This paper proves that Friedman's permanent consumption theory implies zero saving. The consequences are severe: there will be no capital accumulation, no economic growth, but there is unlimited multiplier of wastage

This paper discloses how Smith rewrites some assumption as result, and uses some result to construct question. Such tautological methods derive nothing. It is also incorrect to treat public goods as continuous variables

This paper reviews the theories concerning economic growth. It proves that none of them is successful in explaining and offering solution to growth. While some offer dismal solution to preserve growth, most others rely on some magical tool for growth

Growth theory is supposed to enhance welfare of the population by raising their per capita output, income and consumption. But, if for that purpose population is reduced, such theory is anti-growth. This paper proves that Solow's growth theory is anti-growth, and that his use of population...

This paper offers a historical account of competition theories in economics. It shows that most, if not all, of these theories do not offer winning strategy. It encourages students of economics to search for new, definite but honest winning strategy in competition

This paper disproves Wicksell's theory of interest rate. It shows that his theory rests on four unrealistic assumptions. A standard isoquant derives contrary conclusions from Wicksell's: that a drop of interest rate does not raise wage rate, and that a drop of interest rate reduces quantity...

This paper refutes Gregory Clark's chauvinist view that European countries are superior to the Asian ones, because they have been so. This paper proves that Clark's empirical result is merely a movement along an isoquant with no implication on productivity. Then, this paper works out a similar...

This paper reveals three mistakes Dupuit has committed to justify his concept of consumer's surplus. His first mistake is the use of the change of quantity, instead of quantity, for constructing his demand curve. His second mistake is a fabrication of number to cover up his first mistake. His...

This paper disproves Ricardo's simple relation between cost and price. Instead, it shows that a more valuable worker may lead to lower price, or more quantity and profit. This paper also shows that practicing Ricardo's simple-minded logic is despotic with suicidal result, and that its...