A hot issue in trade negotiations concerns the existence of stateowned firms and state subsidies. Disputes between the US and the EU and the issue of the recognition of the status of a market economy to China are often the epitome of that. In Germany the giant Volkswagen is state controlled, in...

Is money going to be replaced by an information processor similar/ to the Walrasian auctioneer? At the heart of the question there is the role of money in transactions. Niehans (1971) stated that money emerges as the good with the lowest transaction cost out of a barter economy and its...