Abstract This study addressed the effects of Information and Communication Technology (ICT) infrastructure on global economic growth, analyzing a sample of 122 countries from 2005 to 2017. The methodology, following Hansen (1999), segmented the sample based on per capita GDP, revealing distinct impacts of ICTs, depending on each country’s specific threshold value. Broadband, in the first regime, showed no statistical significance, while mobile cellular subscriptions and broadband in the second regime exhibited more pronounced coefficients. In the third regime, these subscriptions maintained a positive impact, albeit with a lesser effect. The analysis of macroeconomic factors revealed that trade negatively affects countries in the first two regimes, unemployment has a greater impact in the second regime, and final consumption expenditure by public administrations affects all regimes, decreasing with the increase in per capita GDP. Theoretical implications emphasize the need for flexible approaches in formulating theories about the relationship between ICTs and economic growth. In practical implications, recommendations for ICT investment policies and adaptation of trade policies according to threshold regimes are highlighted. The results indicate that investment policies in ICT infrastructure can effectively drive economic growth. Scientific contributions include the refinement of exploratory models, empirical validation of the global relevance of ICTs, and support for evidence-based policy development. Despite the contributions, limitations related to access to complete data are acknowledged, suggesting future research for in-depth analysis. (ICT growth 12 200 2017 methodology 1999, 1999 , (1999) GDP countrys country s value Broadband significance coefficients effect highlighted models evidencebased evidence development acknowledged indepth depth 1 20 201 199 (1999 2 19 (199 (19 (1 (

Resumo Este estudo abordou os efeitos da infraestrutura de Tecnologias de Informação e Comunicação (TICs) no crescimento econômico global, analisando uma amostra de 122 países de 2005 a 2017. A metodologia, seguindo Hansen (1999), segmentou a amostra com base no PIB per capita, revelando impactos distintos das TICs, dependendo do valor threshold específico de cada país. A banda larga, no primeiro regime, não mostrou significância estatística, enquanto as assinaturas móveis de celular e banda larga, no segundo regime, apresentaram coeficientes mais expressivos. No terceiro regime, essas assinaturas mantiveram um impacto positivo, embora com efeito menor. A análise dos fatores macroeconômicos revelou que o comércio impacta negativamente os países dos dois primeiros regimes, o desemprego tem maior impacto no segundo regime, e as despesas de consumo final das administrações públicas afetam todos os regimes, decrescendo com o aumento do PIB per capita. As implicações teóricas enfatizam a necessidade de abordagens flexíveis na formulação de teorias sobre a relação entre TICs e crescimento econômico. Nas implicações práticas, destacam-se recomendações para políticas de investimento em TICs, adaptação de políticas comerciais conforme os regimes de threshold. Os resultados indicam que políticas de investimento em infraestrutura de TICs podem efetivamente impulsionar o crescimento econômico. As contribuições científicas incluem o refinamento de modelos exploratórios, a validação empírica da relevância global das TICs e o apoio ao desenvolvimento de políticas embasadas em evidências. Apesar das contribuições, são reconhecidas limitações relacionadas ao acesso a dados completos, sugerindo futuras pesquisas para aprofundamento. (TICs 12 200 2017 metodologia 1999, 1999 , (1999) capita país larga regime estatística expressivos positivo menor práticas destacamse destacam se exploratórios evidências completos aprofundamento 1 20 201 199 (1999 2 19 (199 (19 (1 (

Abstract The objective of this article is to analyze the relationship between credit card payments, the concentration indexes from the two sides of the market (issuer and acquirer), and the number of terminals and credit cards per capita. It is the first study that incorporates competition indicators as possible determinants of card use for the Mexican economy. The methodology used is based on a time series analysis. Our results indicate that the most important determinant of card use is the number of terminals per capita. The most important recommendation is that to promote the use of electronic payments the installation of terminals by banks should be encouraged. This would require, for instance, a decrease in the interchange fee. The macroeconomics public data that we use does not allow us to analyze local or regional effects or individual behavior.

