This paper addresses the discussion between economic power and the power of politics with particular focus on financial markets. After general reflections about the economic basis of power, the paper discusses in a general equilibrium framework how financial innovations can lead to risk creation...

Although the phenomenon of refugee flows is not devoid of economic connotations, it has so far been investigated primarily by political scientists and sociologists. The analytical tools of economic inquiry have not yet been applied to this subject, although it stands to reason that such a study...

In this paper we propose a novel way to model the labor market in the context of a New-Keynesian general equilibrium model, incorporating labor market frictions in the form of hiring and firing costs. We show that such a model is able to replicate many important stylized facts of the business...

When policymakers and private agents use models, the economists who design the model have an incentive to alter it in order to influence outcomes in a fashion consistent with their own preferences. I discuss some consequences of the existence of such ideological bias. In particular, I analyze...

The paper discusses the subject matter and approach of business ethics, and reflects on the roles of philosophy and economics in this field. I argue that, although established economics and ethics seem to be obvious reference points for business ethics, the methods of business ethics cannot just...

The mechanism for correcting the innovation institutions in Russia and Ukraine, which follows from the game model, is proposed. History of origins of innovation institutions in Russia and Ukraine is described. The necessary conditions for the innovator and the company are obtained. The markers...

During the 20th century, Marxism and non-egalitarian or classical liberalism debated the properties of economic reasoning, that is, the way economic institutions value multiple ends. This debate produced an implicit consensus between market socialists and non-egalitarian liberals about...

It is the nature of powerful ideas that they can summarize a ground-breaking concept in a plain and simple message. In this sense, the concept of sustainability is a very powerful idea. However, although the sustainability debate has already brought about considerable conceptual progress, a...

This article examines how the Supreme Court and appellate courts have taken into account developments in natural science and economics in evaluating Commerce Clause challenges to environmental laws, and applies this examination to the context of wetlands regulation. I present a descriptive...