Details a behavioral theory of economic welfare that overlaps and extends the global theoretical framework contained in Pareto Optimality, with significant public policy implications. The essence of this framework is contained in Adam Smith’s the Wealth of Nations where it is argued that the...

Standard neoclassical theory argues that an economy is negatively affected by increased labor rights and power since it is assumed that economic agents are always x‐efficient; performing at the height of efficiency. However, a behavioral model of the firm suggests that more rights and power,...

An important hypothesis put forth by Amartya Sen is that a given level of per capita real income in a population can generate quite different levels of socio‐economic well‐being depending on the economic infrastructure of that population and the distribution of income. Sen's hypothesis is...

Purpose – The assumption of free will in contemporary economics is an important starting point for socio‐economic analysis in contrast to methodologies which assume that human action is pre‐determined by forces beyond individual control. However, contemporary economic theory is devoid of...

Purpose – The paper aims to examine the reality of, and, conditions for economic growth for former Soviet and Soviet Block economies with special attention to Ukraine and the Russian Federation. Many of these economies' transition from “Communism” remain plagued by problems of...

1. Free to choose or prisoner of market forces : an introduction to high wage growth -- 2. Introducing x-efficiency theory, rational inefficiency, and the political economy of the golden rule -- 3. A behavioral-institutional model of endogenous growth and induced technical change -- 4. Why...