Inframarginal Economics

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This research monograph provides systematic and comprehensive materials for applying inframarginal analysis to study a wide range of economic phenomena. The analysis is based on a new overarching framework to resurrect the classical notion of division of labor and specialization, which is an essential source of increasing a nation's wealth. The framework absorbs many classical and neo-classical insights in a general equilibrium analysis and explains many micro- and macro-phenomena. Many areas of the discipline that have been customarily treated as separate branches can now be analyzed systematically within this integrated framework. These include, for example, micro-economics, macro-economics, development economics, international economics, urban economics, growth theory, industrial organization, applications of game theory in economics, economics of property rights, economics of transaction costs, economics of institutions and contract, economics of organization, economics of states, managerial economics, theory of hierarchy, new theory of the firm, theory of money, theory of insurance, theory of network and reliability.