Nobel laureate Joseph Stiglitz once remarked that debt financing without bankruptcy is like Hamlet without the Prince. Or, to borrow from our culture, it is like Qais without Laila! Bankruptcy is not a minor footnote in the story of modern finance — it is a central character in debt financing, shaping incentives, costs, and risks for both private and public …
“Blockchain technology is going to change everything”. This claim was made many times over the past several years in many different forms. And we are still waiting to see the change. Skeptics, like Jesse Fredrik, argue that blockchain is a solution in search of a problem. The technology is yet to prove itself and deliver on …
Cryptocurrencies are causing measurable disruptions in the finance world. The speculative nature of many of these currencies casts doubts on their economic value and their role in improving the prosperity of the lives of human beings. But the underlying technology, the blockchain technology and the cryptographic techniques, are obviously of immense potential. The question, however, …
Detective Gregory: Is there any other point to which you would wish to draw my attention? Sherlock Holmes: To the curious incident of the dog in the night-time. Detective Gregory: The dog did nothing in the night-time. Sherlock Holmes: That was the curious incident! The Adventure of Silver Blaze There is something curious about …
There is a wealth of writings on the shortcomings of mainstream, neoclassical economics. But there is yet to emerge a coherent framework for an alternative economic paradigm. The COVID-19 crisis is an opportunity to address this matter in fresh light This short article is an attempt to outline one such a framework. What is Different …
