One of the most overlooked and least analyzed elements of Mises' economic theory is his concept of originary interest. This is distinct from the theory of the natural rate of interest proposed by Wicksell and developed by subsequent economists. The latter concept is determined endogenously by...

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...

Modern Human Resource systems compensate employees with a complicated array of wages and benefits which normally have similar features from one firm to another. This paper examines the economic basis for these common features. Three factors are isolated and discussed. The first is the overall...

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 examines the nexus between the state and civil society in order to explain how the state distinguishes itself from the latter and what is the historic basis for the state’s emergence. This discussion lays the basis for an examination of the general problem of coercion in society,...

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...

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 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...