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NEWS & RESEARCH

NEWS

The marginal cost of money

At source, money is a public good provided by central banks, but public does not mean for free. This raises the natural question of how money should be priced. Under perfect competition, the price of private goods is mainly determined by their marginal cost of production. However, in the presence of a monopoly, the price … Continued

The depletion of social capital

Social capital comprises the larger share of wealth in developed economies1. It encompasses the value created by law and order, mutual trust, and public institutions; all of them assets that have formed as a result of the emergence of a jurisdictional, legal and social order over centuries. In parallel, modern societies have also amassed a … Continued

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