Firms' issuance of non-linear securities, such as debt or options, creates risk-shifting incentives that may lead to inefficient outcomes. This widely accepted result rests on the assumption that firms' control rights are coupled with the residual claims, and thus held by equity holders.

La aceleración de los cambios tecnológicos, combinada con la fragilidad del sistema educativo argentino, incrementa significativamente la magnitud del desafío actual. Frente a este escenario, el primer paso consiste en identificar qué aspectos están cambiando de manera profunda y cuáles permanecen relativamente constantes, ya que siempre existen ciertos puntos de referencia estables sobre los que es posible apoyarse.

In 1949, the University of Manchester held a symposium on “The Mind and the Computing Machine” featuring critical exchanges between Alan Turing and Michael Polanyi. The Discussion highlighted critical questions about completeness and computability as well as the challenges that semantics and judgment play in mapping mind and machines. F.A. Hayek made his own contributions to the theory of the mind culminating in The Sensory Order (1952). Hayek argued that the operation of the mind is analogous to the operation of the market.