Economics

The present essay aims to account for F.A. Hayek's oft-noted 'turn' away from technical economics to concerns of a more philosophical nature. In particular, the paper seeks an explanatory principle that reconciles various elements of both continuity and discontinuity in Hayek's intellectual development, especially with respect to the evolution of his arguments concerning economic fluctuations. The essay uncovers such an explanatory principle in Hayek's own methodology of sciences of complex phenomena. According to this principle, an inquirer who confronts phenomena too (...) complex for adequate explanation on the basis of current knowledge must move to a more general, albeit less testable, explanation. This is precisely what occurred in the evolution of Hayek's thought concerning trade cycles. The concluding section considers the implications of the argument for the extensive secondary literature on Hayek's 'transformation'. (shrink)

The WTO Dispute Settlement System (DSS) has been the object of many studies in politics, law, and economics focusing on institutional design problems. This paper contributes to such studies by accounting for the argumentative nature and sophisticated features of the DSS through a philosophical analysis of the procedures through which it is articulated. Jürgen Habermas's discourse theory is used as a hermeneutic device to disentangle the types of ‘orientations’ (compromise, consensus, and mutual understanding) pertaining to DSS procedures. We show that (...) these latter are oriented primarily to put the parties in a position to reach mutual understanding. Such an orientation is no mere idiosyncrasy of the DSS but is the only one consistently conducive to the WTO's general aims, in response to the various types of disputes that may arise between its Members. Before closing, we bring our procedural considerations to bear on the reform proposals of the DSS. (shrink)

Self-governance under continuous operation has been studied under several rubrics — precommitment and self-binding, hyperbolic discounting and self-control, market-stability mechanisms, and the design of interruptible artificial agents — but the literature lacks a unified structural account of one specific architecture that recurs across all of these domains. I call this architecture the circuit-breaker: a pre-committed, condition-triggered, automatically activated, time-bounded pause that requires explicit action to resume. I argue that the circuit-breaker is a distinct self-governance form, not a special case of (...) rate-limiting, stop-loss, cooling-off, or suspension, and that its distinctness can be made precise through five structural features and three operational tests. The decisive feature is the last: passive resumption is structurally precluded, so that the default after the pause is not a return to operation but a required re-engagement event that forces fresh judgment to bear. I trace the architecture across financial-market halts, clinical-trial data-monitoring stopping rules, central-bank emergency facilities, AI kill-switches and capability bounds, and legislative emergency-brake provisions, and I draw a load-bearing distinction between circuit-breakers that operate on system state and those that operate on agent state. I catalogue three characteristic failure modes — premature re-engagement, threshold drift, and gather-context-mandate violation — and show that each is a failure of a specific structural feature rather than a generic lapse of will. I then argue that the circuit-breaker is a worked instance of distributed corrigibility (Arkema, From Static Oversight to Distributed Corrigibility) applied to an agent's governance of its own operation, and close with a methodological observation: an agent's pause-discipline is observable in its operational log, which makes operational self-governance a tractable empirical domain for computational political philosophy in a way that simulation outputs alone are not. (shrink)

the study of ants and insects com understand human behaviour and discourse, his politics and ways do keep alive some dreams that can come true.

Body and Soul, the infinite dualism of existenz.

This article critically evaluates Itzhak Gilboa, Andrew Postlewaite, Larry Samuelson, and David Schmeidler’s account of economic models. First, it gives a selective overview of their argument, highlighting its emphasis on similarity and their oversight of the role of idealizations in economics. Second, it proposes a sketch of an account of models as arguments and argumentative devices. This account not only sheds light on Gilboa et al.’s approach, including its shortcomings, but also identifies key challenges in model-based inference, suggesting a fresh (...) perspective on the uses of models in economics for diverse objectives. (shrink)

This paper proposes that the resurgence of geographic factors in the study of uneven development is not due simply to the recurrent nature of intellectual fashions, nor necessarily because arguments that rely on geographic factors are less simplistic than before, nor because they avoid racialist, imperialistic, and deterministic forms they sometimes took in the past. Rather, this paper argues that geographic factors have been turned to once again because they are an indispensable part of explanation, playing a special role that (...) has not been properly understood, a role especially crucial for the explanation of the inherently spatial questions that development studies seek to address. The paper is made up of two sections and an appendix. The first section discusses why geographic factors are necessary for explanations of uneven development with a brief example from the ‘institutions versus geography’ debate. The second section discusses why the reflexive rejection by social scientists of geographic and environmental factors is misguided, with a separate note on geography and geographers. The ideas in this paper were in part arrived at inductively while surveying instances where social scientists in some way attempt to account for real-world locations/distributions of social phenomena (as opposed to discussing a social theory or process aspatially or with its distribution taken as a starting point). A number of these are included with discussion as an appendix. (shrink)

The richer you are, the less equally rich or richer people. The richest is only one (=unique). Maximization of richness or leisure (=classic utility), maximizes the uniqueness (=improbability) that can be maximized also by: extreme sport, suicide, tattoo, count of views... The richest seem unique as the poorest, but the rich can easily become poor, while the poor can hardly get rich. So the aim of maximization reflects IQ and options. Few options increase irrationality, regardless of IQ. I also present (...) the law of values' equality, Utility of Suicide, motivation to support the better, and overview the economics as such. Presented as PhD thesis at CERGE-EI, 2000, exhibited in Holland Park, W8 6LU, 2013, presented at conferences in Santorini 2016, Daejon 2016, Adelaide 2016. (shrink)

