P studies often evaluate health for an individual or for a population by using measurement scales that are ordinal scales or expected-utility scales. This paper develops scales of a different type, commonly called cardinal scales, that measure changes in health. Also, we argue that cardinal scales provide a meaningful and useful means of evaluating health policies. Thus, we develop a means of u...

Most people agree that human activities are consistent with physical laws. One may naturally think that sensible economic theories can be derived from physical laws and evolutionary principles. This is indeed the case. In this paper, we present a newly-developed production theory of economics from biophysical principles. The theory is a compact analytical model that provides, in our view, a mor...

We present a model of the physician-patient relationship extending on the model by Farley [Farley, P.J., 1986. Theories of the price and quantity of physician services. Journal of Health Economics 5, 315-333] of supplier-induced demand (SID). First, we make a case for the way this model specifies professional ethics, physician competition, and SID itself. Second, we derive predictions from this...

the quantitative relationship between higher education and economic growth in the tradition of “growth accounting equations” and also “neoclassical production function” approach have occupied a pride of place in economics of education, particularly the literature on more developed countries. however, production function type models that allow for isolating the “indirect” (external) effects of h...

The most important financial source for behavioral economics is the Russell Sage Foundation (RSF). The most prominent behavioral economists among the RSF’s twentysix member Behavioral Economics Roundtable (BER) are Kahneman, Tversky, Thaler, Camerer, Loewenstein, Rabin, and Laibson. The theoretical core of behavioral economics made up of the work of these seven researchers is positioned in oppo...

Recently, scholars working in the field of modern Austrian economics have wondered about what this literature might offer for an understanding of the nature of modern business organizations (for example, Foss 1994, 1997b; Sautet 1998; Mathews 1998). In this article, we examine the received literature on firms and strategies and find that Austrian economics has important contributions to make in...

Is the Present Pace of Economic Development Sustainable? The mainstream economics has characteristically been myopic in visualizing the relationship between human beings and the ecosphere, the surrounding in which they live, work and prosper. Man thought that everything, whether animate or inanimate, exists for him and he exists only for himself. Nature is bountiful to him; moreover, nature is ...

This paper offers a definition of sustainable development from an ecological economics perspective. For this, it begins with a historical analysis of the sustainable development concept from its origins as eco-development to its present formulation as green economy. it follows an assessment of the weak sustainability concept premises which allows for the neoclassical environmental economics not...