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This paper aims at proving that social interactions can easily be rationalized by individual preferences as defined in … consistency, when individual rationality means that individual preferences are completely ordered and social consistency that … preferences are shown to fit the modeling of group loyalty when group loyalty is defined as the ability to freely accept a …
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Although historians of economic thought emphasize J.-B. Say's contributions to utility theory, the structure of the subject matter of economics, entrepreneur theory and the construction of the "law of markets," they rarely appreciate what Say accomplished in the first edition of the Traité...
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In this paper, we show that Adam Smith pointed out the existence of the Feldstein-Horioka Paradox or Puzzle and even gave an explanation for it more than 200 years before the publication of Feldstein and Horioka (1980). Smith argues that it is the pursuit of their own security that leads owners...
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