One of the aspects in which modern economics has departed further away from the neoclassical paradigm is the treatment of information after the seminal works of Akerlof, Spence and Stiglitz, who rightly won the Nobel prize for their contributions. Some […]
In 2012 the Nobel Memorial Prize in Economic Science was granted to two mathematicians, Lloyd Shapley and Alvin Roth, “for the theory of stable allocations and the practice of market design”. The market design in their theory was not exactly […]
With the delicate economical situation that many developed countries are experiencing in the last years, a significant number of questions and concerns have been risen about how to properly assign and distribute funding to scientific institutions and research group leaders. […]
The relevance of demand factors for explaining growth was stated almost simultaneously by Michal Kalecki and John Maynard Keynes in the 1930s. The main conclusion of the theory of effective demand is that spending determines income. Keynes stated that the […]
Until the 70’s of the last century there was a great divide in Economics. On the one hand, Microeconomics studied the individual economic behavior, whether of a firm or a consumer, and was able to construct a General Equilibrium Theory […]
No one denies that there exist some forms of discrimination in the labor market and in many other places of our societies. There is, however, debate about the cause or causes of this discrimination and about the best ways to […]
Decision making in areas such as production planning, distribution and grid management, logistics or financial portfolio management is usually based on mathematical models, mathematical optimization themselves.
Let us assume that we have to take a decision of how many units […]
A naïve application of simple economic models will predict that, as immigrants enter, the wages or the employment rate of native workers decrease. However, immigrants are not only workers, and they may bring with them entrepreneurship skills, so that they […]
To avoid any confusion regarding the object of study a disclaimer is in order. A statistical life is not a human life. The value of a human life is a concept that cannot be easily defined, if it can at […]
Power has always been an issue of particular importance for the social sciences, in general, and for Political Economy in particular. Many studies in this field, from different approaches, have wondered about the nature, structure and sources of power.