This paper proves that central banks are not moneylenders. They are perhaps Santa Clauses, but in reality they are vampires sucking people's blood. The bigger they grow, the hungrier they are. This paper advocates breaking up of large central bank into smaller ones. The case of the conflict...

This paper shows that Wilson's social utility function, if any, is morally incorrect. It is as incorrect as to kill someone in order to save another. This paper further proves that his convex indifference curve turns out to be a concave utility possibility curve. This paper also proves that...

Ricardian equivalence is a theorem which states that bonds and taxation are mutually substitutable. This paper proves that the current understanding of this theorem rests on some illegal mathematical operations. Otherwise, bond issuing requires a dishonest government printing money to buy up the...

This paper reproduces Lerner's (1936) result to reconcile different understanding about tax incidence. It proves that a tax or tariff does not shift any demand, supply or offer curve. It disproves the traditional tax incidence model and the Coase theorem. This paper also corrects Lerner's...

This paper attempts to resolve the Cambridge-Cambridge Capital Controversy. It shows that the controversy arises because neoclassical economists had erroneously started with investigating the capital function, and used it to derive an investment function. This paper tries the reverse direction....

This paper attempts to explain housing supply, land price and structural density, the last of which paints the urban skyline. It proves that structural density and land price are positive functions of housing rent and lot size, but negative functions of interest rate and construction cost....

This paper proves that the supply and demand curves of the loanable fund market have their role interchanged. The supply curve has negative slope, while the demand curve positive. Since impatience is not measurable, Fisher's theory of interest, which is the basis of the loanable fund theory,...

This paper considers Adam Smith's confusion about value in use and value in exchange. It proves that David Ricardo's attempt to disentangle the puzzle by means of exchange is inadequate. It then offers a more convincing explanation by means of profit