We routinely trust organizations that convert belief, truth, health, power, or beauty into money. Nonetheless, we know almost nothing about the corresponding exchange rates. Based on a system theorist concept of functional differentiation and the Bourdieueconomic forms of capitals, the paper...

The paper presents a new method to solve DSGE models with a great number of heterogeneous agents. Using tools from systems and control theory, it is shown how to reduce the dimension of the state and the policy vector so that the reduced model approximates the original model with high precision....

Mit Jürgen Habermas' Postsäkularisierungsthese und Niklas Luhmanns gemäßigtem Postmodernismus werden in diesem Aufsatz zwei Sichtweisen einer über sich selbst hinauswachsenden Moderne dargestellt. Der gemeinsame Ursprung beider Theoreme wird in der systemtheoretischen Weiterentwicklung von...

This paper presents some new perspectives on the structure and performance of alternative economic organizations. We posit that decision makers make errors of judgement (for example, they sometimes select bad projects while rejecting good projects), and that how these errors are aggregated...

The purpose of this paper is to contribute to recent efforts to ground evolutionary theory in economics in the principles of Universal Darwinism. The paper will contrast two views of evolution, based on the Ultra-Darwinian and Naturalist theory of biological evolution, both of which are...

The doctrine of informed consent to health care treatment arose in the 20th century grounded in a model of health care delivery that featured the individual doctor and patient operating largely without systemic cost constraints. This dyadic vision of informed consent no longer fits the...