What do economists understand about the economy if they do not understand the profit phenomenon? Next to nothing. Therefore, the very first task in theoretical economics is to clarify the difference between profit and wage income and their respective determinants. It was Ricardo who tackled the...

For a host of compelling methodological reasons, homo oeconomicus has to be replaced. This is consensus, the open question is how this could be accomplished. What is required first is the separation of the formal foundations into a structural and a behavioral part. This paper introduces the...

The present paper takes the explanatory superiority of the integrated monetary approach for granted. It will be demonstrated that the accounting approach could do even better provided it frees itself from theoretically ill-founded notions like GDP and other artifacts of the equilibrium approach....

During the mid-1990s, the Government of India and the World Bank began exploring new approaches to extension that would address these system problems and constraints. The result was a new, decentralized extension approach, which would focus more directly on agricultural diversification and...

Standard economics rests on behavioral assumptions that are formally expressed as axioms. With the help of additional assumptions like perfect competition and equilibrium a price vector is established that displays a host of desired properties. This approach is tightly stuck in a cul-de-sac....

An estimated 85% of Afghanistan’s population lives in rural areas, most of which are resource poor farmers whose livelihoods depend on agriculture and livestock in agro-pastoral or crop-livestock systems. Agriculture – including the processing of agricultural and livestock products --...

Decentralizing a large, complex national extension system is not easy, but the Government of India appears to be moving toward this long-term goal. Although ATMA model has been successful in addressing many of the extension problems and has shown exceptional impacts during the NATP phase but it...

The existence proof of general equilibrium, which is based on subjective-behavioral axioms, is replaced by the existence proof of a final turning point, which is based on objective-structural axioms. The final turning point is characterized by an irreversible switch from profits to losses for...

Medicinal and aromatic plants (MAPs) provide opportunities for developing a variety of safe and cost effective, prophylactic, and curative medicines for a number of maladies. It is estimated that the primary health care of over 80 per cent of the world’s population still depends on plant based...

In a recent article, Keen resumes the debate with Krugman about the effects of debt upon the economy. It is hard to see how the question can be settled as long as all participants apply their idiosyncratic models. Hence the issue boils down, as Krugman rightly put it, to the deeper question:...