During the second half of the twentieth century economic theory moved increasingly away from price theory, which was gradually displaced by more modern trends such as game theory, decision theory, behavioral-empirical-experimental economics, heterodox economics, etc. This was due to serious...

This paper develops a discussion and provides the basis for a dispute of the principal assumption on which the classical-neoclassical theory of perfect competition is based: is it indeed true that the individual product demand of each producer is perfectly elastic (horizontal) and the price is...

This paper completes my previous paper "A Revision of the Theory of Perfect Competition and of Value" with a more global analysis of the mathematical mistakes of the neoclassical theory. During the second half of the twentieth century Microeconomic theory moved increasingly away from price...

During the second half of the twentieth-century economic theory moved increasingly away from price theory, which was gradually displaced by more modern trends such as game theory, behavioral-empirical-experimental economics, neuroeconomics, heterodox economics, etc. This was due to serious...

My research so far, which reveals fundamental mistakes of the conventional (neoclassical) economic theory, is based mainly on the (wrong) perception of this theory for the price taking and the horizontal demand curve for the firm, using instead the correct individual demand curve for the firm,...

Conventional microeconomic theory, founded and developed mainly by the neoclassical economists, contains some fundamental mistakes that lead economic theory to erroneous conclusions about how the economy operates and the results of this operation. Unfortunately, those mistakes have still...

Adam Smith set economists and examination question: what determines long-run normal prices and the associated rate of profit. The fundamental difficulty is that the long-run equilibrium prices of reproducible means of production (Smith's “natural” prices) must satisfy two conditions at the...

The objective of this article is to examine four theories that consider an explanation and measurement for the value of liquidity. Liquidity will be understood as cash, that is, we are leaving aside assets of lesser degree of liquidity than cash. The article begins with the Keynesian view about...

This paper looks at the contribution made by pre-1870 writers in economics (proto-neoclassicals) to what would later become known as the neoclassical theory of the firm. In particular we briefly consider the work of Dionysius Lardner, Johann von Thünen, John Stuart Mill, Charles Ellet, Jr. and...