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...

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....

Introduction -- Contract: The Case Against the Human Rental Contract Based on Inalienability -- Property: The Case Against the Human Rental System Based on Private Property Rights -- Governance: The Case Against the Employment System Based on Democratic Theory -- Summary and Conclusions.

The premise of this paper is that state aid to distressed companies should benefit not only the current owners but also the employees, who are the ones taking personal risks to continue or restart companies. Government aid during the Great Recession was aimed primarily at restoring the status...

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...

Evolutionary economics often focuses on the comparison between economic competition and the process of natural selection to select the fitter members of a given population. But that neglects the other “half” of an evolutionary process, the mechanism for the generation of new possibilities...

Gradual, not shock, therapy is the right route to development in transition countries, argues the author. We have two natural experiments to learn from.