In this paper we study the introduction of new assets which are oftenly observed to be defined in expected values rather than state by state, called the Arrow-Lind-Malinvaud (ALM) assets. We demonstrate that individual default emerges naturally in an economy where such ALM assets are introduced...

Creating new jobs is critical in an election year. If people vote with their pockets, then the job issue will decide the fate of the coming presidential election. In a jobless recovery, employment is a measure of economic prosperity, and the trump card that could decide the leadership of the...

We seek to explain the economic volatility of the last 6 years, in particular the rapid expansion and contraction of the knowledge sectors. Our hypothesis is that these sectors amplify the business cycle due to their increasing returns to scale, growing faster than others in an upswing and...