To support my Phd theses and results of my grant research in 1999, I asked 1) prominent chemist Antonín Holý, author of substances to treat hepatitis and HIV, about the indivisibility of the art and science (published in Slovak Narodna Obroda and Czech blisty,cz), 2) the distinguished economist William Baumol about the alternative activities (published in Slovak Nove Slovo, Czech Respekt and blisty.cz), 3) Nobel Laureate Clive Granger about the significance of the economics (published in 2004 in Czech weekly Tyden). (...) The interviews were exhibited in Holland Park, W8 6LU, The Ice House between 18. Oct - 3. Nov. 2013. (shrink)

A principal wants to deploy an artificial intelligence (AI) system to perform some task. But the AI may be misaligned and pursue a conflicting objective. The principal cannot restrict its options or deliver punishments. Instead, the principal can (i) simulate the task in a testing environment and (ii) impose imperfect recall on the AI, obscuring whether the task being performed is real or part of a test. By committing to a testing mechanism, the principal can screen the misaligned AI during (...) testing and discipline its behaviour in deployment. Increasing the number of tests allows the principal to screen or discipline arbitrarily well. The screening effect is preserved even if the principal cannot commit or if the agent observes information partially revealing the nature of the task. Without commitment, imperfect recall is necessary for testing to be helpful. (shrink)

Based on the theoretical framework of "Measure Residual Calculus" (MRC), this report conducts a deep pathological audit of the Nasdaq market’s fragility in April 2026. The study finds that while hedge fund leverage has recently retreated from its extreme peak of 312.5%, a systemic factor decoupling triggered by "short squeezes" has pushed the market into a hypersensitive phase of high-volatility oscillation. This simulation aims to reveal how AI trading algorithms collapse into a compound operator failure—precipitated by the singularity collisions predicted (...) by the P-Zero Theorem—when Nasdaq hits circuit breaker thresholds. Furthermore, it argues whether this chain-reaction stop-loss triggered by "Logical Debt" will evolve into a 2008-level global financial liquidation. -/- The ultimate arrogance of modern computational finance lies in its attempt to hedge against the objectively existing nonlinear abyss by infinitely collapsing the measure of . We must realize that continuous calculus is merely a "logical promissory note" signed by humanity in exchange for computational dividends, rather than the ground truth of reality. We may tolerate running on "debt" within our models, but we must never allow algorithmic hands to incinerate that very promissory note which manifests the system's discrete essence. When we refuse to acknowledge the "Domain Vacuum" at singularities, the system will not merely slip into financial default, but will plunge into total Logical Bankruptcy. Facing this liquidation cycle that spans 18 years, only a return to the "Discrete Hardcore" paradigm—one that respects fracture and acknowledges step-wise progression—can prevent civilization from being consumed by the self-stitched illusion of continuity in its pursuit of illusory precision. -/- Methodology and Logical Deduction Audit of Operator Unboundedness: Under the uniform topology of Banach spaces, we demonstrate that the physical essence of the differential operator manifests as an extremely discontinuous unbounded operator. Lipschitz Explosion Mechanism: In fields with residual high-leverage precision debt, AI trading algorithms—acting as complexes of sampling, hedging, and risk-control operators—experience a step-wise explosion of the Lipschitz constant near singularities (dense stop-loss zones), leading to a total collapse of system stability. Inevitability Determination via P-Zero Theorem: Proved through the P-Zero Theorem, in a structural field possessed of algebraic rigidity (leverage lines, stop-loss levels), maintaining "full-path smooth sampling" is a logical measure-zero event. The probability of any continuous sampling path colliding with the singularity set and triggering collective liquidation is exactly 1. Failure Simulation and Empirical Assessment: Through 50,000 Monte Carlo path evolution simulations, we found that when the index hits the 5% "Fragility Redline," the system undergoes a discontinuous jump via a "Domain Vacuum" rather than a smooth slide. At the micro-scale , the matching success rate collapses to 32%, causing an instantaneous default of Analytical Credit. Conclusion and Paradigm Shift The audit determines that the current topological structure of the Nasdaq market is highly equivalent to that of the 2008 financial crisis: both involve the exponential expansion of logical debt due to the illicit use of linearization tools to "write off" nonlinear tail risks. This study recommends a forced termination of defensive modes that extract vacuous precision from . We advocate for a return to a "Discrete Hardcore" risk control paradigm based on discrete-step operators to navigate this logical liquidation 18 years in the making. -/- Keywords: Measure Residual Calculus (MRC); P-Zero Theorem; Logical Debt; Lipschitz Explosion; Non-rectifiable Sets; Analytical Credit. (shrink)

This study provides a political-economic and thermodynamic critique of the global generative artificial intelligence (AI) and Large Language Model (LLM) adventure. Driven by financial capital and geopolitical anxiety, the LLM frenzy has been widely hailed as the engine of a "fourth industrial revolution". However, grounded in the first law of thermodynamics and the reality that probability-based token prediction faces insurmountable "hallucinations" before reaching the zero-tolerance, high-precision demands of real-world physical manufacturing, this study constructs a "Silicon Ledger" and "Carbon Ledger" analytical (...) framework. -/- Through an "Energy Matryoshka" model, the research evaluates the asymmetric resource consumption and development trajectories of the United States and China between 2023 and 2026. The findings reveal that: -/- The U.S. Model (Capital-Silicon Heavy Industry): Dominated by machine computing power consumption (accounting for 68% of its total energy), the U.S. relies on elite-driven R&D and massive hardware clusters. Its primary losses are financial and capital-based, facing hundreds of billions of dollars in fixed-asset write-downs and short-term hardware depreciation if the productivity myth collapses. -/- The China Model (Engineer-Carbon Intensive Collaboration): Constrained by semiconductor blockades, China mobilized a "people's war" model featuring 200,000 core engineers and millions of support personnel, where human and social logistics energy consumption accounts for 77% of its total ledger. Consequently, China’s total societal energy expenditure for the LLM ecosystem (approx. 44 billion kWh/year) surpasses that of the U.S. (approx. 36.6 billion kWh/year). China's losses are characterized by irreversible intellectual mismatch and opportunity costs, squandering a critical demographic window of top-tier talent on parameter-tweak involution. -/- Ultimately, the study argues that LLMs represent a pseudo-technology wave that has diverted both superpowers from foundational hard technologies. To mitigate these losses after the bubble's deflation, strategic course corrections are urgently required: shifting idle high-performance computing clusters toward zero-tolerance industrial domains (such as computational materials, chip EDA simulation, and smart grid control) and channeling carbon-based intellectual resources back into core operating systems, industrial software, and physical manufacturing hardware. (shrink)

