A new heterodox theory of market is suggested. Its key moments are presented. The theory is based on the distinction between two market types – the simple commodity market and the capitalist one. Definitions of market and of each of its types are given. Internal logic of transition from the...

A new heterodox theory of capitalism is suggested. Its key moments and general logic are presented. Capitalism is considered as a special case of market, as its higher form. Disequilibrium and "imperfect competition" are admitted to be a functional norm of capitalism. Respectively, an...

A new heterodox theory of market and capitalism is suggested. Its key moments and general logic are presented. The 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...

A new theory of value is suggested. Its key moments and general logic are presented. The theory has all-purpose nature (is applicable to any commodities, any markets and any market situations). Value is considered as a multicomponent notion which characterizes commodity's internal behaviour...

The Black Scholes Model (BSM) is one of the most important concepts in modern financial theory both in terms of approach and applicability. The BSM is considered the standard model for valuing options; a model of price variation over time of financial instruments such as stocks that can, among...

The present paper takes it as an indisputable fact that subjective-behavioral thinking leads, for deeper methodological reasons, with inner necessity to inconclusive filibustering about the agents’ economic conduct and therefore has to be replaced by something fundamentally different. The key...

The present paper provides a substantial re-conceptualization of the serial clearing of the product market on the basis of structural axioms. This change of premises is required simply because from the accustomed premises only the accustomed conclusions can be derived and these are known to be...

Behavioral assumptions are not solid enough to be eligible as first principles of theoretical economics. Hence all endeavors to lay the formal foundation on a new site and at a deeper level actually need no further vindication. Part (I) of the structural axiomatic analysis submits three...

The Easterlin Paradox—the perceived absence of a relationship between economic progress and happiness—is one of the most important continuing debates in economics. Yet, both sides of the extant debate are anchored on valid mathematical arguments. The preponderance of evidence is therefore...

Neither Walrasians nor Keynesians have a clear idea of the fundamental economic concepts income and profit, nor of the interdependence of qualitatively different markets. Critique of these approaches is necessary but not overly productive. A real breakthrough requires a new set of premises...