There is globally a debate going on about issues of economic development and how to measure it. The system of national accounts with the gross domestic product (GDP) as its core indicator has become criticized because of measuring the wellbeing of peoples in different countries improperly. The...

The Prospect Theory proposes to assess outcomes relative to a reference point (or benchmark). Although the literature recognises the relevance of dynamic benchmarks, most of the applications of Prospect Theory employ static reference points (or a status quo). This paper aims to develop a...

The interest-rate controversies between Böhm-Bawerk and Fisher have attracted little attention and, in the opinion of most commentators, justifiably so. Böhm-Bawerk and Fisher argue over what appear to be two minor issues – Böhm-Bawerk's claims that his third cause of interest (productivity...

This paper critically analyses the strongly subjectivist approach to exploitation theory recently proposed by Matsuo ([7]), in the context of general convex economies with heterogeneous agents. It is proved that the Fundamental Marxian Theorem is not preserved in his subjectivist approach,...

Modern economic science has become a grand parable, the study of a virtual economic world where the interactive robots engage in mechanical relationships. Although the natural sciences that initially inspired many economists has undergone drastic changes since Newton's era, modern economic...

This paper attempts to clarify how the European economic crisis from 2007 onwards can be understood from the perspective of a Marxian monetary theory of value that emphasizes in-trinsic, structural flaws regarding capitalist reproduction. Chapter two provides an empirical description of the...

This article starts with definitions of value and profit and constructs a new interpretation of the economic crisis. Exchange of goods stems from different people's different judgments on the value of goods, and twice exchanges of goods lead to commercial profits. Production profit is...

Multiple price lists are a convenient tool to elicit willingness to pay (WTP) in surveys and experiments, but choice patterns such as "multiple switching" and "never switching" indicate high error rates. Existing measurement approaches often do not provide accurate standard errors and cannot...