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Previously, in underdeveloped countries, people tried to keep the prices of food products artificially low, in order to help the poor to buy their food. But it became soon clear that such system, although helpful for the city poor, was…
The accelerating digitization of economic activity has made information a dominant driver of market expectations, coordination, and systemic risk. Yet contemporary monetary systems remain anchored in architectures designed for material…
Designed to compete with fiat currencies, bitcoin proposes it is a crypto-currency alternative. Bitcoin makes a number of false claims, including: solving the double-spending problem is a good thing; bitcoin can be a reserve currency for…
The idea that the universe might be open is an old one, and the possibility of having an open universe arise form inflation is not new either. However, a concrete realization of a consistent single-bubble open inflation model is known only…
This paper introduces a general continuous form of poverty index that encompasses most of the existing formulas in the literature. We then propose a consistent estimator for this index in case the poverty line is a functional of the…
Opportunities, such as access to education or family background, shape income inequality by influencing the chances of economic success. Unequal opportunities create uncertainty about whether success is merit- or luck-based. We examine how…
The purpose of this paper is to review the concept of cryptocurrencies in our economy. First, Bitcoin and alternative cryptocurrencies' histories are analyzed. We then study the implementation of Bitcoin in the airline and real estate…
We analyze the decisive role played by the complexity of economic systems at the onset of the industrialization process of countries over the past 50 years. Our analysis of the input growth dynamics, based on a recently introduced measure…
Much has been written about the likely impact of blockchain technology. Early scholarship on this topic has focused on the legal and financial implications of virtual currencies which is based on blockchain technology. Rapid introduction…
Bitcoin represents one of the most interesting technological breakthroughs and socio-economic experiments of the last decades. In this paper, we examine the role of speculative bubbles in the process of Bitcoin's technological adoption by…
I have analyzed the practicality of the Evans Rule in the state based forward guidance and possible ways to reform it. I examined the biases, measurement errors, and other limitations extant in the unemployment and the inflation rate in the…
Those best-positioned to profit from the proliferation of artificial intelligence (AI) systems are those with the most economic power. Extant global inequality has motivated Western institutions to involve more diverse groups in the…
I show that the Zero Lower Bound (ZLB) on interest rates can be used to identify the causal effects of monetary policy. Identification depends on the extent to which the ZLB limits the efficacy of monetary policy. I propose a simple way to…
This study examines the lack of redistributive effectiveness of consumption-based tax systems with respect to social fairness. Through numerical simulations, we explore the wealth exchanges among economic agents subject to flat consumption…
Income inequality has been an important social issue that has attracted widespread attention. Taking the Zero Hunger Program in Brazil as a case study, this study analyzes the impact of policy changes on the income distribution of the…
In this paper, we analyze the long-term distributive impact of climate change through rising food prices. We use a standard incomplete markets model and account for non-linear Engel curves for food consumption. For the calibration of our…
The rise of Artificial General Intelligence (AGI) marks an existential rupture in economic and political order, dissolving the historic boundaries between labor and capital. Unlike past technological advancements, AGI is both a worker and…
Artificial intelligence (AI), which enables machines to learn to perform a task by training on diverse datasets, is one of the most revolutionary developments in scientific history. Although AI and especially deep learning is relatively…
We introduce the Economic Productivity of Energy (EPE), GDP generated per unit of energy consumed, as a quantitative lens to assess the sustainability of the Artificial Intelligence (AI) revolution. Historical evidence shows that the first…
Two sets of high quality income data are analysed in detail, one set from the UK, one from the USA. It is firstly demonstrated that both a log-normal distribution and a Boltzmann distribution can give very accurate fits to both these data…