A positive causal relation from money supply to stock prices is frequently hypothesized by some financial media and financial analysts. The basis of this assertion is an assumed negative causal relation from money supply to interest rates, and a negative causal relation from interest rates to...

The real impact of advances in technology on global welfare is an unresolved issue. According to a recent Human Development Report, globalization based on technical advances in information technology has not had a positive impact on economies of developing countries. While advances in technology...