It is helpful at this point to consider the big picture, the underlying political economy of bank capital. In a laissez faire world with no central bank and no financial regulation, banks would sink or swim with no expectation of being bailed out by the state or its agencies if

I was privileged to meet Milton Friedman when I was a student in Japan in 1969. The lecture that he gave that August afternoon in the Nihon Keizai Shimbun Hall in Tokyo on “Monetary versus Fiscal Policy” had a profound impact on my thinking.

For those who have been Rip Van Winkling it for the last little while Ross Ulbricht set up Silk Road, which was an electronic market for buying and selling illegal drugs.

Evolution of technology is a stepwise advancement of a complex system of artifact, driven by interactions with sub-systems and other technological systems, considering technical choices, technical requirements and science advances, which generate new and/or...

New Institutional Economics is a field of economics which expands the neoclassical concept. Its main representatives are Ronald Coase and Oliver Williamson. In 1937 Ronald Coase describes the firm as a result of relationships which arise when the role of the market is undertaken by the manager-entrepreneur.