Hak Choi: 56 books

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...

What is business cycle? It is economic forecast. Forecasting is fortune telling; it is superstition; it is not science. This book reveals the true face of several great economic forecast models.

This volume is part of Volume 40, and concentrates on the Training Theory. On-the-job training is a very positive issue, but how positive is training? Some argued that it can raise productivity. Then, there is the question of how to finance the training. Some tried to suppress wage of existing workers....

This book advocates two topics as foundation for economic analysis: Freedom and Mencius. The first is mostly elaborated by western philosophy, but Mencius, being an ancient Chinese scholar, had developed many thinkings that are more avant-garde than most modern theories.

Some companies recruit employees by first checking their certificate. People with better education will be more likely to be employed and will obtain higher wage rate. But what makes some have better education? Spence holds the view of lower schooling cost. However, such view does not fit the US case,...

The alphabet that has wasted so much time and energy of so many economists: q.

Does Economics have any demand and supply model? The question looks superfluous, and the answer should be definitely positive. E.g., there is one in the tax incidence theory, but in which market is such theory applicable? Is it applicable to international trade? No, for import and export are two different...