Many theorists have deliberated whether time plays a significant role in the growth of an economy. The dominant part of economic literature, the theory of neoclassical economics, has borrowed from thermodynamics the opinion that the economy is an ergodic system and economics is a science like...

This paper explores the problem of an agent who invests in financial assets, works and/or accumulates human capital, and retires at the end of time horizon. His/her initial endowments consist of an amount of liquid assets (maybe because of inheritance) and a number of units of human...

For several decades the New Classical School New Classical School (NCS) has mainly dictated the economic policies of the western world and has led to a dramatic increase of the GDP of these countries. However recent studies have shown that beyond a certain level of GDP the happiness of a...

Following the financial crisis of 2007, central banks have been pouring trillions of dollars to the commercial banks, even though the recent economic conditions are not similar to the ones of 2007. Then, there was a serious shortage of liquidity, banks were at the risk of bankruptcy, and the...

The advantages and the shortcomings of the financial sector for the real economy are well known. In two previous articles we have elaborated, from a theoretical point, our views on the New Classical School (NCS) which espouses the functions of this sector in modern capitalist economies, and is...