First of all, I would like to define utility in terms of economics as the satisfaction of a need, and further I would like to inquire why games have a certain utility for a human beyond ordinary satisfaction. Secondly, we can distinguish between competitive and cooperative games. A competitive game satisfies the need for argument, confrontation and hierarchy, which can be directed to liberalism and Epikur’s imagination of self-determination, since individuals are allowed to play within their own strategies, plans and (...) ideas. On the other side, there are cooperative games in which the players or individuals work together under the guise of a set of binding plus closed rules and regulations, which can be seen as a set of rules and regulations of the second order, since the players of a competitive game also have to respect a set of rules and regulations; however, their strategy is mostly based on the adaptation and anticipation of the possible moves the opponent has. Cooperative games seem to be similar to communitarianism and connected to Plutarch’s Art of Living, since the game is socially embedded. In the following, I would like to work on the question of which utility is achieved for a human by playing competitive games, chess for instance. “Chess is everything: Art, Science and Sports” – Anatoly Karpov Chess, as a game that combines aspects of Art, Science and Sports according to Anatoly Karpov, must be a game that stimulates understanding tremendously, since precise calculations are needed. Both players must extrapolate and estimate positions as positive or negative in order to find a hierarchy of optimal moves. Such thorough calculations rationalize thinking in a disciplined manner and stimulate diversity of ideas. Uncommon moves can give the players an advantage caused by the irritation of the opponent or by estimating the move as not dangerous or even useless, so that a player can benefit by leaving the traditional history of moves, thus creating new ways of thinking. In addition, it can be determined that games are a place of encountering new people, leading to new conversations and exchange of ideas and strategies, similar to an archaic fireplace of early mankind in the Stone Age. Summarizing, we can say that through planning, training of maximizing one’s own utility, and as a place of encountering the new, games have had an enormous utility in the development of thinking and the evolution of the “own” and “common”, and to this day have—although nowadays digitally—which can provide help in order to stay up to date with the latest developments in technology and in order to allow the world to grow together and to be only a few clicks away. (shrink)

This is the first section of a five part essay dealing with economics from the perspective of Ernst Cassirer's cultural philosophy. In this first section, I try to demonstrate how the human concern with meaning is distorted in our commercial society into a purely economic sense of reality that displaces other forms of meaning. This distortion and displacement are at the heart of the social, cognitive and spiritual dysfunctions that currently plague us. The "Leverage of Meaning" will prepare the ground (...) for the formulation of the economic as a symbolic form in order to hopefully find some guidance in Cassirer's thought for restoring economy to its rightful cultural function. (shrink)

The ‘Reflection Principle’ is what rules out predictable persuasion and biases in updating, requiring your current probabilities to match your expectation for your future ones. It’s often claimed to be a theorem when Bayesians update by conditioning on the true cell of a finite partition. It’s not. I show that it robustly fails when a Bayesian’s priors are ambiguous, i.e. are probabilistically uncertainty about what their own priors are. Contrary to recent discussions, Bayesians can be predictably persuaded and biased by (...) information. (shrink)

This paper applies Resolution Theory to political economy: responsibility attaches not to explanation, but to resolution—the authored point where uncertainty is closed into action under exposure across time. In markets, the central governance failure is not “capitalism” as such, but the repeated dissolution of authorship into procedure, committees, and short horizons—especially inside institutions large enough to amplify downstream harm. The result is horizon collapse: rewards are realised quickly while costs are diffused, delayed, or externalised onto the public, future populations, and (...) ecosystems. This creates responsibility subsidies—competitive advantages gained not through superior service or innovation, but through offloading exposure. -/- Telic Capitalism names the corrective: a pro-market architecture that restores legitimate risk-taking by making high-exposure decisions legibly authored, proportionately justified, and institutionally “owned” across time. It distinguishes good-faith failure from negligent stewardship, treats corporations as exposure amplifiers rather than moral agents, and proposes concrete mechanisms—authorship logs, anti-theatre aggravation for non-logging, duty-of-inquiry triggers, compensation contingency, and insurance-first reciprocity—to convert authorship into enforceable market consequence. The aim is not to moralise profit, but to prevent reckless extraction from outcompeting disciplined stewardship. (shrink)