Resumen El objetivo de este artículo es analizar la relación entre el volumen de los pagos con tarjeta de crédito con indicadores de competencia de los dos lados del mercado (emisor y adquirente), además del número de terminales y de tarjetas per cápita. Este es el primer estudio que incorpora indicadores de competencia como posibles determinantes del uso de las tarjetas en la economía mexicana. La metodología usada se basa en un análisis econométrico de series de tiempo. Nuestros resultados indican que el determinante más importante del uso de tarjetas es el número de terminales per cápita, mientras que los niveles de competencia no tienen efectos significativos sobre este uso. La recomendación más importante es que para promover el uso de medios electrónicos, más que otros programas, habría que estimular la instalación de terminales por parte de los bancos. Una forma de hacerlo, por ejemplo, es reduciendo las tasas de intercambio entre bancos. Los datos públicos que analizamos son de tipo macroeconómico y no permiten analizar efectos locales o regionales o de comportamiento individual.

Abstract The article makes a historical analysis of politics, the economy, and society in Brazil since the nineties, when neoliberalism was established as the dominant political system in the country. It studies the main public policies implemented during this period until more recent years to demonstrate that although neoliberal ideologies seemed to prevail, progressive policies were also carried out that allowed great social advances thanks to the resistance to neoliberalism.

Resumen El artículo hace un análisis histórico de la política, la economía y la sociedad en Brasil desde los años noventa, cuando se instauró el neoliberalismo como sistema político dominante en el país. Estudia las principales políticas públicas implementadas durante este periodo hasta años más recientes, a fin de demostrar que aunque las ideologías neoliberales parecían imperar, también se llevaron a cabo política progresistas que permitieron grandes avances sociales gracias a la resistencia al neoliberalismo.

Abstract This article has social developmentalism as its unit of analysis. The category of analysis is its macroeconomics. The study adopted as a methodological procedure the systematic approach by the selection, classification, and critical evaluation of bibliographic that form the theoretical framework of Social Developmentalism, especially the studies of Rede Desenvolvimentista (Rede D). The article was divided into two sections: the first presents a brief history of the building of the school and the conceptual operationalization of Social Developmentalism; the second focuses on elucidating the Social Development macroeconomics. The results of the research show that Social Developmentalism rescues the political character in macroeconomics by defending a model of macroeconomic policy and regime that is more adaptable and less fixed, but without embarking on “adventures” or “populisms.” The model, thus, contributes to the maturation of the developmentalism studies in Brazil nowadays. selection classification D. D . D) sections fixed adventures “adventures populisms. populisms “populisms. thus nowadays “populisms

Resumo O presente artigo tem como unidade de análise o Social Desenvolvimentismo. A categoria de análise é sua macroeconomia. O estudo adotou como procedimento metodológico a abordagem sistemática por meio da seleção, do fichamento e da avaliação crítica de dados bibliográficos que formam o arcabouço teórico do Social Desenvolvimentismo, sobretudo os estudos da Rede Desenvolvimentista (Rede D). O artigo foi dividido em duas seções: a primeira apresenta uma breve história da edificação da escola e da operacionalização conceitual do Social Desenvolvimentismo; a segunda seção concentra-se em elucidar a macroeconomia do Social Desenvolvimento. Os resultados da pesquisa demonstram que o Social Desenvolvimentismo resgata o caráter político na macroeconomia ao defender um modelo de política e de regime macroeconômico mais adaptável e menos engessado, no entanto sem enveredar para “aventuras” ou “populismos”. O modelo, assim, contribui para o amadurecimento do debate desenvolvimentista no Brasil atualmente. seleção D. D . D) seções concentrase concentra se Desenvolvimento engessado aventuras “aventuras populismos. populismos “populismos” assim atualmente “populismos

Resumen: Se ha demostrado que la variabilidad de la relación marginal capital producto es la que determina la tasa de crecimiento de las economías según el modelo de Harrod, por ello, es importante predecir su comportamiento. Este trabajo desarrolla una metodología basada en la caminata al azar probabilista para predecir la relación marginal capital producto anual de Colombia para el 2017 con base en la información de la base de datos Penn World Table desde 1993 hasta 2016. Se encontró que esta variable posee órdenes matemáticos subyacentes, lo que permite su predicción con una precisión del 97,69%.

Abstract: It has been shown that the variability of the marginal capital product ratio is what determines the growth rate of economies according to Harrod’s model; therefore, it is important to predict its behavior. This paper develops a methodology based on probabilistic random walk to predict the annual marginal capital product ratio of Colombia for the year 2017 based on information from the Penn World Table database from 1993 to 2016. It was found that this variable has underlying mathematical orders, which allows its prediction with an accuracy of 97.69%.

