The most interesting theories I have encountered throughout my education are MONEY THEORIES and INFLATION THEORIES. I was impressed by the 1980s theory put forward by two economists: ARROW and DEBREU. From what I remember (Prof. Caban’s textbook I no longer have) ARROW and DEBREU tried to explain WHY THERE IS MONEY AT ALL.
This theory suggests that money replaces MISSING INFORMATION: if we knew in advance all the transactions that every person would make throughout his or her life, we could create an ECONOMY WITHOUT MONEY. All transactions would be priced without the need for physical money. Nowadays, technologically, it is probably almost possible to determine in advance the transactions that everyone will make during their lifetime.
I don’t know if there’s an emanation of ARROW THEORY and DEBREU’ phenomena like BIT COIN or GROUPON. A few years ago I attended a conference attended by Prof. JEREMY RIFFKIN with an even more shocking theory: THE THIRD INDUSTRIAL REVLUTION, according to which as a result of better information COSTS ARE CONSTANTLY DECREASING. So, will we live someday in an economy where almost everything will be very cheap, and in addition there will be no money? With the exception of luxury goods?
There are two fundamental questions raised by covid-19 business bans: 1. Have the provisions of the relevant regulations , to the extent that they prohibit economic activities, been adopted within the limits of the statutory mandate granted by the Act on combating infectious diseases. The …
Business bans due to CovidIn law studies, we discussed Max Scheler’s excellent book “Problems of Sociology of Knowledge”. Among other things, the author tried to determine why there was no industrial revolution in ancient Greece, even though the level of mathematical and engineering knowledge was already sufficient to build …
Time Travel with Max SchelerI had great pleasure and honor to participate in the Jubilee of Work of Prof. Andrzej Kidyba and even met me with the honor of committing a modest article in the Memorial Book. Prof. Wojciech Katner’s wonderful laudate speech The Excellent Alphabet of Prof. Kidyby …
Great Honor
