Endogenous Growth Paradigm. Implications for Economic Policy and Theory

The role played by endogenous growth models in growth literature might be analyzed from two perspectives. In the first place, is it emphasized the necessity to replace the hypothesis of perfect competition with monopolistic competition in every mathematical model. Secondly, there is no scientific argument to accept the assumption of unconditional income convergence among countries. Taking into consideration empirical evidence and theoretical arguments, we tried to demonstrate that, once we accept the existence of increasing returns, there is only a little place for convergence all over the world. From this perspective, we can accept the hypothesis of convergence only for some categories of countries characterized by homogeneity as regards institutional arrangement and geographical position

Social European Model between Descriptive and Contrafactual

Romania is about to become a member of EU and to participate, in an active way, to the european dream. After a short presentation of the origins of social market economy, authors analyze european social model, emphasizing the main dificulties of the present european construction. The paper ends with a comparative analisys of two different economic policies, being offered strong arguments in favor of pro-market policies. On long term, the only way to increase the economic prosperity (in the EU) is by stimulating institutional competition, protecting property rights and liberty in order to increase welfare, and not by redistribution and uniformization

Budgetary Policy and Seignorage

At once with the development of money as medium of exchange, the feudal lords found out an easy way to obtain more monetary resources by monopolizing the coins’ mint. As result, they used to ask a certain percent from the gold quantity that people wanted to transform in coins (call brassage). Despite the fact that we are living modern times, this still happens. The governments didn’t give up to this important source of revenues; they only developed more sophisticated methods in order to increase their budget revenues. The aim of this paper (article) is to analyze these specific methods, to see how they work and to analyze the effects as well