ABSTRACT The aim of the article is to critically analyze Environmentally-Adjusted Multifactor Productivity (EAMP), by considering the Classical-Post-keynesian environmental framework Ecological Macroeconomics, integrated with the Evolutionary Environmental Economics. The paper introduces EAMP as rooted in in neoclassical economics and derived from Cobb-Douglas function with natural resources built by Solow (1974). I present theoretical critiques of EAMP’s neoclassical assumptions by developing perspectives from heterodox Ecological Macroconomics literature. Finally, I discuss the shortcomings of EAMP’s conceptual framework, making specific reference to the policy debate on Porter Hypothesis. The article puts in evidence how the assumptions of constant returns to scale, perfect competition and perfect input substitutability seriously alter the meaning and promise of sustainability policy. The analysis indicates that EAMP is a poor instrument to study complex issues regarding the promotion and effectiveness of green innovations and should therefore be abandoned to face the great challenges regarding the process of ecological transformation. EnvironmentallyAdjusted Environmentally Adjusted EAMP, , (EAMP) ClassicalPostkeynesian Classical Post keynesian Macroeconomics Economics CobbDouglas Cobb Douglas 1974. 1974 . (1974) EAMPs s literature Finally Hypothesis scale transformation (EAMP 197 (1974 19 (197 1 (19 (1 (

RESUMO O objetivo do artigo é analisar criticamente a Produtividade Multifatorial Ajustada ao Meio Ambiente (PMAMA), considerando o aspecto ambiental clássico-pós-keynesiano, integrado à Economia Ambiental Evolucionária. O artigo apresenta a PMAMA enraizada na economia neoclássica e derivada da função Cobb-Douglas com recursos naturais construída por Solow (1974). Apresento críticas teóricas aos pressupostos neoclássicos da PMAMA desenvolvendo perspetivas da literatura heterodoxa da Macroeconomia Ecológica. Por fim, discuto as deficiências da estrutura conceitual da PMAMA fazendo referência específica ao debate político sobre a Hipótese de Porter. O artigo evidencia como as premissas de retornos constantes de escala, concorrência perfeita e substitutibilidade perfeita de insumos alteram seriamente o significado e a promessa da política de sustentabilidade. A análise indica que a PMAMA é um instrumento pobre para estudar questões complexas sobre a promoção e eficácia das inovações verdes e, portanto, deve ser abandonado para enfrentar os grandes desafios do processo de transformação ecológica. PMAMA, , (PMAMA) clássicopóskeynesiano, clássicopóskeynesiano clássico pós keynesiano, keynesiano clássico-pós-keynesiano Evolucionária CobbDouglas Cobb Douglas 1974. 1974 . (1974) Ecológica fim Porter escala sustentabilidade portanto ecológica (PMAMA 197 (1974 19 (197 1 (19 (1 (

RESUMEN Aunque las condiciones macroeconómicas son reconocidas como factores que influyen en el desempeño del país, poco se sabe sobre cómo las empresas, los diferentes sectores y la inversión en marketing absorben dichos impactos. Utilizando la teoría de la miopía en marketing, el objetivo de este artículo es analizar la relación entre las condiciones macroeconómicas y las inversiones en marketing de las empresas brasileñas. La muestra consta de 183 empresas brasileñas con datos financieros trimestrales, obtenidos de Economática, y datos macroeconómicos, obtenidos de IpeaData, de 2010 a 2020. En primer lugar, los resultados indican que el PIB, las tasas de interés y la confianza del consumidor están relacionados positivamente y el tipo de cambio y el desempleo mostraron una relación negativa con las inversiones en marketing. En segundo, los impactos de estas relaciones difieren entre sectores. En tercer lugar, los análisis demuestran que el nivel de inversiones y la expansión de las inversiones en marketing dependen de las condiciones macroeconómicas, lo que indica que los contextos influyen en el tratamiento discrecional del presupuesto de marketing. país 18 trimestrales Economática macroeconómicos IpeaData 201 2020 lugar PIB segundo 1 20 202 2

