The Internet as the most recent development in communication technology might dramatically reduce transaction costs and thereby lead to the emergence of a nearly perfect market. This would have drastic implications for labor markets and the social security system. In the first part of the paper,...

Electronic money seems to become a new form of means of payment, not only for the Internet. It therefore will compete with other means of payment as central bank money and credit cards. There is an extensive literature on the technical and security aspects of the several forms of electronic...