The recent recession has brought a sharp decrease in income, output, and world trade, as well as an increase in unemployment in developed and underdeveloped countries. Experts such as Paul Krugman, Christina Romer, or Barry Eichengreen, compare the current situation with the Great Depression of...

The purpose of this article is to reveal the justifications for different production boundaries historically. It finds that the boundaries were and are predicated on an untenable productive/unproductive dichotomy that was justified on select and shifting cultural norms. Furthermore, the...

This first objective of the paper is to achieve a better understanding of the values and the worldview that lead traditional tribal societies to distribute wealth and incomes in manners that are hostile to economic change. The second objective can be persued namely that of identifying ways of...

Although the phenomenon of competition is fundamental of the economic theory and policy, the scientists have not yet achieved the consensus concerning the kind of competition which should be protected. Contemporary researchers striving to find the answer to this question rely on their...

We suggest, in this paper, the investigation of Adam Smith and Francis Ysidro Edgeworth's utilitarianism conceptions. Both conceptions were used in order to develop Economics as science. However, they presented the limitations of the economic theory, which boundaries recommended.

Smith’s theory of the falling rate of profit has been usually interpreted as a result of the intensification of competition in the markets of goods and services of the factors of production. This aspect of Adam Smith had been initially posed by Ricardo and subsequently was widely adopted by...

In Chapter 3 of the General Theory, Keynes sketches out what he calls the essence of the General Theory of Employment. He introduces the Keynesian expenditure-based model, his aggregate demand function and also his aggregate supply function, a concept which spawned much debate among...

In Chapter 4 of the General Theory, Keynes discusses the units of measurement he will be using in the remainder of the book, in particular his reason for measuring in nominal rather than real terms, objection to aggregate measures of real output and physical capital stock, and his concept of...

Chapters 8, 9 and 10 set out Keynes’ theory of consumer behavior. Chapter 8 is entitled The Propensity to Consume: I. The Objective Factors, Chapter 9 is The Propensity to Consume: II. The Subjective Factors, and Chapter 10 is The Marginal Propensity to Consume and the Multiplier. Contrary to...

This paper puts John Maynard Keynes’ "The General Theory of Employment, Interest and Money" into its historical context, both in terms of economic history and in terms of the history of economics. It discusses the post-World War I period as background to the General Theory, looks at the...