Choi: 197 books

What is bargaining? What is game theory? These two topics were initiated by John Nash. But did he solve the the bargaining problem? Did he love playing games? This book will give you three surprising answers. His distribution solution is unfair, and does not reach the vertex of social welfare. His way of playing game or war is not only self-defeating, but also laughable.

Unlike other economists, David Ricardo has produced some innovative theories. His most famous theory is the use of comparative advantage to explain international trade; his rent theory is also widely applied, but his most influential theory must be his explanation to the “diamond-water paradox”....

What is crime? Many people, without knowing what crime is, start to tackle crime. But how to tackle crime? The existing way is to punish the offenders, but such method is merely emotional. This book proves that punishment has only insignificant impact, but it does not eradicate crime, more than that...

What is marketing? According to McCarthy, it is about 4P. This book proves that only 3P’s are effective. The first P is price, but most scholars recommend only price reduction. This paper proves that sometimes price increase is the right move. The second P is place. This book is the...

This book advocates domestic free trade, because many countries do not have it. This book describes how a country first resists foreign free trade, then resists domestic free trade. This book proves that the absence of domestic free trade is more disastrous than the absence of foreign free trade.

What is capital? Some say it is machine or factory, some say it is money. When general laymen cannot say it clearly, they can be forgiven. But when economists cannot explain it clearly, they are too sloppy and irresponsible. That is how Joan Robinson blamed them in 1953. Solow (1955), having read...

The year I was born, a woman economist waged a war: What is Capital? Economists until now are still fighting over her or it. Instead of clarifying, economists are still trying to mystify capital, investment, capital price, monetary capital, and capitalism etc., so that they can continue to do their sloppy research. Will this book be any different?

What is MM theorem? It is an important theory in financial management. It encourages borrowing, for 1. borrowing does not affect the value of a firm; 2. borrowing raises yield; 3. borrowing lowers cost of capital; 4. borrowing is tax-deductible. With so many advantages, why not borrow? Unfortunately,...

Any government must rely on taxation to finance its expenses or its squandering. Being the biggest monopoly, a government has total discretion on how to collect tax, without any need for justification. However, as government’s think tank, economists should offer some advice so as to make the collection...

When too much water is poured through a funnel, some will spill over. When too many cars pour on to the road, there will be congestion. Economists recommend charging toll to solve congestion. Can toll also prevent the spillover of water? If road users are willing to pay toll because of congestion,...

What is interest rate? Irving Fisher said it is impatience, but his implication of constant consumption means no growth. Martin Feldstein said it is profit rate, but unlike interest rate, profit rate has no guarantee. Böhm-Bawerk said it is the cost of producing capital, but if so, does buying machine...

Utility seems capable of reflecting our psychology: when you lose an apple, you want an orange for compensation. This relation looks like a negative line. Furthermore, too many apples or oranges disgust you. Such phenomenon is called diminishing marginal utility, and turns the straight line into a...

Up till now, Economics is written in p-q 2 dimensions. This book includes the space variable and makes Economics 3-dimensional. It then overhauls all economic theories, especially the competition theories: monopoly demand is more elastic, colluded duopoly covers the whole market; kinked demand is...

First proposed by Edgeworth in 1894, offer curve describes the relation between two products, like the export and import of a country, so it should be the best tool to explain international trade. But economists disagree on how it looks like. Some claim it should have positive relation, some like...