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Utility-based theory and the fallback choice-theoretic framework are shown to be biased, irremediably flawed and misleading. A radically different theory of value and of consumer behaviour is proposed based on existential interpretations of scarcity, value and self-interest. For self-conscious mortals, only time is scarce. All other is derivative scarcity. Value is in the life, as a knowledge extract of time, which goes into commodities as direct human labour and depreciated capital, through their production. By structuring their preferences, consumers try to confiscate more of such.

Cover -- Half Title -- Series Page -- Title Page -- Copyright Page -- Dedication Page -- Contents -- Preface and acknowledgment -- 1 Introduction -- 1.1 The meaning of causality -- 1.2 On referentialist semantics, case studies, and the choice of sample -- 1.3 The structure of the book -- 2 Regularities -- 2.1 Reducing causality to constant conjunctions -- 2.1.1 From constant conjunctions to the regularity view of laws -- 2.1.2 Further developments -- 2.1.3 Criticism and rejection of the regularity view -- 2.1.4 The regularity approach in the philosophy of economics -- 2.2 Establishing constant regularities -- 2.2.1 Econometric research -- 2.2.2 Cliometrics -- 2.2.3 Other methods -- 2.3 Policymaking on the basis of regularities -- 2.3.1 Cliometric results and (failed) interventions -- 2.3.2 Is theory-driven econometrics more reliable? -- 2.4 You shall not translate causal claims -- 3 Causality as changes in conditional probability -- 3.1 Probabilistic theories of causality -- 3.1.1 The menu of probabilistic definitions -- 3.1.2 Criticism and further differences -- 3.1.3 Probabilistic causality in the philosophy of economics -- 3.2 Testing for probabilistic dependencies -- 3.2.1 Causal inference from time-series data -- 3.2.2 Atheoretical, cross-sectional models -- 3.3 The common-cause fallacy and policy actions -- 3.4 Policymaking based on limited knowledge of causal structure -- 4 Counterfactuals -- 4.1 Counterfactual conditionals and causality -- 4.1.1 Classical formulation -- 4.1.2 Recent developments -- 4.1.3 Counterfactuals in the philosophy of economics -- 4.1.4 Philosophical views on inferring counterfactuals -- 4.2 Counterfactuals and causal inference in economics -- 4.2.1 What would be the level of economic development if a stimulus were not introduced? -- 4.2.2 Case study of the influence of intellectual property on R& -- D.

Some famous pioneers together with the most promising new practitioners in the field show within this book how they define their subject. This is an authoritative survey of important branches of evolutionary economics, containing innovative new perspectives on market dynamics and evolutionary institutional mechanisms. The authors also tackle enduring problems in the field such as profound uncertainty and the significance of knowledge in economics. This coherent and focused book will appeal to a wide variety of scholars involved in evolutionary and institutional economics, and evolutionary theory. It will also appeal to researchers and students at advanced undergraduate and postgraduate levels

This book, a third edition, has been significantly expanded and updated. It revisits the process of institutional change: its characteristics, determinants and implications for economic performance. New chapters address the significance of Post-Communist transition, the differences and importance of initial conditions in institutional building, and, social norms, values, and happiness. Other chapters have been expanded to include, for example, a focus on the Washington consensus, commentary on the 2008 financial crisis, state capacity and corruption, and new findings on redistribution and inequality, and With specific focus on Central Europe, Eastern Europe and Central Asia, this revised edition examines the process of development, and its interdependence with institutions.

Abstract
Many years before Adam Smith, numerous theologians associated with the School of Salamanca, such as Domingo de Soto, Juan de Lugo, Juan de Mariana, Luís Saravia de la Calle, Martin de Azpilcueta, Luis de Molina, Leonard Lessius, Thomas Cajetan, and Francisco Garcia had made great strides in the development of economics. Specifically, these theologians, otherwise known as the "Scholastics," analyzed and argued against price and wage controls by explaining that the only "just" prices and wages are those that are set by the market, examined and pushed back against prohibitions on usury, understood the concept of time preference, and helped develop monetary theory in multiple ways. They also demonstrated that all of this was consistent with the Catholic religion. This paper analyzes the ways in which these early theologians contributed to the development of economics and reconciled it with their Catholicism.