The paper, prepared for a Roundtable on Major Economic Problems in the U.S. and the U.S.S.R., discusses some aspects of price theory ñ in particular, the theory of general equilibrium -ñ which may offer some theoretical insights about the economic problems to be encountered during the...

Fixed point theorems are the standard tool used to prove the existence of equilibria in mathematical economics. This paper shows how to prove a slight generalization of Brouwer's and Kakutani's fixed point theorems using the familiar techniques of drawing and shifting curves in the plane and is,...

The canonical bargaining game in economics is the ultimatum game, played by tens of thousands of students around the world over the past three decades. In the ultimatum game, first studied by Werner Guth, Rolf Schmittberger, and Bernd Schwarze (1982), the “proposer” proposes how to split a...

The focus of this study is on black markets which provide an important segment of the parallel economy. These markets operate in disequilibrium,search and information costs become very important.Trafficking in drugs taken as case, to explore both theoretically and empirically. The problem,...

The article addresses the question 'What makes an e-shop successful?' by providing various reference models. These reference models are for the obvious retail evolution, for quality and retail sales, for pricing and quality of products, and for pricing and quality of the sales process (i.e.,...

This paper is a critical examination of the notion of equilibrium in the classical theory of value. It highlights the theoretical importance as well as the problems associated with the notion of equilibrium in the classical theory and goes on to argue that Sraffa presents a theory of value...

In all health care systems exists governmental regulation, as the market for health is unanimously regarded as imperfect. The German health care market is a good example for strongly regulated market in nearly each submarket, partially the determination of prices. Reimbursement of health goods...

The aim of this paper is to compare New Keynesian and Post Keynesian economics on the theory of prices. In the past two decades, there has been a revival in explanations of price rigidity with the emergence of the "new Keynesian" economists. These economists try to explain the price stickiness...

To enhance (1) the earnings of poor and middle-class people and (2) sustainable growth, this article recommends broadening competitive market opportunities to acquire capital with the earnings of capital. The prospect of more broadly distributed capital earnings in future years provides...