The difficulties of the classical and Marxian labour theory of value are overcome when labour is measured in terms of marginal labour value. Marginal labour value is the inverse of the marginal productivity of labour. Relative prices are equal to the ratio of marginal labour values. This article...

The main objective of this paper is to present a theoretical framework that conceptualizes technology adoption as a decision process involving information acquisition by farmers who face yield uncertainty and vary in their risk preferences. This is done by integrating the microeconomic...

None of the known macroeconomic theories are adequate to understand what to do in a global crisis like the 2020 Global Pandemic. Rational Expectations and monetarism cannot even ex-plain how is that a global crisis like this happens. The IS-LM model was designed to manage business cycles, but...

Those lecture notes cover the basics of a course in microeconomic theory for MSc students in Economics. They were developed over five years of teaching MSc Economic Theory I in the School of Economics at the University of East Anglia in Norwich, UK. The lectures differ from the standard fare in...

The paper examines the utility function representability of the lexicographic preferences over multiple attributes. A sufficient and necessary condition is provided: a lexicographic preference is utility function representable if and only if there is at most one attribute with uncountable levels...

In this paper I will introduce a microfounded model of political ac- tivities. The aim is twofold: �rst of all, �lling an existing gap with the actual literature which still lacks of a theoretical explanation about how voters choose their leisure acitivities in particular those related with...

This paper shows system dynamic model of labour market and labour migration in Latvia. The hypothesis of the research is: labour migration is determined primarily by the payment level in the countries under consideration and the indicator derived from it – payment differences in the countries...

This paper shows system dynamic model of labour market and labour migration in Latvia. The hypothesis of the research is: labour migration is determined primarily by the payment level in the countries under consideration and the indicator derived from it – payment differences in the countries...

This paper addresses factors which have prompted the need for further revision of banking regulation, with particular reference to the Capital Requirements Directive. The Capital Requirements Directive (CRD), which comprises the 2006/48/EC Directive on the taking up and pursuit of the business...

Redistributing incomes has always been one of the main goals of Iranian policy makers, although political regimes have changed frequently between 1991 and 2004. We have applied a microsimulation using the Oaxaca-Blinder decomposition and a Heckman correction for sample selection bias to compare...