This paper presents a possible solution to financial crises by addressing the core of the problem of systemic risk. To get there, it first illustrates a number of crises related situations before the definition of systemic risk is detailed. It then explains challenges of systemic risk and...

The article introduces a new model of multiple-entity accounting system that evolved from triple-entry bookkeeping idea developed by Ijiri Y., the contract model of the firm proposed by Sunder S., and studies of money theory by Dobija M. The multiple-entity accounting model, by contrast to the...

After experiencing spectacular economic growth and industrial development for much of the postwar era, Japan plunged abruptly into recession in the early 1990s and since then has suffered a prolonged period of economic stagnation, from which it is only now emerging. Japan's malaise, marked by...

There are problems in the measures of the size of the public sector both from the perspective of welfare state policies, monetary policy and the analysis of the economic role of public sector in general. In practice there are several different measures (e.g. total tax rate, total government...

In “A Critical Look at the Economic Argument for Taxing Only Labor Income,” I challenge the tax substitution argument, which according to accepted wisdom fairly establishes that it is best to tax only labor earnings. A portion of Critical Look is directed at Professors Bankman and Weisbach's...

According to accepted wisdom, quot;the tax substitution argumentquot; fairly establishes that it is best to tax only labor income, and not also income from savings and investment. In this Article, I show that the tax substitution argument - which is actually a disjointed collection of arguments...

The dominant view in tax law and policy is that achieving the optimal balance of revenue, efficiency, and equity generally requires basing taxes and transfers solely on income from labor and not also on other potentially taxable attributes such as income from capital. The optimality of...

Rising federal debt threatens to reduce the growth of the economy, people’s living standards, wages, and the standard of living. A policy solution needs to respect many constraints, most importantly, that it is seen as fair — both within generations and across generations. This article...

There is great fragility in the maintenance of civil discourse. History tells us that it can, and will, fracture, counseling vigilance in its defense. And, that commitment requires revisiting from time to time valuable insights from great minds of the past who have pondered why civil discourse...