Be it ‘excess reserves' that deposit money part of all entities at the central bank not used to satisfy statutory reserve requirements, plus all disposable cash held by the same institutions and not used to satisfy statutory reserve requirements either. Would this be rather common place,...

The establishment of a central bank occurred at very different moments in the process of economic integration in the United States and the European Union. In this paper, we go into the first years of the Federal Reserve System through the lens of Paul van Zeeland's PhD dissertation. Paul van...

A disparity exists between mainstream perception and reality with regard to American economic history. There is widespread belief among the public, media, and even some scholars that the U.S. amassed its wealth and prosperity from the adoption of exclusively free-market principles from the onset...

The development of marginalist, or neoclassical, economics led to a fifty-year long crisis in competition theory. Given an industrial structure with sufficient fixed costs, competition always became quot;ruinous,quot; forcing firms to cut prices to marginal cost without sufficient revenue...

This paper conducts comprehensive analyses to estimate the overall reparation for 246 years of slavery with over 9.79 million slaves and over 410,403 million labor hours of slavery. We separated the overall reparation between the United States and the United Kingdom since the origin of slavery...

This article considers how economic research and rationale have changed the interpretation and implementation of US antitrust laws. Section 1 considers the two opposing ideologies that contributed to the development and implementation of US antitrust laws viz. INTENTIONAL and EVOLUTIONARY...

Commons sketches an institutionalist theory of property based on debt, that is a potential of expected income, and the vector of which is the monetary system. His monetary theory of the credit cycle inspires from Wicksell and Fisher’s debt-deflation theory, rather than from Fisher’s quantity...

This examines the various field observational methods utilized in the area of labor economics in the United States from the early 1900s through to the 1930s. Labor relations, at that time, was an area of critical practical importance as well as an area in which existing economic theory provided...

Some scholars have argued that the Framers of the U.S. Constitution did not have a common set of views on economics, or that the Constitution, except perhaps in isolated clauses, does not reflect any specific economic views. The principal Framers did, in fact, share a basic set of economic...