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The Capital Asset Pricing Model (CAPM) and the mean-variance (M-V) rule, which are based on classic expected utility theory, have been heavily criticized theoretically and empirically. The advent of behavioral economics, prospect
📱 Accounting
Can the 'invisible hand' handle money? George Selgin challenges the view that government regulation creates monetary order and stability, and instead shows it to be the main source of monetary crisis. The
📱 Accounting
The 2008 financial crisis has severely shaken confidence in liberal economic theory and policy. However, the sharply divergent experiences of the six Anglo-Saxon 'liberal market economies' (LMEs) suggest that the reality is
📱 Accounting
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