Standard economics starts with behavioral axioms and arrives at conclusions about the equilibrium properties of the economy as a whole at point t. The present paper employs objective structural axioms and random changes in order to determine the conditions for market clearing and budget...

The claims that the Islamic gold dinar will avoid inflation and other ills of current economic crises are examined by studying how coinage systems actually functioned in history.The article shows that not only these claims are baseless but also that coinage would increase the prevailing interest...

This paper develops a model to investigate the private enforcement of non-monetary inter-firm payments in Russia during the 1990s. Since acceptability of means of payment can have a self-reinforcing nature, the dominance of non-monetary means of payment over money in Russia might have been a...

Monetarists maintain that changes in the price level are attributable to the level of the money supply. Hence, price stability has been the rationale for the money supply rule derived from the Quantity Theory of Money. Consequently, to curb inflation, the general price level index is the lever...

This paper gives a proof of the existence of general equilibrium without the use of a fixed point theorem. Unlike other results of this type, the conditions we use do not imply that the set of equilibrium prices is convex. We use an assumption on the excess demand correspondence that is related...

From the set of the first three structural axioms follows the - economic - triangle theorem. It asserts that the product of the three key ratios, which characterize the firm, the market outcome, and the income distribution, is always equal to unity. The theorem contains only unit-free variables,...

Exogenous technical progress can have uneven impacts on productivity contingent on absorptive capacity, structural congruence and trade intensity. The paper illustrates the role of enabling behind-the-border factors for effective absorption and is pertinent for discussing issues like ‘Europe...

A new theory of capitalism is suggested. Its key moments and general logic are presented. This theory is based on the distinction between two market types – the simple commodity market and the capitalist one. Disequilibrium and "imperfect competition" are admitted to be a functional norm of...

The monography considers laws and mechanisms of social development from positions of positivism, dialectic materialism and the theory of systems. The methodology of the author is based on causality in relations of a society and social institutes. Social development is considered as result of...

The formation of the European Union (EU) is the one of the biggest political – economic events of the last 50 years. The aim of this study is to develop EU economy functioning system dynamic model. Main research method is system dynamics. General scheme of EU economy system dynamic model is...