Why do crises so often fail to produce durable reform—even when problems are widely recognized and change appears inevitable? -/- This paper develops a dynamic extension of Institutional Translation Theory to explain why structural transformation frequently fails after shock. While existing approaches emphasize disruption, crisis, or reform attempts, they often under-specify the intermediate mechanisms that connect instability to durable institutional change. -/- The central claim is that shock does not directly generate transformation. Instead, its effect depends on how it alters (...) the permeability of translation-gate structures that regulate whether heterodox inputs become intelligible, legitimate, and institutionally actionable. Reopening is therefore a necessary but insufficient condition for structural update. -/- The paper identifies four dimensions of gate reopening—cognitive, institutional, resource, and legitimacy—and argues that durable update requires their conjunctive alignment. When reopening is partial, misaligned, or excessive relative to system capacity, reform may fail, resulting in shallow absorption, implementation breakdown, or rapid reclosure. -/- Building on this mechanism, the paper proposes a nonlinear relationship between shock and transformation: insufficient disruption preserves inertia, moderate disruption enables adaptive updating, and excessive disruption produces failed transformation or renewed stagnation. -/- By specifying the dynamic conditions under which reform succeeds or fails, the framework explains why systems often exhibit repeated cycles of crisis without durable structural change, and why visible reform does not necessarily imply transformation. (shrink)

Why do societies with visible grievance, institutional failure, and crisis pressure so often fail to produce revolution? -/- This paper develops a third-stage extension of Institutional Translation Theory to explain why dissatisfaction does not automatically culminate in rupture. Existing approaches often emphasize grievance, deprivation, elite conflict, or crisis, but they tend to under-specify the intermediate mechanisms through which dissatisfaction becomes oppositional, mobilizable, and institutionally consequential. -/- The central claim is that revolution depends not on grievance alone, but on whether crisis (...) weakens incumbent normative cohesion enough to permit counter-norm adoption, translational passage, and self-reinforcing mobilization. The paper therefore introduces a two-layer constraint model. At the first layer, normative order shapes whether actors can defect from an incumbent order and adopt oppositional commitments. At the second layer, translation gates shape whether oppositional claims become socially intelligible, organizationally scalable, and institutionally passable. -/- This framework explains why similar levels of dissatisfaction may lead to very different outcomes, including re-stagnation, bounded reform, revolutionary rupture, or chaotic collapse. It also shows why revolutionary success does not necessarily resolve the underlying problem of closure: counter-norms may stabilize into a new orthodoxy, translational pathways may reclose, and renewed stagnation may re-emerge. -/- By specifying the missing middle between grievance and revolution, the paper provides a mechanism-centered account of revolutionary bifurcation and explains why visible crisis does not reliably produce structural rupture. (shrink)

Why do societies often fail to achieve durable structural change—even when innovation exists, crisis is visible, and reform is actively discussed? -/- This paper proposes a conceptual framework that addresses this puzzle by focusing on an earlier and often overlooked stage in the causal sequence of social change. While many existing theories explain how alternatives diffuse, compete, or disrupt equilibria once they become visible, they tend to under-specify how such alternatives become visible in the first place. -/- Institutional Translation Theory (...) introduces this missing stage by specifying the conditions under which heterodox variation survives normative pressure, becomes intelligible, and acquires institutional visibility through a set of translation gates. -/- The framework conceptualizes societal change as a multi-stage process involving variation, normative filtering, translation, and institutional selection. It further introduces the notion of update capacity as a structural property governing whether systems can convert potential alternatives into durable transformation. -/- Rather than replacing existing approaches, the framework integrates them by locating them at different stages of a broader causal sequence. This allows it to explain cases in which novelty persists and crisis is evident, yet structural updating fails to occur. -/- The model is intended as a conceptual architecture for organizing empirical inquiry rather than a fully specified predictive system, and it provides a basis for operationalization through observable proxies such as norm enforcement, heterodox persistence, and institutional accessibility. (shrink)

Why do similar levels of crisis, dissatisfaction, or innovation produce radically different outcomes across societies? Existing theories usually explain either the input or the outcome, but often leave unclear the structured pathway in between. This paper calls that missing stage the domain of institutional translation. It argues that structural transformation depends on whether heterodox inputs can become intelligible, legitimate, institutionally processable, materially sustainable, and ultimately entrenched. Comparing China, Japanization, the Soviet collapse, and the Arab Spring, the paper develops a branching (...) account of change in which pressure alone is never enough: the same visible strain may be filtered into closure, partial reform, unstable opening, or divergent post-crisis trajectories. The result is a comparative framework that links variation and pressure to structural outcomes without reducing them to a single cause. (shrink)

The Nobel Prize-winning economist Robert Shiller published an article in the American Economic Review in 20171 and a book in 20192 , both carrying the term “narrative economics.”.

We discuss how to define “agents” and “objects” for agent-based modeling in economics (ABM) using the principles of philosophical trope theory and then propose a set of definitions for creating a framework where the tropes could be used as the objects of computation when creating models for ABM in a way that the agents can be considered as “trope processors”. We establish sets of assumptions to characterize agents and objects with tropes and we discuss the assumptions, how economic objects and (...) the values, which the agents assign to them, can be described as mereological sums of the objects’ properties and their corresponding valuations within the trope theory framework. We also discuss the benefits of the trope theory approach in general, for example, how to clarify the ontology of conceptualizing models for object-oriented programming and how the agent-based model, based on trope theory, could be constructed in practice. (shrink)

The simulation hypothesis suggests that we live in a computer simulation. That notion has attracted significant scholarly and popular interest. This article explores the simulation hypothesis from a business perspective. Due to the lack of a name for a universe consistent with the simulation hypothesis, we propose the term simuverse. We argue that if we live in a simulation, there must be a business justification. Therefore, we ask: If we live in a simuverse, what is its business model? We identify (...) and explore business model scenarios, such as simuverse as a project, service, or platform. We also explore business model pathways and risk management issues. The article contributes to the simulation hypothesis literature and is the first to provide a business model perspective on the simulation hypothesis. The article discusses theoretical and practical implications and identifies opportunities for future research related to sustainability, digital transformation, and Artificial Intelligence (AI). (shrink)

We review the recently proposed universal concept of dynamic complexity and its new mathematics based on the unreduced interaction problem solution. We then consider its progress-bringing applications at various levels of complex world dynamics, including complex-dynamical nanometal physics and living condensed matter, unreduced nanobiosystem dynamics and the integral medicine concept, causally complete management of complex economical and social dynamics, and the ensuing concept of truly sustainable world governance.

