We challenge a commonly used assumption in the literature on social preferences and show that this assumption leads to significantly biased estimates of the social preference parameter. Using Monte Carlo simulations, we demonstrate that the literature's common restrictions on the curvature of...

This chapter deals with Gramsci's remarks and some potential subjects of discussion with Sraffa about Ricardo, classical political economy and "pure economics". For him, the importance of Ricardo in the formation of Marx's ideas must be reassessed from the point of view of the world’s...

This article addresses the origins of the term “neoclassical” economics, and the subsequent use of the term. It is argued that the present use of the term “neoclassical” economics is different from its original meaning when it was first introduced by Thorstein Veblen, who used it to...

Catastrophic risk is currently a hotly debated topic. This paper contributes to this debate by showing two results. First it shown that the value function in dynamic optimization can have an infinite derivative at some point even if the model specification has functional forms that are finite...

We consider nonparametric identification and estimation of pricing kernels, or equivalently of marginal utility functions up to scale, in consumption based asset pricing Euler equations. Ours is the first paper to prove nonparametric identification of Euler equations under low level conditions...

Contents: Introduction -- 1. The sources of monopoly power in the history of economic thought -- 2. The universal force of competition -- 3. Monopoly power -- 4. Monopoly power, competition and reality -- 5. The concept of the state and economic policy -- Conclusions -- References -- Index.

The scientific methodology of classical physics has been a constant influence in the development of orthodox economics. Clear signs of this can be found in the works of many classical economists such as Smith, Say, Cairnes and Mill. The physics influence became more apparent with the emergence...

The article conducts analysis of main provisions of the modern training course of micro-economics from the point of view of a possibility of their practical use in the process of economic activity. It shows scholasticity of marginalistic methods of identification of a rational customer choice...

В статье в полемической форме обосновывается идея синтеза одностороннего марксизма и одностороннего маржинализма в новой более универсальной теории, которую...

В статье дан критический анализ статей Н.А. Шапиро и А.В. Орлова, опубликованных в № 2(2013) и ставших предметом дискуссии на философско-экономическом семинаре....

Проанализированы основные идеи М. Туган-Барановского и Е.Слуцкого в контексте распространения маржиналистских идей в Украине. Выявлено решающее влияние...

Проведен анализ основных положений современного учебного курса микроэкономики с точки зрения возможности их практического использования в процессе...

Вопрос о кризисе экономической теории то возникает, то затухает в зависимости от устойчивости рыночно-капиталистической системы. Экономический рост во второй...

Two perspectives on the price system are examined, as a method of valuation represented by Walrasian equilibrium and as a means of appropriation represented by “perfectly competitive equilibrium.” The stronger requirements of perfectly competitive equilibrium emphasize that valuation is...

We reformulate neoclassical consumer choice by focusing on γ, the marginal utility of money. As the opportunity cost of current expenditure, γ is approximated by the slope of the indirect utility function of the continuation. We argue that γ can largely supplant the role of an arbitrary...