The publication of the Black-Scholes formula in 1973 appeared for the first time to put the pricing of financial options onto a rational and objective basis. While earlier option-pricing models relied on a subjective estimate of the stock’s uncertain future growth rate, the Black-Scholes model...

The Evolution of Money illuminates money's elastic nature, focusing on the tension between currency's real and abstract properties and advancing a vital theory of money. From ancient Mesopotamia to the digital era, The Evolution of Money helps us visualize and strategize money's next,...