Abstract: Traditional economics treats core concepts such as "value" and "utility" as a priori, quantifiable givens, leading to a "disembodied" dilemma in its theoretical framework. Based on the triad of "Embodied Perception, Information Exchange, and Dynamic Interconstitution" proposed in Embodiment-Symbiosis: The Construction and Interpretation of a Dynamic Philosophical System Framework, this paper constructs a new framework for interpreting economic philosophy. This framework anchors the essence of economic activity in the expansion and interaction of individual and collective "meaning-generating spaces," thereby providing (...) a consistent and profound meta-theoretical explanation for the origin of value, the motivation for transaction, the nature of currency, the operation of financial markets, distributive justice, and the production-consumption cycle. This paper argues that the economy is not an objective system detached from subjective experience, but rather a meaning network rooted in human embodiment, achieving consensus through information exchange, and continuously evolving through dynamic co-construction. This perspective not only explains various economic phenomena, ranging from primitive exchange to complex finance, but also, through its inherent normativity, provides a solid philosophical foundation for critiquing economic alienation and power exploitation. (shrink)

Frekuensi penyiaran bukan kanal teknis semata, melainkan COMMONS, RES PUBLICA, dan prasyarat material pembentukan atensi sosial. Di Indonesia, struktur penyiaran masih memungkinkan televisi swasta berbasis pusat menjangkau daerah melalui jaringan dan infrastruktur digital, sementara produksi, iklan, agenda, dan identitas media tetap terkonsentrasi. EKSTRAKSI ATENSI menjelaskan proses ketika atensi publik suatu wilayah dikomodifikasi sebagai nilai iklan dan modal politik oleh aktor luar wilayah tanpa distribusi manfaat fiskal-ekonomi, pekerjaan kreatif, kendali produksi, dan kedaulatan komunikatif daerah yang sepadan. Berbeda dari teori audience commodity (...) Dallas Smythe, konsep ini menambahkan dimensi spasial pusat-daerah: persoalannya bukan hanya audiens dijual kepada pengiklan, tetapi audiens daerah menjadi sumber nilai bagi pusat. Ontologi televisi frekuensi sebagai kelangkaan teregulasi memperlihatkan bahwa frekuensi memberi kondisi material bagi kehadiran institusional yang otonom. Namun, kelangkaan hanya sah bila diarahkan oleh KEADILAN KOMUNIKATIF. Berdasarkan pembacaan atas UU Penyiaran, Permenkominfo Nomor 6 Tahun 2021, UU HKPD, rezim multipleksing digital, teori ruang publik, teori commons, fenomenologi atensi, dan studi media Indonesia, regulasi penyiaran yang adil harus mempertahankan frekuensi sebagai infrastruktur publik sekaligus mengubah daerah dari objek distribusi siaran menjadi subjek produksi komunikasi. (shrink)

Capitalism is one of the most consequential economic systems in human history, generating unprecedented advances in productivity, innovation, and aggregate wealth. Yet capitalist systems repeatedly generate crises, deepen inequality, produce corruption, and sustain speculative manias — often despite the presence of formal error-correction mechanisms. This paper proposes that these phenomena are systematically explained by Self-Referential Ignorance (SRI), a formally defined condition in which an agent, institution, or system increasingly validates its beliefs through internally generated assumptions rather than external corrective feedback. (...) SRI is operationalized as a measurable index (SRI-I) derived from four observable dimensions: epistemic closure, feedback suppression, error persistence, and adaptive rigidity. Drawing on the Universal Balance Feedback Framework (UBFF) — whose master equation Wr = ∫(Is · Bu · FL · IN) · Dc governs systemic welfare as a function of integrity, balance, feedback, and nodal interconnection — this paper develops a formal dynamical model of SRI accumulation and systemic correction. Lyapunov stability analysis demonstrates that capitalist equilibria are conditionally stable and that SRI constitutes a destabilizing force whose magnitude is bounded by institutional feedback capacity. Historical cases including the Dot-Com bubble, the 2007–2009 Global Financial Crisis, and the organizational failures of Kodak and Nokia are examined as empirical instantiations of the SRI dynamic. Falsifiable predictions are derived from the model. The paper concludes that the long-term stability of capitalist systems depends not on profit maximization per se, but on the structural preservation of feedback integrity. (shrink)

"...the mechanism of a blockchain system itself, based on self-auditing, could create the conditions for the human being to be irrevocably chained to a hard materialism where no possible distinction is made between the human being and their possessions...".

