The interest-rate controversies between Böhm-Bawerk and Fisher have attracted little attention and, in the opinion of most commentators, justifiably so. Böhm-Bawerk and Fisher argue over what appear to be two minor issues – Böhm-Bawerk's claims that his third cause of interest (productivity...

This article starts with definitions of value and profit and constructs a new interpretation of the economic crisis. Exchange of goods stems from different people's different judgments on the value of goods, and twice exchanges of goods lead to commercial profits. Production profit is...

The object of research is the role of the intellectual capital and knowledge in modern economics and value creation process. Therefore, taking into account the intellectual component of value due to the transformation of the society’s productive forces structure in the transition to a...

There is globally a debate going on about issues of economic development and how to measure it. The system of national accounts with the gross domestic product (GDP) as its core indicator has become criticized because of measuring the wellbeing of peoples in different countries improperly. The...

The Prospect Theory proposes to assess outcomes relative to a reference point (or benchmark). Although the literature recognises the relevance of dynamic benchmarks, most of the applications of Prospect Theory employ static reference points (or a status quo). This paper aims to develop a...