Keynesians, Institutionalists and Marxists. It also provides useful insight and view from the different schools of thought regarding the government's response to address the problem and the economic imbalances of the nation. Furthermore, it explores the Marxists' concept on the systemic causes of the crisis and its suggestion on the need for the government to initiate investigations and interventions.

In recent years, the reception of remittances by migrant-sending countries has been quantified and well advertised. Many have predicted economic development based on the magnitude of these aggregate figures, leaving aside the fact that new family arrangements, emigration expectations, consumption patterns and demographic changes impact the prospects for development. This paper shows how remittances link distant locations economically, socially and culturally creating unique transnational dynamics that shape development at both ends. I use multi-sited ethnographic work conducted over seven years in different places of migrant origin and destination. The paper challenges common assumptions regarding the developmental effect of remittances, by contrasting the hyper-rational, atomistic and perfectly informed theoretical actors of the neoclassical account with the complex actors who make their decisions on the basis of imperfect information, and the values and meanings constructed within a transnational web of family and community ties. [ABSTRACT FROM AUTHOR]