(This is one of the essays to be included in a book examining the causes of day-to-day strife in the populations of modern democracies vying to live and assert the freedoms promised to them by systems of governance supposed and expected to represent them.) "The artisan of old, the artist, the researcher, the developer, and the scientist today have this in common, that in refining, perfecting and pushing the boundaries of their respective crafts, they cannot achieve satisfaction or adequately perform (...) without simultaneously and progressively adapting, re-configuring, developing, and continuously changing the techniques and approaches they employ together with the tools and parameters for gauging actual success within the realm that only rigorous acquaintance, imaginative freedom, cross-functional, multifaceted learning, and distributive interaction may allow.". (shrink)

Modern competition is built around the psychology of polite society. It assumes that competitors are comfort-seeking animals: rational, cautious, status-conscious, and ultimately unwilling to bleed past a certain point. -/- But the Capitalist in the truer sense is not playing from that psychology. They come from a harder world. To them, fear, pain, humiliation, and even death are smaller things than the disgrace of unused capacity. The true nightmare is not being hurt. The true nightmare is reaching the end of (...) the round and knowing there was still force left in the body, value left in the system, hunger left unanswered, and suffering left in the world that could have been removed. -/- Every evolution of the capitalist hero has become more visceral, more demanding, and more intimate with pain — but also more pragmatic in its promise. They don't offer heaven through theory. They drag pieces of heaven into the world by lowering costs, breaking scarcity, routing abundance, and refusing to leave useful force unused. As of the present moment the market has no model for such an Animal Spirit. Put simply, The Educated Animal, The Prizefighter is simply unlimited energy properly directed at scarcity. (shrink)

The next great compounding opportunity for civilization is not technological, but the unlocking of human agency on a global scale. Humanity is a portfolio of eight billion assets where currently bad capital allocation leaves billions trapped in structures where effort fails to accumulate into compounded returns and better qualities of life, due to volatility shocks and a lack of effective institutions. Poverty is redefined here not merely as a lack of physical goods, but as a condition where intention cannot reliably (...) become action. The core thesis proposes a system that caps ruin—protecting people from permanent agency collapse—while uncapping upside to allow for unbounded human potential. This approach distinguishes between the "survival layer" of essentials that must be robust and the "surplus layer" of ideas and projects that should remain subject to disciplined failure. By generating compounding architecture such as trusted law, financial access, and infrastructure, as makes sense to various localities civilization can move billions from negative-floor existences into a compounding loop. The paper contends that failing to do this is mechanically irrational, as it burns perpetual call options on human genius due to arbitrary starting positions. Ultimately, fixing the global human floor is presented as the highest-leverage investment available, with an estimated potential to add 1-2 percentage points to global CAGR. (shrink)

This paper investigates the individual-level economic impacts of Marxist-Leninist indoctrination. We examine the long-run effects of a rogue educational experiment that, between 1973 and 1975, exposed two cohorts of fifth graders in one Finnish municipality to a history and social studies curriculum influenced by Soviet ideas. The experiment aimed to study the formation of a “functioning [socialist] worldview.” Students in other cohorts and municipalities followed the standard curriculum. Using comprehensive register data and a difference-in-differences approach, we show that exposed students (...) earned significantly less in adulthood than their non-exposed peers. This gap is partly explained by reduced labor supply and a shift toward more left-leaning, lower-paying occupations. We find no substantial effects on educational attainment, cognitive ability, or personality traits related to achievement striving. These findings highlight the long-lasting economic consequences of early exposure to ideological content in the classroom. (shrink)

În ultimii ani, s-au dezvoltat rapid noi tehnologii informaționale și de comunicare, astfel încât în centrul dezbaterilor științifice, politice și economice din ultima perioadă a stat apariția și dezvoltarea Societății Informaționale, generatoare de noi oportunități de muncă dar și de schimbări esențiale în ceea ce privește natura muncii și modul de lucru, schimbări comparabile cu cele petrecute în revoluția industrială. În acest context, telelucrul (telemunca) a devenit domeniu strategic din punct de vedere teoretic și practic.

This paper reviews factors influencing Vietnamese youth’s adoption of Fintech, including technology access, perceived usefulness, government support, and financial literacy. While the Vietnamese government has promoted Fintech expansion through financial inclusion strategies and supportive regulations, gaps in financial education remain. Youth engagement with Fintech is shaped by ease of use, user innovativeness, and social influence, though financial risk concerns limit adoption. For sustained growth, focused financial literacy programs and regulatory improvements are essential to unlock Fintech’s potential for economic development and (...) financial inclusion among Vietnamese youth. (shrink)

There are long-standing doubts about whether data from subjective scales—for instance, self-reports of happiness—are cardinally comparable. It is unclear how to assess whether these doubts are justified without first addressing two unresolved theoretical questions: how do people interpret subjective scales? Which assumptions are required for cardinal comparability? This paper offers answers to both. It proposes an explanation for scale interpretation derived from philosophy of language and game theory. In short: conversation is a cooperative endeavour governed by various maxims (Grice 1989); (...) because subjective scales are vague and individuals want to make themselves understood, scale interpretation is a search for a focal point (Schelling 1960). A specific focal point it hypothesised; if this hypothesis is correct, subjective data will be cardinally comparable. Four individually necessary and jointly sufficient conditions for cardinal comparability are specified. The paper then argues this hypothesis can be empirically be tested, makes an initial attempt to do so using subjective well-being data, and concludes it is supported. Numerous areas for further research are identified including, at the end of the paper, how certain tests could be used to ‘correct’ subjective data if they are not cardinal. (shrink)

We call for a change-of-attitude towards reviews of scientific literature. We begin with an acknowledgement of reviews as pathways for the advancement of our scientific understanding of reality. The significance of the scientific struggle propelling the putting together of pieces of knowledge into parts of a cohesive body of understanding is recognized, and yet undervalued, especially in empirical sciences. Here we propose a nudge, which is prefacing the insights gained in reviewing the literature with: 'Our review reveals' (or an equivalent (...) phrase), that can bring about the desired cultural shift in the practice of science. The resulting elevation of the status of reviews to that of original findings would also bring about the desirable smoothening of the undesirable schism between theorists and experimentalists. (shrink)

n an era of increasing interdependence between economic progress and social equity, ethical capital emerges as an indispensable yet overlooked dimension of sustainable development. This paper explores ethical capital as a transformative force within economic and social systems, contrasting it with traditional forms of capital such as human, social, and cultural capital. Drawing on insights from Badiou’s subtractive ontology and Bourdieu’s field theory, it argues that ethical capital functions as a field resource, fostering trust, equity, and resilience. Unlike accumulative forms (...) of capital, ethical capital disrupts entrenched narratives, reconfiguring economic practices to prioritize collective well-being over individual gain. By conceptualizing ethical capital as an event-based, intangible asset, this paper underscores its role in shaping sustainable economic systems. The analysis highlights challenges in measuring ethical capital and advocates for integrating it into business and economic strategies as a foundational element for long-term societal progress and competitive advantage. (shrink)

