The current study points out that the derivation of the aggregate demand curve based on theory of consumer behavior has a fundamental flaw, from which the Giffen product has to be inferior good and has been always regarded as an exception of law of demand is therefore not convincing. The current...

Friedman's monetary theory suggests that the supply of money is constantly equal to the demand of money. Therefore, it cannot justify that inflation is indeed caused by over issuance of money. The root cause of inflation should be the short supply of a basket of goods. The weight of each goods...

This article is the preface of the book “The Economic Foundation of China Mode”, which provides an overarching view on authors' key arguments towards the China Mode and its economic theories in a systematic manner. The Chinese version of the book is published by the Chinese People's...

Aiming at the wrong recognition over one century that Giffen goods are special examples of demand law and Giffen goods are rare, this paper strictly proves that the demand curve of any Giffen goods can only slopes lower right and any commodity that complies with the demand law would probably...

This paper proves that there are almost no normal commodities for individual consumers in consumer behavior theory. The income effects of all abnormal commodities are negative and larger than substitution effects. Both income effects and substitution effects are unobservable. All proves on...