ABSTRACT Although macroeconomic conditions are recognized as factors that influences country’s performance, little is known about how companies from different sectors absorb such impacts. Using the myopic marketing theory, the paper goal is to analyze the relationship between macroeconomic conditions and marketing investments in Brazilian companies. The sample consists of 183 Brazilian companies with quarterly financial data, obtained from Economatica, and macroeconomic data, obtained from IpeaData (2010 to 2020). First, the results indicate that GDP, interest rates and consumer confidence are positively related, and the exchange rate and unemployment showed a negative relationship with marketing investments. Second, the impact of these relationships differs across sectors. Third, the results demonstrate that the level of investments and expansion of marketing investments depend on macroeconomic conditions, indicating which contexts influence the discretionary treatment of the marketing budget. countrys country s performance impacts theory 18 data Economatica 2010 (201 2020. 2020 . 2020) First GDP related Second Third budget 1 201 (20 202 20 (2 2 (

RESUMO Embora as condições macroeconômicas sejam reconhecidas como fatores que influenciam o desempenho do País, pouco se sabe como as empresas, os diferentes setores e o investimento em marketing absorvem tais impactos. Utilizando a teoria da miopia em marketing, o objetivo deste artigo é analisar a relação entre as condições macroeconômicas e os investimentos em marketing de empresas brasileiras. A amostra é formada por 183 empresas brasileiras com dados financeiros trimestrais, obtidos na Economática, e macroeconômicos, obtidos no IpeaData, de 2010 a 2020. Primeiro, os resultados indicam que o PIB, os juros e a confiança do consumidor estão relacionados positivamente, e o câmbio e o desemprego apresentaram relação negativa com os investimentos em marketing. Segundo, os impactos dessas relações diferem entre os vários setores. Terceiro, as análises demonstram que o nível de investimentos e de ampliação dos investimentos em marketing dependem das condições macroeconômicas, indicando que contextos influenciam o tratamento discricionário do orçamento de marketing. País 18 trimestrais Economática macroeconômicos IpeaData 201 2020 Primeiro PIB positivamente Segundo Terceiro 1 20 202 2

ORIENTATION: Among the numerous factors affecting small and medium enterprises' (SMEs) ability to access funding, financial literacy or the lack thereof continues to rank high. The below-average levels of financial literacy among entrepreneurs inevitably restrict their access to finance, thereby adding to the already soaring rate of small business failure. RESEARCH PURPOSE: The main research objective of this article is to determine the underlying financial literacy-financial access relationship among SMEs in the Ekurhuleni Metropolitan Municipality in South Africa. MOTIVATION OF THE STUDY: Understanding the relationship between financial literacy and financial access among small businesses is imperative as they are key players in economic development. Empirical literature outlining this relationship is sparse. Therefore, the study made an original empirical contribution to the financial literacy-financial access nexus in the metropolitan. RESEARCH DESIGN, APPROACH AND METHOD: A quantitative descriptive research design was followed. The survey method was used to gather data, where structured questionnaires were distributed to the respondents. The study considered a targeted population of 5609 registered SMEs in Ekurhuleni with a sample size of 384 prospective participants. A total of 310 responses were obtained from the owners and managers of SMEs in the municipality. The Statistical Package for Social Sciences was used to compute all statitical analyses for the study. Descriptive statistics were used to establish the SMEs' financial literacy and financial access relationship. Data were analysed using factor analysis, regression analysis and correlation analysis. MAIN FINDINGS: Entrepreneurs in Ekurhuleni were found to have a limited understanding of basic financial concepts implying low levels of financial knowledge. Additionally, the study established that financial access was significantly challenging for most SMEs. The findings further revealed a positive relationship between financial literacy and financial access. PRACTICAL MANAGERIAL/ IMPLICATIONS: The knowledge from this article may assist entrepreneurs and financial institutions in bridging the financial literacy gap, thereby increasing the likelihood of accessing funding by SMEs. It may also assist in influencing the development and implementation of micro and macroeconomics policies to raise financial literacy levels and leniency from financing sources towards SMEs.

Resumen El presente artículo aborda la cuestión ética del nazismo desde el punto de vista de las relaciones sociales de producción. Esto supone vincular la puesta en marcha de la ideología fascista con sus condiciones económicas. En este sentido, la principal propuesta del trabajo consiste en resaltar el hecho de que crímenes como los cometidos por el régimen nazi no solo son posibles con base en una monstruosa formación burocrática, sino también a partir de una dinámica de producción e intercambio sumamente permisiva. No obstante, la autonomía que sobre el factor ideológico del fenómeno se pueda reclamar enfrenta límites muy estrictos. En el caso del “nacionalsocialismo”, tales límites quedaron de manifiesto en el abatimiento de la demanda, el incremento de la deuda y la inhibición del uso productivo del capital. Es como si el Mal se hubiera encarnado a costa de mermar sus condiciones de posibilidad.

