A number of commentators have argued that technological innovation is about to change the institutional structure of the retail payments system. Through the potential private issue of currency via new electronic payments systems – electronic money – individuals will create currencies based...

This paper is based on the traditional Austrian Theory of Capital which deals with expected values of future returns of investments over various periods of time. The longer the time period that elapses between the beginning of a production process and its end, the higher the (expected)...

This paper explores the conceptual links between Joseph Schumpeter’s theory of instability under capitalism and both theoretical and empirical research that has been done over the past fifteen years in nonlinear dynamics. Recent work related to chaos and bifurcation theory is shown to be...

The RVT predicts equilibrium prices in a world where investors ignore variance and only care about cumulative returns. Such prices determine intrinsic returns that satisfy the CAPM equation. This paper shows that assets that pay a constant (or constantly increasing) dividend but face each year...

The Relative Value Theory predicts equilibrium prices in a world in which time value of money is unique, and investors are risk-indifferent and only care about maximizing cumulative returns. This paper shows that RVT’s equilibrium prices determine intrinsic expected returns that satisfy the...

This paper examines the concepts of trust and trustworthiness in the context of a one-sided variation of the prisoner's dilemma, and it evaluates four different categories of solutions to the PD problem: changing player preferences, enforcing explicit contracts, establishing implicit contracts,...