Showing 111 - 120 of 322
Vickrey tries to solve the socialist problem of shortage, by giving both the buyers and the sellers extra benefit. This paper proves that such squandering leads to more shortage, and argues that the only correct measure to solve shortage is market liberalization
Persistent link: https://www.econbiz.de/10013029733
Vickrey advocates charging the winner of an auction only the second highest price. This paper proves that he has betrayed his own theory to come to such a wrong conclusion. This paper also points out the harmful consequences inflicted by his wrong auction method, and accuses him of destroying...
Persistent link: https://www.econbiz.de/10013029734
This paper helps Becker (1960) explain why income and fertility has negative relation. Using his desired investment and production motive, this paper proves that richer families bear fewer kids, because their parents have higher time cost. Kids from these families also take long time to mature,...
Persistent link: https://www.econbiz.de/10013030728
This paper proves that the so-called marginal cost curve in the traditional monopoly model is a false image built on some wasteful experimental average cost curve. This paper then reveals the ugly but true picture of monopolists, and proves that they will not be satisfied with such limited...
Persistent link: https://www.econbiz.de/10013032129
This paper reviews many economics theories only to find that not a single theory has used the supply and demand (S&D) model. This disappointment contrasts sharply with the prevalent use of such model by many unsophisticated people, including many lip-service economists. Instead of throwing out...
Persistent link: https://www.econbiz.de/10013033100
This paper proves that the neoclassical theory of the firm contains some inconsistent mathematics. Since economics, as claimed by economists, is a science, such inconsistency is intolerable. Hint to resolve the inconsistency problem is suggested
Persistent link: https://www.econbiz.de/10013034492
Welker provides a simple proof of the Marshall-Lerner Condition, this paper points out some flaws in his derivation. His definition of excess demand is wrong. Excess demand and excess supply are equivalent. A correct trade model does not contain excess demand or excess supply
Persistent link: https://www.econbiz.de/10013034797
This paper challenges the claim by central bankers that they earn money for their countries and give their governments the badly needed budget. It proves that they cannot and do not make any profit. When the central bank returns the illusionary earning to its government, the operation is a...
Persistent link: https://www.econbiz.de/10013035064
This paper disentangles the theory of the firm by Jensen and Meckling (1976). Their producer theory is actually a consumer one. However, both their budget constraint and indifference curve are void. This makes their model completely empty. The corrected utility maximization model restores the...
Persistent link: https://www.econbiz.de/10013035488
Hill and Hill (2003) develop a seemingly ingenious GDP measure that includes capital gain. This paper proves that such measure is only a manipulation of the capitalization formula, that the measure is cost, not income, and that capital appreciation even raises the cost
Persistent link: https://www.econbiz.de/10013037696