Abstract This paper tries to address the ethical question of Nazism from the point of view of social relations. That implies linking the fulfilment of the fascist ideology with its economic conditions. In this sense, the main proposal is to highlight that, crimes such as those committed by the Nazi regime, are not only possible based on a monstrous bureaucratic formation but also from a permissive dynamic of production and exchange. However, the relative autonomy that we can claim over the ideological factor of the phenomenon faces severe limits. In the "National-socialist" case, those limits are the declining demand, the increase in government debt and the inhibition of the productive investment of capital. It is as if Evil incarnated only at the cost of eroding its conditions of possibility.

Abstract In a scenario of large regional differences in the rate of business creation within Peru, the objective of this study was to specify the variables of the macroeconomic environment that influence business creation at the level of Peruvian departments. In order to do this, econometric regressions were performed with balanced panel data using three methods: ordinary least squares, the fixed effects model, and the random effects model. Through the F test and the Hausman test, the random effects model was chosen as the best. According to this model, business creation is directly influenced by gross domestic product, labor employment, financial credit and public investment spending. In this way, we determined the importance of macroeconomics in the microeconomic context of business creation in Peru.

Resumen En un escenario de grandes diferencias departamentales en la tasa de creación de empresas al interior del Perú, el objetivo del presente estudio consistió en especificar las variables del entorno macroeconómico que influyen en la creación de empresas a nivel de los departamentos peruanos. Para ello, se efectuaron regresiones econométricas con datos de panel balanceado utilizando tres métodos: mínimos cuadrados ordinarios, el modelo de efectos fijos y el modelo de efectos aleatorios. Mediante la prueba F y el Test de Hausman se eligió al modelo de efectos aleatorios como el mejor. Según dicho modelo, la creación de empresas está influenciada, en sentido positivo, por el producto interno bruto, el empleo laboral, el crédito financiero y el gasto de inversión pública. De esta manera se llegó a determinar la importancia que tiene el contexto macroeconómico en el proceso microeconómico de emprender nuevas empresas o negocios en el Perú.

Abstract Money neutrality has complex consequences for small, open, and dollarized economies. For instance, it can cause external debt, when used as a stabilizer of the stock of circulating money in the face of negative exogenous shocks, not to contribute to economic growth in times of stagnation. The purpose of this paper is to describe this problem for the Ecuadorian case using a cointegration methodology and a vector error correction (VEC) model estimated over the 2000-2019 period (quarterly). The resulting impulse-response functions of the VEC model present evidence in favor of the money neutrality hypothesis, and the simulation of an exogenous negative shock in oil prices qualitatively describes the potential interaction between circulating currency, external debt, and production in dollarization. The paper concludes by presenting multiple empirical monetary-real patterns that may be useful for future research on dollarization. JEL Classification: C32, E42, E47.

Resumen La neutralidad monetaria tiene consecuencias complejas en economías pequeñas, abiertas y dolarizadas. Por ejemplo, puede provocar que el endeudamiento externo empleado como estabilizador del stock de dinero circulante ante shocks exógenos negativos no contribuya al crecimiento económico en tiempos de estancamiento. El objetivo de este artículo es ilustrar esta posibilidad para la economía ecuatoriana empleando una metodología de cointegración y un modelo vectorial de corrección de error (VEC, por su sigla en inglés) para el período 2000-2019 (trimestral). Los resultados de las funciones impulso-respuesta del modelo VEC brindan evidencia a favor de la neutralidad monetaria (sobre todo a largo plazo), mientras que la simulación de un shock petrolero exógeno negativo describe cualitativamente el potencial vínculo entre dinero circulante, endeudamiento externo y producción en dolarización. Al final, se identifican varios patrones monetarios-reales empíricos que podrían motivar a investigaciones futuras enfocadas a una mejor comprensión de la dolarización. Clasificación JEL: C32, E42, E47.