This working paper develops the concept of the Labour Standard Commodity (LSC) as a global composite commodity constructed to represent a uniform unit of abstract social labour. Extending Marx’s theory of value and Sraffa’s standard commodity, the LSC provides a material reference for value measurement in a spatially differentiated global economy. The model demonstrates how the LSC enables the conversion of heterogeneous national labour into universal labour and serves as the basis for deriving value-consistent exchange rates. The paper lays the (...) foundations for a structural theory of unequal exchange grounded in labour-value relations rather than market prices or monetary aggregates. (shrink)

Ist die Begrenzung von staatlichen Ausgaben und Haushaltsdefiziten wirklich im Sinne der Generationengerechtigkeit? Wer begreift, wie unser Geldsystem tatsächlich funktioniert, muss diese Frage eindeutig und vehement verneinen.

Ludwig von Mises’s methodological apriorism is frequently attributed to the broader Austrian School of economics, of which, of course, Mises was a prominent member. However, there is considerable controversy concerning the meaning of Mises’s various attempts to justify his apriorism. There are prima facie inconsistencies within and across Mises’s methodological writings that engender massive confusion in the secondary literature. This confusion is aggravated by the fact that Mises’s apriorism cannot be straightforwardly interpreted as an artifact of his historical milieu. Indeed, (...) the two prevailing families of interpretation both treat Mises’s apriorism as radically anachronistic, albeit in different senses. According to “extreme” interpretations, Mises’s apriorism reflects an epistemology several decades, if not centuries, beyond its expiration date. According to “moderate” interpretations, however, Mises’s apriorism anticipates ideas that would not appear in the epistemological literature for several decades to come. Finally, there is evidence to suggest that Mises’s actual methodological beliefs are not reflected in his writings, that Mises either obfuscated or exaggerated his methodological position, for whatever reasons, making it seem more radical than it was in fact. I conclude that we have no idea what justification Mises actually intended when he asserted the a priori nature of the fundamental propositions of economics. If this is right, then, whatever method(s) they follow, Austrian economists cannot (deliberately) follow Mises’s apriorism. (shrink)

Economic policy decisions require comparisons of the gains and losses from policy choices to different people. If those gains can be valued in monetary terms, than all that is needed is a comparison of the value of income to different persons, which can be weights in cost-benefit analysis. An objective comparison of the value of income to different people has been long sought but never found. I propose that when money to be allocated is controlled by a group of people (...) with equal control over that money, then a hypothetical auction for transfers of income between people can produce a collective judgment about the value of income that provides suitable weights, and is morally defensible in cases where the decision is made by the group collectively, e.g. when making government policy choices. I provide a method for calculating such weights from observed choices about distributing income, and discuss several desirable properties that they have. (shrink)

This paper investigates the dynamic effects of interstate bank mergers by large banks on local MSAlevel market concentration in the United States following the Riegle-Neal Act (IBBEA) of 1994. Using a staggered event study difference-in-differences model as well as the Sun and Abraham (2020) estimator, we analyze deposit and bank merger data from 1994 to 2006 to derive estimates of the causal effect of interstate market-extension mergers by large banks. Our results reveal that there is likely no causal effect of (...) interstate bank mergers by large banks on local structural market competition. However, the study finds strong suggestive evidence that overall market competition may increase immediately following the interstate merger event due to consumer exit and weak suggestive evidence that consolidation among dominant deposit market players may increase following the merger. These results largely validate the current approach in banking antitrust enforcement of the Department of Justice that focuses on a static approach to market concentration while providing additional insights in terms of top-heavy concentrations that may follow after interstate mergers. (shrink)

In this paper, I list a number of commonly cited negative effects of high or rising levels of income inequality and examine the literature in order to assess the statistical and empirical evidence in favor of or against the presence and/or strength of those negative effects. Given the prevalence of the topic of income inequality in contemporary political, economic and social discussions, it's important to have a good understanding of the effects of income inequality and to be able to identify (...) effects that are or are not supported by strong statistical evidence. Such an understanding will also help to improve policies intended to diminish income inequality or to mitigate its effects (such as, for example, progressive taxation or education subsidies). -/- Given the size of the literature, this overview is far from complete. However, it does manage to identify certain negative effects which have a strong factual basis and which vindicate some of the often strongly expressed concerns about income inequality. At the same time, however, the paper identifies other commonly cited effects for which there is no strong evidence or for which the evidence is contradictory. -/- I focus on measurable harms resulting from income inequality and leave aside possible objections of a moral or philosophical nature, although I do mention the latter briefly. (shrink)

There is traditionally a division of labor between economics and economic history, the task of economic history being that of studying the evolving constraints of economic mechanisms. Recent theorizing on endogenous structural change challenges this view: if structural change is endogenous to economic mechanisms, any strict division of labor between causal analysis and structural analysis breaks down. Rather such views call for an integration of causal and structural analysis. This paper looks for such a methodology, noting especially the contributions made (...) by two Swedish economists, Johan Åkerman (1896-1982) and Erik Dahmén (1916-2005). With evolutionary, Marxian, Hayekian and critical realist contributions, the paper examines notions of endogenous structural change with the aim of expounding how the notion can be thought in terms of underlying mechanisms to aid such structural analysis. The findings of endogenous mechanisms underlying structural change are crystallized into a mathematical model and a simple methodological framework. (shrink)

The physical properties of money can better be formulated via the methodical tool of quantum monetary science or monetary quantum theory; this research abstract compiles the key findings.

