Milton Friedman, in his book Money Mischief, reported the well-known story of the monetary system of a small island in Micronesia. At the end of the 19th century, the inhabitants used stone wheels as a medium of exchange and as a store of wealth. The colonial government imposed "fees" on disobedient district chiefs by painting black crosses on these stone wheels, thus "confiscating" them. This induced the locals to change their ways and work harder, paving roads they were previously reluctant to pave, in order to have these marks erased and get their wealth back.
Günter Bischof ist aus der österreichischen zeitgeschichtlichen Forschungslandschaft nicht mehr wegzudenken. Als Leiter des Centers Austria und Marshall Plan-Professor an der Universität von New Orleans bekleidet er einen wichtigen Außenposten der österreichischen Wissenschaft und der österreichisch-amerikanischen Beziehungen. Als Historiker leistet er wesentliche Beiträge zur Aufarbeitung des breiten Feldes der österreichischen und europäischen transatlantischen Beziehungen, insbesondere der Nachkriegsjahre. Die anlässlich seines 60.
While much attention is now paid to personalities of incoming central bankers, far less attention is paid to debating central banks' mandates in light of the unusual fiscal and financial intermediary roles they have been fulfilling since 2008.
The crisis revealed institutional voids that the central banks filled quickly. Such ventures by central banks have been tolerated in the past too: there is nothing new about quantitative easing (QE). The Fed practiced it during the 1940-51 under the Treasury's explicit command, though the technique had no name then.
On a TV above the blue neon-lit bar in Rangoon’s Tamwe Township, the hapless-looking Arsenal manager Arsene Wenger grimaced, sputtering an indiscernible obscenity, his hands resting forlornly on his hips.
Last night’s fight between Manny Pacquiao and Brandon Rios interested me from a boxing perspective but its real intrigue was what it suggests might be possible for another man – Floyd Mayweather, Jr.
... This is nothing new – in fact, gambling, centuries ago in Europe, was in the same position that boxing is in today– subsidizing another non-profitable sector. In their outstanding book A World Of Chance: Betting On Religion, Games, Wall Street, Reuven Brenner, Gabrielle A. Brenner and Aaron Brown write:
What is the common ground between the economic successes of the Netherlands in the XVII-XVIII centuries, nineteenth century England, twentieth century U.S. and, more recently, countries such as South Korea, Singapore and Israel? Although the question could be answered from different angles, fundamentally it can be inferred: in their own time, these countries promoted economic systems where resources were efficiently channeled to the most competent entrepreneurs and endeavors.
As the English Premier League season starts, punters play the odds despite the country's ban on wagers - and millions are taking the risk.
In light of what is going on the Middle East, and the efforts of US Secretary of State John Kerry to restart negotiations to reach a ''two-state'' solution to the Israel-Palestinian conflict, it is worth briefly summarizing solutions I write about 30 years ago.
The efforts of the United States and Europe to bring about a "two-state" solution in the Middle East are incomprehensible.
-Article by Reuven Brenner
Read full article: Asia Times, September 5, 2013
In March 2011, the Federal Trade Commission (FTC) released The Evolving IP Marketplace: Aligning Patent Notice and Remedies with Competition, its antitrust policy review of the patent marketplace in which it unveiled the term “patent assertion entities” (PAEs) as a substitute for the derisive term “patent trolls.”
Głosować na prawicę, czy lewicę? To prawie bez znaczenia, gdy wyborcy szybko mogą rozliczyć polityków. Dobrobyt nie zależy od wyniku wyborów, ale od tego, czy funkcjonują mechanizmy egzekwowania odpowiedzialności rządzących przed obywatelami i czy ludzie z pomysłami mają dostęp do kapitału – uważa prof. Reuven Brenner.
Read full article (in Polish): Obserwatorfinansowy.pl, July 22, 2013