That is all available in the roaring paperback trade; and those failed econometric models are just today’s pulp fiction. So as an economist I agree, somewhat with hindsight, with Kenneth Boulding, another economist – whose textbook guided my first steps in the field and figures among my most-prized possessions.
These inefficiencies are ultimately borne, above all, by individuals and small and medium-sized enterprises (SMEs). For them, transaction fees (as a percentage of the payment being made) are normally higher than those borne by larger corporations, especially for smaller payments, and execution times are slower.