In a general equilibrium product-cycle model, lower trade barriers increase Southern purchasing power, which lifts long-run growth by increasing the profit from innovation. In the short run, factors of production must be reallocated inside firms, which lowers the opportunity cost of innovation, generating an additional trapped factor effect. Starting from a baseline OECD growth rate of 2% we fi...

The notion of "opportunity cost" has been neglected in economics. reason is that any such measure cost invisible, unobservable, and untestable. Yet the so-called 'competitive ideal' neoclassical theory based on claims decreasing returns substitutional tradeoffs production, consumption social relations, therewith an exclusive focus scarcity Within this view, collusion suspect: it raises prices, ...

In recent work in political philosophy and normative economics, there has been a growing interest in using concepts of opportunity to evaluate economic and social arrangements. This new emphasis is a reaction against the previous orthodoxy of welfarism, which evaluates states of affairs in terms of the extent to which individuals’ preferences are satisfied. Opportunity-based approaches differ f...

We analyze the transmission of shocks through international bank lending, as is suggested in Kaminsky and Reinhart [6], by examining the bank’s international lending behavior. We develop a portfolio selection model, which explicitly includes the economic condition of the bank’s home county. This model is estimated using data from the banks of the six largest international creditor countries ove...

The study aimed at showing how to create and release cryptocurrency, based on which one can introduce a new generation of this money that can continue its life in the quantum computers space and study whether cryptocurrency could be controlled or the rules should be rewritten in line with new technology. Regarding this, we showed the evolution of money and its uses in economic relations. Accord...