What do economists understand about the economy if they do not understand the profit phenomenon? Next to nothing. Therefore, the very first task in theoretical economics is to clarify the difference between profit and wage income and their respective determinants. It was Ricardo who tackled the...

For a host of compelling methodological reasons, homo oeconomicus has to be replaced. This is consensus, the open question is how this could be accomplished. What is required first is the separation of the formal foundations into a structural and a behavioral part. This paper introduces the...

Writers’ are many but only few are most prominent and have immensely touched one’s heart with feelings of pain, pleasure, romance, hatred, aggression, welfare, security and everything happening around us. Urdu Literature is an ocean of beautiful expressions – this art has been bestowed to...

The present paper takes the explanatory superiority of the integrated monetary approach for granted. It will be demonstrated that the accounting approach could do even better provided it frees itself from theoretically ill-founded notions like GDP and other artifacts of the equilibrium approach....

Standard economics rests on behavioral assumptions that are formally expressed as axioms. With the help of additional assumptions like perfect competition and equilibrium a price vector is established that displays a host of desired properties. This approach is tightly stuck in a cul-de-sac....

The existence proof of general equilibrium, which is based on subjective-behavioral axioms, is replaced by the existence proof of a final turning point, which is based on objective-structural axioms. The final turning point is characterized by an irreversible switch from profits to losses for...

The consumers of today are impulse and cautious buyers at the same time. This study basically comprehends the concept of non-linearity towards the consumer purchase behavior for either high or low involvement of products. The research was interesting to note the consumption patterns of different...

In a recent article, Keen resumes the debate with Krugman about the effects of debt upon the economy. It is hard to see how the question can be settled as long as all participants apply their idiosyncratic models. Hence the issue boils down, as Krugman rightly put it, to the deeper question:...

From the set of the first three structural axioms follows the - economic - triangle theorem. It asserts that the product of the three key ratios, which characterize the firm, the market outcome, and the income distribution, is always equal to unity. The theorem contains only unit-free variables,...

When it’s about production then association between the machinery and efficiency is gauged. This investigation seeks the matter whether vertical integration (balanced integration) in an organization provides better results and profits. The focused industry was textile with a sample size of 30...