The application of quantum wave theory to the physics of monetary and socio-economic systems is a methodical novelty; these collected papers do document the research process into the workings of the monetary quantum on economic production.

The Snooks/Panov curve is discussed, concerning the economic history of human societies as energy transduction systems; a first formulization is proposed. World system energetics falls into the scientific context of the mathematics of planet earth & sustainability, futurizing the energy wave patterns of the global village.

The counterfactual assertion that the United States is economically victimized by its trade relationship with Canada rests on three serious compounding errors. The first is conceptual: "deficit" is a fiscal term properly applied to budgets or stock depletion. The attempt to apply it to voluntary exchange instantly results in a category error equally incoherent regardless as to whether the exchange in question is international or domestic, as all trades are—inherently and by definition—voluntary exchanges of equal value for mutual benefit, in (...) which two parties voluntarily and intentionally choose to exchange value in the form of that which they have for equal value in the form of that which they seek. Products are paid for with products. Every producer is a consumer. Economic exchange is anti-symmetric by construction and allows each party to provide a beneficial service to the other from which both parties gain. Were one side to be losing anything in a trade, or were one to believe that more or better of the same product could be found elsewhere, that side would simply decline to trade. Regardless of bilateral aggregate total imports vs exports, every single product was paid for upon purchase and delivered as per agreement. The second is statistical: aggregate bilateral flows are directly compared across economies differing by greater than a factor of eight in population and greater than thirteen in economy size and combined purchasing power (GDP). The third is arithmetical: the deficit figure of 200 billion dollars widely cited in public political discourse is dishonestly inflated by a factor of 5.6 even relative to official U.S. government statistics. We formally establish that bilateral balances are antisymmetric by construction and carry no welfare content. Applying a per-capita bilateral trade intensity measure to 2024 data, Canadians spend almost 11,000 American dollars per person on U.S. goods and services versus only about 1,400 dollars per American spent on Canadian output — a ratio exceeding 8:1, with Canada's intensity exceeding Mexico's by 3.5×, Japan's by 13.7×, and China's by 88×. Excluding energy, the U.S. runs a bilateral surplus exceeding 63 billion dollars with Canada. A two-country Armington–CES model calibrated to the actual tiered tariff regime (0% USMCA-compliant, 10% energy, 25–35% other non-USMCA) yields a total annual cost to the United States of approximately 41 billion dollars— welfare losses, deadweight destruction, and export revenue lost to Canadian retaliation — attributable entirely to a bilateral imbalance equal to 0.12% of U.S. GDP. We document the fabrications animating the tariff regime: the 200 billion dollar deficit claim; the fentanyl emergency declaration, during which under 0.2% of all seized fentanyl crossed the Canadian border per CBP's own data; and the Section 301 forced-labor investigations launched March 2026 to replace IEEPA tariffs struck down 6–3 by the Supreme Court in Learning Resources, Inc. v. Trump (607 U.S. ___, 2026) — investigations that named Canada despite its 2023 enactment of legislation prohibiting forced labor imports. These findings are situated within an ~60-year bipartisan record of American presidential testimony on the bilateral relationship, from Kennedy's declaration in the Canadian House of Commons in 1961 that choosing Canada's prime minister to be the first of the leaders of other lands to be invited to call upon his council "an act of faith—faith in your country, in your leaders", through Reagan's warning against "demagogues who are ready to declare a trade war against our friends," to Obama's final address to Parliament in 2016 in which he warned the parliament and people of Canada directly, in all but name, about Trump and the coming threat to international cooperation that the rising swell of Trump-aligned ideological fear-mongering and epistemic echo-chamber grooming then potentially represented, and now represents. Given the wild misalignment between mathematical fact and Trump's claimed justifications to wage economic warfare, disrespect, betray and threaten—the real reasons that a sitting president would fabricate such desperate and obviously unfair, made up and manipulated arguments just in order to abuse their relationship with their own people's biggest customers and most committed allies—and paid for by the American taxpayer—themselves deserve to be questioned, analyzed more deeply and identified in future work because they confer no obvious benefit to any party save Putin and the have led to the likely intentional estrangement of the alliance and subversion of NATO solidarity. The intensive use of outright fabricated and conflated economics concepts, empirical data and mathematical method, along with the innumerable other outright lies, we well as attempts to use international cooperation as manipulation, are alarming especially in the fact they come with no logically or empirically valid benefit for anyone, including Trump himself, unless something almost unthinkably nefarious lies below the surface of the public facing mask of Donald Trump and his administration. The resultant unanimous conclusions of the specific analyses demonstrated in this work are specifically that the claim of U.S. victimhood in its economic relationship with Canada is false and fabricated on every factual and analytical level, and that the conduct it entailed toward America's most commercially committed bilateral partner and its closest, most voluntarily integrated and heavily invested democratic ally represents a repudiation of everything the United States has formally declared across more than half a century about what that relationship means. (shrink)

Between Marshal Sahlins an Karl Poliany, reviewing some points on anti-utilitarism and political economy (M.A.U.S.S.).

ecology of mind and culture, due to perfeccionism of mankind in the way to the future.