The notion of commodity rate of interest, introduced by Sraffa in a short review-article published in 1932, is taken up by Keynes a few years later under the label of own rate of interest. The latter expression soon spreads in the literature, eventually replacing Sraffa's original name. At its...

During the second half of the twentieth-century economic theory moved increasingly away from price theory, which was gradually displaced by more modern trends such as game theory, behavioral-empirical-experimental economics, neuroeconomics, heterodox economics, etc. This was due to serious...

During the second half of the twentieth century economic theory moved increasingly away from price theory, which was gradually displaced by more modern trends such as game theory, decision theory, behavioral-empirical-experimental economics, heterodox economics, etc. This was due to serious...

The concept of 'the core' originates in cooperative game theory and its introduction to economics in the 1960s as a basis for proofs of existence of general equilibrium is one of the earliest attempts to use game theory to address big questions in economics. Discovery of the core was met with...

In law as well as economics, the most well-known aspect of Coase's “The Problem of Social Cost,” is the Coase Theorem. Over the decades, that particular notion has morphed into a crucial component of Chicago law and economics — namely, transaction cost analysis. In this Article, I...

This paper completes my previous paper "A Revision of the Theory of Perfect Competition and of Value" with a more global analysis of the mathematical mistakes of the neoclassical theory. During the second half of the twentieth century Microeconomic theory moved increasingly away from price...

My research so far, which reveals fundamental mistakes of the conventional (neoclassical) economic theory, is based mainly on the (wrong) perception of this theory for the price taking and the horizontal demand curve for the firm, using instead the correct individual demand curve for the firm,...

Focusing on their analysis of the optimal public goods provision problem, this paper follows the parallel development of equilibrium models and mechanism design after the accomodation of Samuelson's definition of collective goods to the general equilibrium framework. Both paradigms lead to the...

Focussing on their analysis of the optimal public goods provision problem, this paper follows the parallel development of equilibrium models and mechanism design after the accommodation of Samuelson's definition of collective goods to the general equilibrium framework. Both paradigms lead to the...

This paper examines the marginal utility as a theory of value in comparison with the theories which preceded it. It compares in detail the utility theory with the predominant theory of value of classical economics, a cost theory which saw labor as the ultimate source of value. By introducing a...