Constructing a model of structural change with household production, this paper finds two equilibrium paths: one path leads to a low-income steady state and the other to a high-income steady state. This paper shows that as long as the relative marginal productivity of manufactured goods in...

Taking the approach of the superfirm, we characterize government organization through six different features. First, citizens are viewed as sovereign owners of a superfirm; elected officials are employees of the sovereign citizens. Second, in analogy to the economic principle of the division of...

Constructing a model of structural change with household production, this paper finds two equilibrium paths: one path leads to a low-income steady state and the other to a high-income steady state. This paper shows that as long as the relative marginal productivity of manufactured goods in...

This essay envisions a prism-like discovery of an asset's price spectrum. The discovery procedure matches, at a point in time, investors' shared value assessments as the constituent prices of the asset price spectrum. In this perspective, traditional price discovery allowing only a single asset...

The traditional trading procedure as currently adopted in centralized financial exchanges sets, at a point in time, the most competitive price as the single transaction price of all units of an asset consummated in trading. The trading procedure for the discovery of asset price risks introduced...