This paper suggests that personal trust is best understood is a discursively constructed social relation that arises when interaction between people is governed by the norm of reciprocity (according to which one good turn deserves another and that people should treat others as they themselves...

This book review of MIT Economists Osterman, Kochan, Locke and Piore's Working in America: A Blueprint for the New Labor Market considers the inadequacies of current workplace structures and the challenges facing regulators of the new economy. The review explores the implications of Blueprint to...

In this paper, we review the concept of risk, its evolution in history and the big changes we experienced in the last 50 years. We conclude that peak risks are growing and the need for risk management is becoming a societal demand. Two phenomena are identified to render risks more complex,...

Bruce Yandle is one of the most influential economists of his generation, especially in the fields of environmental economics and public choice economics. But Yandle is also one of the most gifted communicators of economics and economic principles of his generation. This chapter, written for a...

We develop a behavioral theory of real options that relaxes the informational and behavioral assumptions underlying applications of financial options theory to real assets. To do so, we augment real option theory's focus on uncertain future asset values (prospective uncertainty) with feedback...

Physicists have pursued the Theory of Everything (TOE) for centuries. Not much credible progress has been made towards the final theory so far. By extending the computability theory in mathematics, this paper proves a fundamental theorem of theoretical physics, which implies 21 structural...

Humans act based on the ideas they adopt and apply to circumstance with the intensity of action derived from the associated emotions. It follows that in any society the presentation of the ideas to citizens a major driver of citizen opinion and hence a major driver of social development. After...

Business law deals with the creation of new businesses and the issues that arise as existing businesses interact with the public, other companies, and the government. This area of the law draws on a variety of legal disciplines, including tax law, intellectual property, real estate, sales,...

The aim of my paper is to show that a consistent economic analysis brought to its logical conclusions should destroy any theory of property rights, and as such it is inconsistent with its own premises, and especially with the ideological presuppositions of quite all of its followers. The...

Under information asymmetry, lemons tend to be overpriced. Yet, how much overpricing premium the lemons can command is contingent on the underlying legal institutions. A set of transaction data from Hong Kong's housing market reveals that durable lemons are overpriced by 6.7% and 9.9% under the...