The value of the Slovak long-run elasticity substitution is relatively slow – about 0.10. It follows from the estimate of low-frequency econometric model. Econometric form is given by the capital demand derived from the first-order conditions of the firm maximizing its profit. Due to the...

We provide a first-order necessary and sufficient condition for optimality of lower semicontinuous functions on Banach spaces using the concept of subdifferential. From the sufficient condition we derive that any subdifferential operator is monotone absorbing, hence maximal monotone when the...

A recent article [S. Keen, R. Standish, Profit maximization, industry structure, and competition: a critique of neoclassical theory, Physica A 370 (2006) 81–85] suggests that the Cournot model, which is widely used in Economics, is inappropriate and the article proposes an alternative. I argue...