Consumer bankruptcy has been rising for three decades until 2005, when the Bankruptcy Abuse Prevention and Consumer Protection Act was enacted. According to the standard theory of bankruptcy, bankruptcy filing is caused by financial distress of consumers. The prediction of this theory is that...

The premise of this paper is that economic progress is made possible through discoveries, learning, and creation of skills or knowledge, rather than by accumulation of capital. It is argued that science is a systematic inquiry that is categorically different from pre-scientific stage of useful...