The paper presents the issue of international trade in art from system theory perspective, that is, viewed as a system functioning in an environment. In this approach, countries have been treated as components of system, with relationships of diverse character existing between them, e.g....

This paper illustrates how fluctuations in aggregate economic activity can result from many small, independent shocks to individual sectors. The effects of the small independent shocks fail to cancel in the aggregate due to the presence of two non-standard assumptions: local interaction between...

The financial crises since 2007 have inspired many suggestions for reform. In order to evaluate proposed changes to financial markets and their regulation, we need to agree on the goals and properties of the financial system which we are trying to create as much as come up with ideas for reform....