The most likely outcome of the strategy of voucher privatization with investment funds may be a two-sided grab fest by fund managers and enterprise managers-along with drift, stagnation, and decapitalization of the privatized industrial sector.Common wisdom among post-socialist reformers has...

The highly mathematical nature of the Arrow-Debreu and other similar models of general equilibrium hide rather than elucidate the nature of equilibrium in a private property market economy where all factors of production may be purchased or rented. It is an empirical commonplace that the...

This paper is a case study of what is recognized as one of the more successful projects in any country in the Europe and Central Asia region, not to mention in the poorest country of the region - Moldova. The ARIA project shows new ways to attack some of the most intractable problems of private...

Since its formal definition over sixty years ago, category theory has been increasingly recognized as having a foundational role in mathematics. It provides the conceptual lens to isolate and characterize the structures with importance and universality in mathematics. The notion of an adjunction...

Partitions on a set are dual to subsets of a set in the sense of the category-theoretic duality of epimorphisms and monomorphisms. Modern categorical logic as well as the Kripke models of intuitionistic logic suggest that the interpretation of classical quot;propositionalquot; logic might be the...

It has long been noticed that the basic functions in the mathematics of real estate appraisal and in financial arithmetic come in pairs where one function is the reciprocal of the other. For instance, the quot;payments to amortize a principal of onequot; is the reciprocal of the quot;principal...

Liberal - contractarian philosophies of justice see the unjust systems of slavery and autocracy in the past as being based on coercion - whereas the social order in the modern democratic market societies is based on consent and contract. However, the 'best' case for slavery and autocracy in the...

The notion of goodwill is controversial for good reason. The usual treatment of goodwill as a present property right, e.g., in the accounting treatment of purchased goodwill as an asset, is based on a rather fundamental confusion between a present property right and an anticipated future right....

This paper shows that implicit assumptions about the numeraire good in the Kaldor–Hicks efficiency–equity analysis involve a “same-yardstick” fallacy (a fallacy pointed out by Paul Samuelson in another context). These results have negative implications for cost-benefit analysis, the...