Our aim is to explain the purchasing power of money based on the theory of subjective value and based on the direct application of the law of diminishing marginal utility to money. The paper follows the criticism of the Mises's attempt to explain the problem by the concept of regression theorem...

The aim of this paper is to anchor the problem of indifference and choice in a time continuum. Every action is future-oriented. The choice that is being made here and now is the choice that should, from a subjective point of view, eliminate a feeling of uneasiness toward the future. As Shackle...

Chapter 1: Introduction -- Chapter 2: Why Are We Economically Successful? -- Chapter 3: In Defense of the Invisible Hand Concept. Modification of Austrian Theory of Equilibration and Social Ordering -- Chapter 4: The Problem of Indifference and Choice. An answer to Nozick´s Challenge to...

The book presents a new theoretical approach to the description of economic phenomena over time. A realistic and meaningful description of economic phenomena over time is one of the basic preconditions for the success of any economic theory. The presented theoretical solution or proposal has two...