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...

Neoclassical economists of the current era frequently pay lip service to Adam Smith’s theories to certify the validity of natural-laws-based, laissez-faire policies. However, neoclassical theories are fundamentally disconnected from Adam Smith’s notion of value, his understanding of the...

This was the first paper to study exclusively the effects of Ramadan on the United Arab Emirates Stock market. In doing so, the study aims to establish such impacts with the intention of advising the investors on whether it would be profitable to invest during the holy month of Ramadan or no.The...

Adam Smith recognized that there was a severe problem in all free market economies that no “Invisible Hand of the Market” could ever deal with effectively. Based on his readings of Plato (Socrates) and Aristotle, Smith explicitly identified a certain segment of upper income class individuals...

Keynes provided a technical analysis on pages 179-181 of the General Theory that identified two separate rates of interest, r1 and r2, each different rate of interest associated with a different Demand for Investment and Supply of Savings Intersection. Each combination would provide a different,...

Keynes recognized that there were a few cases where his rational analysis of decision making under conditions of uncertainty and risk using: (a) interval valued probability in Parts II and III of the A Treatise on Probability,(b) decision weights in Part IV of the A Treatise on Probability ,or...

Keynes spent a tremendous amount of time and energy attempting to tutor Harrod on the mechanics of his IS-LM model between July to September, 1935. Keynes's painstaking slow attempts finally led Keynes in desperation to write a three point postscript to his letter of August, 1935, that is...