What Is Neoclassical Economics? The three axioms responsible for its theoretical oeuvre, practical irrelevance and, thus, discursive power

This paper offers a precise definition of neoclassical economics based on three axioms which lie at the latters foundations. This definition is all inclusive in that it applies as much to the neoclassical economic models of the late 19th century as it does to todays more flexible and inclusive models. The paper argues that these axioms, simultaneously, (a) provide the foundation for neoclassicisms discursive success within the social sciences and (b) are the deep cause of its theoretical failure. Moreover, (a) and (b) reinforce one another as neoclassicisms discursive power (which is largely due to the hidden nature of its three foundational axioms) makes it even less likely that it will con-duct an open, pluralist debate on its theoretical foundations (i.e. the three axioms which underpin it).Neoclassical economics, Methodological individualism, Methodological instrumentalism, Methodological equilibration.

A modest proposal for resolving the Eurozone crisis

This paper presents three simple policies for overcoming the crisis that can be implemented immediately and require none of the moves such as national guarantees or fiscal transfers to which many Europeans are opposed, nor moves towards federation that entail Treaty changes, which electorates are most likely to reject. The logic behind these policy proposals is juxtaposed with the false dilemmas that currently impede clear thinking and immobilise Europe's policymakers

A modest proposal for resolving the eurozone crisis

http://dx.doi.org/10.14195/2183‑203X_41_

Conventional direction to unconventional measures: using quantitative easing to shape Eurozone fiscal capacity

Eight years after the outbreak of the crisis, the Eurozone (EZ) fiscal policy remains fragmented at the national level. This paper fills the structural gap between the monetary and fiscal dimensions of EZ economic policy by suggesting a ‘conventional’ direction to the unconventional Quantitative Easing (QE) policy of the European Central Bank (ECB). We propose an evolution for QE to tackle the shortcomings of the current ‘decentralized’ fiscal policy in the EZ. In a nutshell, we suggest a change in the composition of QE asset purchases, focusing on buying European Investment Bank (EIB) bonds that, in turn, would be used to finance real investments through the Juncker Plan programme. The rationale of our proposal is legitimised by an overview of the gloomy macroeconomic conditions of the EZ, and the situation in ongoing policies. The mechanism is described in detail, with a discussion of both its strengths and possible limitations

Welche Macht darf es denn Sein? Tracing ‘Power’ in German Foreign Policy Discourse

The relationship between ‘Germany’ and ‘power’ remains a sensitive issue. While observers tend to agree that Germany has regained the status of the most powerful country in Europe, there is debate whether that is to be welcomed or whether that is a problem. Underpinning this debate are views, both within Germany and amongst its neighbours, regarding the kind of power Germany has, or should (not) have. Against this backdrop, the article reviews the dominant role conceptions used in the expert discourse on German foreign policy since the Cold War that depict Germany as a particular type of ‘power’. Specifically, we sketch the evolution of three prominent conceptions (constrained power, civilian power, hegemonic power) and the recent emergence of a new one (shaping power). The article discusses how these labels have emerged to give meaning to Germany’s position in international relations, points to their normative and political function, and to the limited ability of such role images to tell us much about how Germany actually exercises power