Econometric policy evaluation: A critique

Poverty and Famines: An Essay on Entitlement and Deprivation

The Theory of Monopolistic Competition.

Utility Analysis and the Consumption Function: An Interpretation of Cross-Section Data

Business Cycles: A Theoretical, Historical, and Statistical Analysis of the Capitalist Process.

This paper disproves Ricardian equivalence, and shows that governments bonds are bad investment. The situation in Europe verifies the accusation made by this paper.

https://papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID2235600_code1042515.pdf?abstractid=2235600&mirid=5

Are Government Bonds Net Wealth? No

This paper shows that the mathematics of the neoclassical theory of the firm is inconsistent, that constant returns-to-scale is a linear algebra misspecification, that minimum average cost is not an efficiency measure, and that the short run marginal cost curve is not a supply curve. A consistent model is developed that emphasizes upgrade of efficiency, rather than mere efficiency. Higher efficiency leads to huge profit of a perfectly competitive firm. Another consistent model for monopoly is also developed which shows that a monopoly operates only on the demand curve, and any regulation must end up with lower welfare.

The Profitable Theory of the Firm

Ramsey gets up one day early, pretends to be very busy the whole day, then goes to sleep. However, he accomplishes nothing. The integration of some differentiated results must take one back to the original function. Tautology always looks correct, but futile. The continuous preaching of false saving theory is corrupting youths' minds.

Ramsey's Differentiating-Integrating Saving Theory

This paper proves the existence of consumer’s and producer’s surplus, and their aggregate counterparts, without betting on some favorable price changes. Such surplus is the excess value over opportunity cost. Instead of hoping for favorable price change, a more positive attitude to obtain increased surplus is to work harder to make production more efficient. This paper also illustrates how demand and supply can take some unconventional shape.

The Profitable Theory of Consumers’ and Producers’ Surplus: Positive Demand, Negative Supply?

This paper solves the century old puzzle about interest rate with Adam Smith’s “Of Stock Lent at Interest”. Interest rate is resulted from the interactions between the borrowers and lenders. It is a function of the default rate of lending and the capital’s cost, but it also depends on borrowers’ ability to make profit. This paper also explores the effectiveness of monetary policy, and the true meaning of usury and saving.

Hak Choi

Papers

Are Government Bonds Net Wealth? No

The Profitable Theory of the Firm

Ramsey's Differentiating-Integrating Saving Theory

The Profitable Theory of Consumers’ and Producers’ Surplus: Positive Demand, Negative Supply?

Rediscovering Adam Smith’s Theory of Interest