Choi: 197 books

Economists like to brag about their demand and supply theories. For example, they claim there is a law of supply, with a positive relation between price and quantity. But can they derive such a relation? Some think utility or indifference curve can derive one, but I discover that most of the time...

What is inflation? It means too much money, of course. Is that bad? Some don’t think so. Some even think a mild inflation is healthy. Some think that printing money can substitute taxation, so as not to reduce voting score. They think people are easily cheated, but is that true? Especially, by both...

IO stands for Industrial Organization, and covers anything concerning firm behaviors. This ostensibly massive area of research is nothing but the Imperfect Competition or Monopolistic Competition theory by Joan Robinson and Edward Chamberlin.The theory by Robinson and Chamberlin is about market structure,...

The concept and measure of GDP have always been subject to criticism, so what went wrong? This book reveals many conceptual deficiencies of GDP. To obtain correct measure, economists must revise their concepts. This book also recommends an alternative, hopefully correct, method of measuring income.

Labor should be the ultimate caring object of Economics. Whom else is Economics for? The main contents of Karl Marx’s capitalism were devoted to criticizing capitalists or factory owners for their negligence of workers’ welfare. When workers are well taken care of, bosses can earn more money....

This volume is part of Volume 40, and concentrates on the Search & Match Theory. In any country and at any time, there must be some unemployment (u), as well as some job vacancy (v). If there is a way to match them together, it will be welcome by both workers and employers. On a labor market graph,...

This book proves that central bank is not a bank, it does not earn any money, but fabricates only false account. Many people think central bank is almighty. They expect it to rescue the economy, earn money for its government and control inflation, etc. Actually, it is capable of nothing.

Bargaining is the theory of splitting of, say, $100 to two persons or more. Some suggest the simple 50/50 rule, some suggest splitting according to utility or marginal utility, some let the Almighty split, while some coordinate to split, etc. But none of the results satisfies the parties involved....

Dupuit advocates marginal utility for consumer’s surplus, as support for cost-benefit analysis, and for building a bridge. This book points out an important mistake by him and kills this concept. Of course, it also kills other marginal concepts simultaneously. Dupuit advocates marginal utility for...

Public choice is a very beautiful economics theory: it allows citizens to voluntarily share the cost of public goods construction. However, most economists smear only dirty methods to implement this theory. This book offers something completely different.

This book solves the bargaining, exchange, contract, labor-employer, bonus sharing, timing of payment, and contract breaching problems.This book solves the bargaining, exchange, contract, labor-employer, bonus sharing, timing of payment, and contract breaching problems.

This is part of Volume 29. What is business cycle? It is forecasting. Forecasting is fortune telling; it is superstition; it is not science. This volume reveals the incompetence of several forecasting models. While they cannot forecast, economists are capable of triggering real financial crises. This volume further tells how they have done that.

Is there a single rule to resolve all bargaining disputes? Some think Talmud offers one, but this book proves otherwise.

What is optimal? It means something maximum or minimum, but of what? Optimal tariff of course does not mean the maximum of tariff. It means the tariff rate corresponding to the maximum of some objective variable. What is the objective variable? Some use social welfare, some use tariff revenue. This volume considers both, but also rejects both.