During the past few decades the subjects of economic history and the history of economic thought have been removed from the study programs of economics in many universities. In some institutions they are not taught any longer. Economics has lost its history. This move would be at least partly understandable, provided economics has all of a sudden turned into a subject in which only ‘correct’ doctrines and views are being elaborated and taught and made the foundation of ‘sound’ economic policy. Gilbert Faccarello and Heinz D. Kurz explain more. […]

Economics needs to get rid of its “dismal science” status, to really become a relevant scientific approach to understand and eventually solve the major socio-economic as well as geo-political issues of the contemporary world. Louis-Philippe Rochon and Sergio Rossi take a look at the way ahead. […]

One of the most prominent facts about game theory is that there is not one game theory but two: cooperative and noncooperative game theory. In cooperative game theory we assume that whenever there is a possibility for agents to create some mutual benefit by choosing a common strategy, rational agents will realize that possibility. In noncooperative game theory we assume that a rational agent attempts to anticipate the strategy choices of others and choose a best response to them. This independent choice of strategies may leave possibilities for mutual benefit unrealized. When John Nash introduced the distinction, he was influenced by his undergraduate study of economics. But economics traditionally is organized around a different, overlapping dichotomy: competition versus monopoly, Roger McCain goes on to explain.

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A Ponzi scheme is one of the simplest of financial frauds. The promoter promises investors an attractive return on investment and declares it to be secure, but in reality no real ‘investment’ takes place. Mervyn Lewis goes on to discuss.

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What is the best way to create and share prosperity in a society? Professor Peter Swann argues that common innovation is about ordinary people creating the wealth of nations, and that business has no monopoly over innovation or wealth creation.

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