The principal aim of the current article is to discuss the relevance of the notion of precariat in the class structure proposed by Guy Standing. The article expects to fulfil its potential contribution to the existing literature through investigating problematic issues in the conceptualization of the precariat particularly referring to its designating role in the class struggle seen from the traditional Marxist standpoint. The study argues that contrary to the suggestions of Standing, it is highly discussable and at the same time misleading to identify precariat as a “new” class. Furthermore, such an identification attempt has the capability to create obstacles in the class struggle between capital holders and labour if this struggle foresees the radical change of the contemporary capitalist system not to deal solely with the undesirable outcomes of the increased neoliberal capitalism on the large working classes per se.

This study investigates the existence of income traps for 42 countries with different income levels. These income traps were investigated by employing the Augmented Dickey-Fuller, Zivot-Andrews with one break, and Lee-Strazicich with two breaks test procedures for the 1987-2019 period. The empirical findings reveal the existence of income traps at lower-middle, upper-middle, and lower-high-income levels. The study points out the possibility of a new income trap for countries that have just passed the income threshold that separates upper-middle and high-income countries.

The Austrian School of Economics, with its theories on the market and entrepreneurship, gave birth to Business Economics as a science. Undisputedly, Eugen Schmalenbach is the most important contributor to the establishment and development of the business economy. The concept of the dynamic balance sheet is one of the most important concepts that Schmalenbach brought to the field of business economics. In this study, Schmalenbach’s contributions to business economics and his dynamic balance sheet theory will be discussed within the framework of the principles of the Austrian School of Economics.

In recent years, the difference in the level of welfare between developed and developing countries has been widening. The convergence hypothesis states that low-income countries will converge to high-income countries over time due to declining productivity of capital and diffusion of technology. The aim of this study is to test the convergence hypothesis for the Turkish economy with the G7 countries and BRICS countries. Per capita GDP values of all countries were used in the study. As a method, Lee-Strazicih unit root test with two breaks was applied. As a result of the tests, no convergence was found between Turkey and the G7 countries. It has been determined that the convergence hypothesis is valid between Turkey and the BRICS countries.