This paper proves that the endogenous attempt to derive unlimited growth leads to bankrupting business. Endogenous growth requires increasing returns to scale, but its mathematical solution does not exist. Using Euler's theorem, this paper confirms that such theory ruins both the production...

This paper proves that the unpleasant arithmetic by Sargent and Wallace is indeed a blatant lie. They used the same equation to argue for two opposing deductions. Printing more money to bring down inflation is an impossible dream, and an insidious conspiracy too

This paper disproves Wicksell's theory of interest rate. It shows that his theory rests on four unrealistic assumptions. A standard isoquant derives contrary conclusions from Wicksell's: that a drop of interest rate does not raise wage rate, and that a drop of interest rate reduces quantity...

Koopmans combines Ramsey's distribution scheme with Solow's capital accumulation problem, but he ends up turning the entire output to new capital. His theory tries to starve out the existing population

The Solow capital formation function looks like Pontryagin's dynamic equation, but its solution is simpler and does not require any Calculus of Variations. By calculus of variations, growth economists ignore the integration in their objective function to take differentiation of its component. A...

Seigniorage means printing money without backup or without 100% backup. Such practice is stealing. Attempts to work out the optimal amount of stealing are insane. This paper refutes another manipulating attempt

Aizenman designs an optimal seigniorage scheme that a minister should print money until his real balance is maximized. This paper proves that his optimization is a fabrication. If printing money were a business, the minister would crazily print without limit

This paper works out an Excel Spreadsheet to help play Hotelling's spatial competition game. It allows different commuting cost, and even quadratic cost function. It produces the demand curves and the equilibrium. It helps avoid misunderstanding around the spatial competition model, and offer...

This paper differentiates the 2008 subprime crisis from its recent repetition. Both have people abusing MBS for profiteering, but now the crisis can be averted. The Federal Reserve, who has taken the place of Lehman Brothers, will never become insolvent. Though another subprime crisis is...