Economics and ethics both offer important perspectives on our society, but they do so from two different viewpoints … - the central focus of economics is how the price system in our economy values resources; the central focus of ethics is the … in a direction that complements human labor. Additional areas of conflict arise when AI systems optimize narrow market …

market failures and correct them. It is taken for granted that we may rely on a well-intentioned government to use its …-benefits theories count on self-interest- ed parties to spot market failures and correct them by opening more markets. In financial …

It is difficult for private agents to produce money that circulates at par with no questions asked. We study two cases … of privately-produced money: pre-Civil War U.S. private banknotes and modern stablecoins. Private monies are introduced … more money-like, but they do not always achieve a positive convenience yield. Technology advances and reputation formation …

equation, derived elsewhere from aversion of the partial information-localized market models, relates price dispersion to the … annual wholesale price indexes for the period 1948-76. The data on money shocks are the unanticipated money growth series … results are negative. They reject the hypothesis that unexpected money shocks, as measured by Barro, affect price dispersion …

of Lucas' (1973) and Barro's (1976) partial information-localized market models. In this extension, different excess … magnitude of the unperceived money growth. The testing of this hypothesis requires two preliminary steps. First, a price … unperceived money growth. This estimation implies the postulation of an available information set and also a function relating the …

We formulate a generalization of the traditional medium-of-exchange function of money in contexts where there is … that the option to settle transactions directly with money strengthens the stance of sellers of goods and services vis … "latent money demand" considerations imply monetary policy remains effective through medium-of-exchange channels even if the …