This paper develops a mechanism that links the combined monetary and financial role of intermediaries to the division of labor and endogenous growth. The model builds on an augmented Ramsey Cass Koopmans (RCK) model of optimal growth. First, by relaxing the assumption that each agent buys and...

Chapter 1: Why Finance Matters for Economics: The Story of Financing the Railroad -- Chapter 2: The Story of the Original Boom and Bust in Western Finance: The Mississippi Bubble -- Chapter 3: Price Determination in a Multi Sector Global Economy -- Chapter 4: Credit Allocation and the Role of...

Effective decision making requires understanding of the underlying principles of financial markets and economics. Intellectually, economics and financial markets are genetically intertwined although when it comes to popular commentary they are treated separately. In fact, academic economic...