Hak Choi: 56 books

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.

Marginalism advocates using mathematics to tackle economic problems. This book points out that marginalist mathematics is incomplete, and thus leads to various suspicious, paradoxical, and wrong theories. For example, it claims that raising marginal productivity increases profit, that marginal cost...

IPO is the dream of many entrepreneurs, for that way they can cash in their effort, or obtain more money to run or expand their business. Seeing the listed price jumps higher, some stockholders feel happy for the increased wealth. The fact is, their wealth has been eroded. This volume shows how company management scams money with IPO.

What is Economic Growth? GDP growth? But when there is no consumption, what is the purpose of growth. Optimal consumption? But when all resources are consumed, what else is left for growth? What is Economic Development? Birth control, industrialization, or capital deepening? Is Economic Development...

Papers on general equilibrium (GE), e.g., those by Arrow & Debreu (A&D), look formidable. After you have read them, you felt lost. They talked and talked, but you did not know what they were talking about, for there was nothing concrete. After they have defined many axioms, they jumped to...