Abstract This work has the objective to propose a mathematical analysis on the Mexican economic cycle (2011 to 2020) to illustrate the way Austrian economics, use to explain the economic cycles related to any recession. This is done by applying the Granger causality coefficient obtained through an autoregressive vector model (VAR). The former will be exposed under the hypothesies that any intervention over monetary base will impact the interest differential ratio (natural and market ratios), and this ratio will affect the economic productive process through the industrial production index. As a conclusion, this paper proves that for the period of study, in Mexico any movement in the monetary base will affect the ratio differential two months previously as an anticipation of future intervention, and at the same time this action will have an immediate impact on the industrial production index.

Resumen El presente trabajo tiene el objetivo de proponer un análisis formal sobre el ciclo económico en México (entre los años 2011 a 2020) con el fin de ilustrar la explicación que ofrece el modelo del ciclo austriaco con respecto al origen de una recesión económica. Esto se realiza mediante una revisión de causalidad de Granger a través de un modelo de vectores autorregresivos (VAR). Bajo la hipótesis de que toda intervención, tanto para expandir, como para contraer la base monetaria tiene un efecto causal sobre el diferencial de las tasas de interés (natural y de mercado), mismo que afecta el proceso productivo de la economía a través del índice de producción industrial, se obtienen resultados que validan dicho argumento y muestran un retraso de dos meses entre los movimientos de la base monetaria y el efecto sobre el diferencial de tasas de interés, cuyo impacto se observa de forma casi inmediata sobre la producción industrial del país.

Abstract COVID-19 has caused massive disruption at different levels. Scholars around the world have produced a significant number of studies to understand, reduce and predict the effects of this pandemic. Prediction models are crucial at this time of uncertainty and labor indicators are key macroeconomics variables to plan the recovery of the effects of COVID-19. This study aims to model and predict the trend of the Ecuadorian labor system. The statistical analysis model applied for this study was the X-13ARIMA to predict the behavior of four indicators of the Ecuadorian labor system and establish their natural tendency by isolating the COVID-19 variable and determine the quantitative impact of the pandemic. The results show that the labor system was greatly affected by the COVID-19 outbreak; however, a deterioration was already observed in full employment and expanded underemployment. The study concludes that the pandemic altered seasonality of the labor indicators.

Resumen El COVID-19 ha causado una interrupción masiva en diferentes niveles. Académicos de todo el mundo han producido una cantidad significativa de estudios para comprender, reducir y predecir los efectos de esta pandemia. Los modelos de predicción son cruciales en este momento de incertidumbre y los indicadores laborales son variables macroeconómicas clave para planificar la recuperación de los efectos del COVID-19. Este estudio tiene como objetivo modelar y predecir la tendencia del sistema laboral ecuatoriano. El modelo de análisis estadístico aplicado para este estudio fue el X-13ARIMA para predecir el comportamiento de cuatro indicadores del sistema laboral ecuatoriano y establecer su tendencia natural aislando la variable COVID-19 y determinar el impacto cuantitativo de la pandemia. Los resultados muestran que el sistema laboral se vio muy afectado por el brote de COVID-19; sin embargo, ya se observaba un deterioro en el pleno empleo y el subempleo ampliado. El estudio concluye que la pandemia alteró la estacionalidad de los indicadores laborales.

RESUMO A crítica feita por Friedrich A. Hayek ao Treatise on Money de John Maynard Keynes, e a subsequente controvérsia que se seguiu com o envolvimento de membros do Cambridge Circus, sustentou importantes elementos para o abandono por Keynes de suas ideias iniciais e para o seu caminho para a General Theory. A figura e posição de Hayek serviram para clarificar as diferenças subjacentes e as novas rotas teóricas para Keynes, que viria a se tornar mais explicitamente oposta a autores que se baseavam em Knut Wicksell. O caminho para a General Theory foi pavimentado em parte na famosa controvérsia de 1931, em particular a rejeição da chamada conexão Wicksell.

ABSTRACT The criticism made by Friedrich A. Hayek to A Treatise on Money by John Maynard Keynes, and the subsequent controversy that followed with the involvement of members of the Cambridge Circus, sustained important elements to Keynes’ abandonment of his earlier ideas and to his way to General Theory. The figure and position of Hayek operated to clarify the underlying differences and the new theoretical routes for Keynes, one that was more explicitly opposite to critical authors drawing from Knut Wicksell. To some degree, the road to General Theory was paved in the famous 1931 controversy - in particular the rejection of the Wicksell connection.