Wealth accumulation is a deterministic factor mechanism of national economic growth. Neoclassical growth theory basically concerned with capital and wealth in perfectly competitive market. Global markets are characterized by great variety markets. Nevertheless, there only few rigorous models other types within neoclassical framework. This study attempts to contribute literature introducing mono...

This paper explores links and gaps between the popular debate over sustainability, neoclassical and endogenous growth theory, and the “natural capitalism” argument. For more information, contact Daphne Greenwood at [email protected] 719-262-4031 In this paper, I explore the links between growth theory, the sustainability debate, and the “natural capitalism” argument. I also point out areas wher...

Bayesian rationality is the paradigm of rational behavior in neoclassical economics. An economic agent is deemed rational when she maximizes her subjective expected utility and consistently revises her beliefs according to Bayes's rule. The paper raises the question of how, when and why this characterization of rationality came to be endorsed by mainstream economists. Though no definitive answe...

It is often argued that Richard Nelson and Sydney Winter’s evolutionary theory an alternative to neoclassical economics compatible with or complementary Veblenian economics. This article subjects such arguments critical examination. I argue while provides a more realistic account of the firm behavior than Marshallian-neoclassical does, it in much same sense as Marshall’s quasi-evolutionary, “ne...

The physics of a locked magnetic island chain maintained in the pedestal of an H-mode tokamak plasma by a static, externally generated, multi-harmonic, helical magnetic perturbation is investigated. The non-resonant harmonics of the external perturbation are assumed to give rise to significant toroidal flow damping in the pedestal, in addition to the naturally occurring poloidal flow damping. F...

The physics of a locked magnetic island chain maintained in the pedestal of an H-mode tokamak plasma by a static, externally generated, multi-harmonic, helical magnetic perturbation is investigated. The non-resonant harmonics of the external perturbation are assumed to give rise to significant toroidal flow damping in the pedestal, in addition to the naturally occurring poloidal flow damping. F...

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...

In this paper we argue that puzzle of tax compliance can be explained, at least in part, by recognizing the typically neglected role of ethics in individual behavior; that is, individuals do not always behave as the selfish, rational, self-interested individuals portrayed in the standard neoclassical paradigm, but rather are often motivated by many other factors that have as their main foundati...

Seminal work within experimental economics has shown the remarkable tendency for experimental trading markets to converge to neoclassical predictions. Yet, the extent to which neoclassical competitive market theory explains the equilibrating forces operating in extra-lab markets remains under-researched. In this study, we depart from the traditional experimental investigation of neoclassical co...

In a recent article George Boyer and Robert Smith describe the development of the neoclassical tradition in labor economics. In this paper I reexamine this subject and provide an alternative account of the evolution of thought in the field. I argue Boyer and Smith incorrectly define both the institutional and neoclassical approaches to labor market analysis. The essence of institutional economi...