We analyze a financial collapse, such as the one which occurred during the Great Depression, from the perspective of a monetary model with multiple equilibria. The economy we consider contains financial fragility due to increasing returns to scale in the intermediation process. Intermediaries...

This essay examines how the entrepreneurial role has changed over time in the context of an evolving American economy since the Civil War. Because entrepreneurs do what the market has failed to do by itself, entrepreneurs and the market are complemetary to each other.

This paper introduces the entrepreneur-centered economy model by examining who it characterizes the nature of the firm, the nature of the market process, and the cause of economic development