Economy

This article examines major problems in one of the fundamental constructs of Marx's theory of capitalist economics. The shortcomings of the labor theory of value are pointed out in Marx's Capital to show how this leads to the collapse of "capitalist exploitation" as a thesis. The subjective theory of value in ...

Fears of a financial crisis in China have come to the fore again after, shortly before the end of 2013, 7-day interbank interest rates jumped to levels above 10% for the second time in the last 6 months. In response, the central bank intervened, injecting around …

Investors, libertarians and computer enthusiasts have a new topic to discuss and it is Bitcoin. The popularity of the online currency is growing in direct proportion to its price, which has quadrupled in two months. It is difficult to remain indifferent to what is happening, and that is why some, with undisguised optimism, see Bitcoin as the money of …

“Corruption is the abuse of entrusted power for private gain.” Transparency International Corruption is a problem. Although it seems quite logical, this statement raises controversy among economists, since it is difficult to determine exactly in what form corruption manifests itself and by what mechanism it affects economic activity. …

And is it necessary to think that we are living better until a point when we will have to pay the price for it?! Looking back at economic history, the problem is not in the answer to the question itself, but in how it will be read and what lesson it will leave, because, as a general …

The 24th anniversary of the fall of the Berlin Wall (November 2013) gives us a good reason to look back at the economic and philosophical foundations of Marxism; of the “scientific” communism that was supposed to lead humanity to the inevitable final stage of history and the end of the dialectical clash between classes. We all know what this experiment led to…

As Ben Bernanke's term as Federal Reserve Chairman nears its end, the question of what the central bank's future policy will be is becoming increasingly pressing. Will Janet Yellen, President Obama's nominee to replace Bernanke, continue the Fed's current loose monetary policy, or can we expect a gradual withdrawal...

Very soon we can expect green energy producers to join the wave of protests against the government. Earlier this week, the parliament's budget committee proposed that revenues from the sale of energy from renewable energy sources (RES) be taxed at a 20% fee. The idea of the fee is included in the draft …

Electricity and gas prices in the UK are expected to rise by 8-9% over the winter season. From the apocalyptic picture that the British media is trying to paint, one might be left with the impression that we are talking about some developing country whose energy supplies are monopolized by Russia. Let's see...

There is no topic that has generated as much controversy in economics as the "rationality" of economic agents. Critics of "homo- oeconomicus" deny both its existence and the ability of economics to explain real processes and phenomena. This is the so-called "bad input/bad output" problem, i.e. when you build a structure based on wrong assumptions, the results made ...