Nelson Mandela said, “During my lifetime I have dedicated myself to this struggle of the African people. I have fought against White domination, and I have fought against Black domination. I have cherished the ideal of a democratic and free society in which all persons live together in harmony...

The recent earthquake in Japan and its impact on the Fukushima nuclear power plant is a tragic reminder of humanity’s ever growing dependence on energy for its socioeconomic development. Energy plays a central role in determining the effectiveness of economics. However, are the fundamental...

The modern economic theory implemented today is inherently flawed. Unfortunately these flaws are not apparent in contemporary economic theory which is built on the idea that scarcity is an ever present condition; an approach referred to as scarce resource theory (SRT) in operating level...

If the heading has drawn your attention then it has achieved the second objective of this paper, its first objective being to lead the reader through a discussion of how economic scarcity is a reversible problem. This paper examines reasons why scarcity may remain unresolved by economics as a...

What is wealth? This paper proposes wealth and poverty are opposite sides of the same coin and to know the source of one is to understand the cause of the other. It delves into the premise that if contemporary economics could consummately answer the question: what is wealth? scarcity, economic...

This paper looks at some of the fundamental ideas in contemporary economics such as the basic economic problem, opportunity cost and allocation a person is expected to encounter when they are first introduced to economic theory. It attempts to explain how the manner in which these concepts are...

This paper elaborates on the economic operating system (EOS) the role it can play in growth. It focuses on markets, price determination and forces of demand and supply in order to illustrate how an EOS model offers greater economic growth, stability and safety. This paper delves into market...

What is the 99% and why does it exist? In this paper an attempt is made to explain why socio-economic unrest remains a modern problem. An effort has to be made to understand the origins of strife in systemic design of modern economics. Without this knowledge it may not be possible to fix the...

Several recent papers argue that contracts provide reference points that affect ex post behavior. We test this hypothesis in a canonical buyer-seller relationship with renegotiation. Our paper provides causal experimental evidence that an initial contract has a highly significant and...

We present an international trade model with multiproduct firms. Firms are heterogeneously endowed with two types of capabilities that jointly determine the trade-off within firms between managing a large portfolio of products and producing at low marginal cost. The model can explain many of the...