This paper uses as its theoretical starting point the concept of the firm as a nexus of contracts. It examines the full range of contracts which go into forming this nexus: those formally negotiated, those adopted by custom or practice, and those imposed as legal defaults. The concept of...

This paper is comprised of the greater part of Chapter 2 of my doctoral thesis at SMC University. It approaches Social Choice Theory as a distinctively different way of examining economic activity, one that more closely corresponds to the way in which economic actors organize activity in the...

This paper examines the marginal utility as a theory of value in comparison with the theories which preceded it. It compares in detail the utility theory with the predominant theory of value of classical economics, a cost theory which saw labor as the ultimate source of value. By introducing a...

This paper seeks to examine the extent to which economic calculation can be done and under what circumstances it can be said to produce optimal benefits. The question has considerable practical importance as economic greater calculability is related to reduced risk and uncertainty and...

It is the basic proposition of this paper that the problem with marginal cost theory (Coase, 1946) cannot be adequately addressed within the framework of neo-classical economics. The innumerable products and services, which are available on the market, are not provided because the cost of...

The Social Determinants of WagesBy Richard Stomper, PhDAbstractEconomists generally define the market wage in terms of the Marginal Rate of Productivity (MRP), or, more precisely, the MRP averaged over the economy for similar labor. Purely market mechanisms furnish an MRP for each type of labor....

This paper contains the Appendices which served as part of my doctoral thesis. They present a more detailed mathematical and graphical explanation for the theoretical conclusions contained in the paper Solution to Arrow’s General Possibility Theorem: Contracting through negotiations. This...

This paper attempts to derive basic principles of ethical conduct in economic life from a relatively simple model of exchange. Economic exchange is seen as any exchange of value. It is not limited to money exchanges. In many social exchanges money may not even play a role. The theoretical...