Showing 1 - 10 of 81
In 1913, the Cambridge logician W.E. Johnson published a famous article on demand theory in the Economic Journal. Although Johnson’s treatment of the subject strongly resembles the analysis set forth by Pareto in the Manual of Political Economy, Johnson does not cite the Italian economist....
Persistent link: https://www.econbiz.de/10005412541
Factor-endowment based trade with the leading economy helps to explain the differing development performances of the …-endowment based trade and economic ties with the secondary advanced economy (first the U.S. and then Japan) played important roles in …
Persistent link: https://www.econbiz.de/10005062412
Arrow’s Impossibility Theorem shows that transitive social preference is impossible. This note shows that in the general case of exchange, social preference need not be transitive. Indeed, it shows that social preference must be non-transitive to allow gainful exchange to maximize social...
Persistent link: https://www.econbiz.de/10005135127
'Gainful trade: a new economics' explains why and how economics may be rebuilt from scratch to allow the occurence of … gainful trade. It uses a new concept of consistency of social choice and a new analytical tool called consistency analysis to …
Persistent link: https://www.econbiz.de/10005119309
This paper examines the history of the neoclassical theory of consumer demand from 1871 to 1971 by bringing into play the knowledge theory of the Marburg School, a Neo-Kantian philosophical movement. The work aims to show the usefulness of a Marburg-inspired epistemology in rationalizing the...
Persistent link: https://www.econbiz.de/10005076653
A number of commentators have argued that technological innovation is about to change the institutional structure of the retail payments system. Through the potential private issue of currency via new electronic payments systems – electronic money – individuals will create currencies based...
Persistent link: https://www.econbiz.de/10005076672
This paper is based on the traditional Austrian Theory of Capital which deals with expected values of future returns of investments over various periods of time. The longer the time period that elapses between the beginning of a production process and its end, the higher the (expected)...
Persistent link: https://www.econbiz.de/10005561050
indirect trade, money also must be used. Micro says that price is equal to marginal cost, rejecting trade theory’s claim that … trade is gainful. To remove these and other contradictions, price theory must be repaired. Money’s role in market clearing …-macro division, and assimilates price theory with trade and monetary theory. It studies equality of demand and supply at four levels …
Persistent link: https://www.econbiz.de/10005413280
As the barriers to hemispheric trade and integration are lowered, it will be asked whether we will we hear the "giant … dirty work? Mexico is the ideal laboratory for such research. Though NAFTA took effect in 1994, trade liberalization in … in the US, and the industries labeled the cleanest are dirtier in Mexico. To generalize, this exhibits that trade …
Persistent link: https://www.econbiz.de/10005062608
This paper explores what a critical commentary on micro principles texts might look like, examining what is to be critiqued and how to do it.
Persistent link: https://www.econbiz.de/10005555984