The circular-flow approach is decidedly Neoclassical, and suffers from many problems which traditional Austrians would notice. The circular-flow diagram’s greatest problem is, in fact, its circularity ...

The Circular Flow Diagram has dominated economic thought for over a century. Yet, all along we’ve known its shortcomings: over-aggregation, static capital, instantaneous production, and homogeneous ...

Mansfield, England – Dying Economy, a leading online resource hub that provides up-to-date and in-depth information on the UK and US economies, is pleased to announce the release of a new article on ...

The American Economist, Vol. 64, No. 1 (March 2019), pp. 45-59 (15 pages) Closed-system circular flow models have been ubiquitous in economics for at least half a century. Because these models account ...

Our growing understanding of complex systems, including ecosystems, has challenged the prevailing economic model of a closed circular flow of production and consumption. This model has been described ...