Let us define entrepreneurship as creativity and the evolution of novelty. Let us suppose, the main thesis of the chapter, that entrepreneurship is an action that does not differ from everyday action such as walking, driving, or chewing gum. If the definition and supposition are granted we can...

The paper analyzes Adam Smith’s views on monopoly focusing on Book IV and V of The Wealth of Nations and argues that Smith has left his analysis of monopoly in an embryonic form while the majority of scholars have assessed it starting from premises different from those, actually though...

1. An important conclusion of this work to be noted is it may not necessary to have an explicit relationship between money and prices- like the quantity theory one. What is necessary and important is that there should be a relation between the growth rates of absolute outputs and money. Money...

To define the nature and scope of economics has always been a controversial point in the academia. Though, economics is the social science that analyzes the production, distribution, and consumption of goods and services, its uses with political intentions to implement social agenda of the...

In this article the author, after a critical assessment of the main notions of services developed in economics, presents a revised definition of services based on process analysis. A corresponding distinction is made between material and non-material goods, on the one hand, and services, on the...

This paper questions the existing notion of competition prevalent in economic theory. It is shown that the prevalent idea of competition is incompatible with economic development. Fair competition, this paper argues, ought to be understood in context. The paper ends by providing some preliminary...

Constant returns to scale (CRS) is one of the corner-stones of the competitive general equilibrium paradigm of neoclassical economics. This note argues that the equilibrium solutions of this paradigm are not compatible with CRS. CRS implies that all producers (whatever their scale of production)...

This is an entry produced for the Handbook of the History of Economic Analysis, edited by Gilbert Faccarello and Heinz D. Kurz (eds). Volume 3. Cheltenham, UK and Northampton, MA, USA: Edward Elgar, forthcoming. We analyze competition as rivarly in a race, as a specific market structure, and as...

In 1936, Keynes published The General Theory of Employment, Interest and Money, one of the most influential books in economics of the twentieth century. With this publication, Keynes has confused and will continue to confuse generations of economists as to what classical economics means. This...

We compare and analyse two different conceptions of market competition: the walrasian notion of perfect competition and the Classical notion of free competition: while the former may be described as an equilibrium state in which atomistic agents treat prices parametrically, the latter is a...