From Economic Behaviour to Behavioural Economics

Abstract: Mainstream economics postulates the existence of an economic man endowed with a rational and self-interested behaviour. The purpose of this article is to analyze the relevance of this attributes, since the economic behaviour is both a form of human action and the object of the study of economics. Moreover, we go further and examine the role of behavioural economics and the way in which it relates to the traditional model

Pro-Social Behaviours: Between Altruism and Self-interest

A widely discussed attribute in the economic literature is the prevalence of self-interest. In this article we seek to analyze the concept of altruism from the economic perspective and from the general perspective of human action. We endeavour to clarify the relative confusion around it and to analyze its relation with charity and volunteering. Then, we go further and analyse what is causing such actions. Based on this, we attempt to find out whether the pro-social actions can be considered an effect of self-interest, or, conversely, of altruism

The Economic Crisis between Liberalization and Government Intervention

Abstract: The aim of this article is to provide a brief analysis of the current financial crisis, event that represents a major economic challenge and which reinforces the eternal dispute between the two economic thoughts: economic liberalization and government intervention. The analysis focuses on clarifying how these two concepts are represented, and the ways in which they have affected (or not) the recent events. Although the main variable in the crisis equation was supposed to be liberalization, this article finds out that it is the inadequate regulation that played an important role. In order to prevent such events, it is vital to properly understand the causes of the crisis and to identify the valuable lessons that can be learned

The economic crisis between liberalization and government intervention

Abstract: The aim of this article is to provide a brief analysis of the current financial crisis, event that represents a major economic challenge and which reinforces the eternal dispute between the two economic thoughts: economic liberalization and government intervention. The analysis focuses on clarifying how these two concepts are represented, and the ways in which they have affected (or not) the recent events. Although the main variable in the crisis equation was supposed to be liberalization, this article finds out that it is the inadequate regulation that played an important role. In order to prevent such events, it is vital to properly understand the causes of the crisis and to identify the valuable lessons that can be learned

INCREASING MARKET TRANSPARENCY: THE ROLE OF THE INTERNET AND E-COMMERCE

"Cyberspace" - a concept until recently considered somewhat obscure and fantasy, has become in the contemporary era common and one of the most exciting trends in business. The emergence and development of electronic commerce represented a huge step towards facilitating economic transactions and to the increase market transparency. The latter is one of the main pillars underlying the theoretical model of perfect competition, and thus of an efficient market. This article aims to investigate how electronic commerce has increased market efficiency by increasing transparency

From Economic Behaviour to Behavioural Economics

Mainstream economics postulates the existence of an economic man endowed with rational and self-interested behaviour. The aim of this article is to analyze the relevance of this attributes, since the economic behaviour is, both, a form of human action and the object of the study of economics. Moreover, we go further with some particular objectives and examine the role of behavioural economics and the way in which it relates to the traditional model. The current events on the world stage have generated heated debates in the academic world with respect to the adequacy of the analysis of the economic models to reality. Thus, the 2007 financial crisis highlighted some lacks of the neoclassical model, which still dominates the economic analysis, and sent to a reconsideration of its foundations. We found out that, through a multidisciplinary approach, behavioural economics attempts to answer many of these shortcomings, by considering a broader analysis in the study of economic phenomena. Furthermore, the article shows how this field of study can increase the explanatory power of economics by providing it a more realistic psychological basis, given that the human behaviour is not only the subject of economics, but also of psychology and of the social sciences as a whole

THE ECONOMIC TRANSITION OF ROMANIA FROM A BEHAVIOURAL ECONOMICS PERSPECTIVE

The aim of this article is to briefly analyze the economic transition of Romania from a behavioural economics perspective. Despite the adverse effects experienced in the past regime, the paper finds out that the suitable macroeconomic policies implemented had fundamental effects, generating economic welfare and higher standards of living, life satisfaction, and happiness / subjective well-being

Pro-Social Behaviours: Between Altruism and Self-interest

A widely discussed attribute in the economic literature is the prevalence of self-interest. In this article we seek to analyze the concept of altruism from the economic perspective and from the general perspective of human action. We endeavour to clarify the relative confusion around it and to analyze its relation with charity and volunteering. Then, we go further and analyse what is causing such actions. Based on this, we attempt to find out whether the pro-social actions can be considered an effect of self-interest, or, conversely, of altruism

FREE TRADE AND THE ROOTS OF MODERN IMPERIALISM

In his work, „Nation, State, and Economy” (1919), Ludwig von Mises claims that the idea of liberalism starts with the freedom of the individual and it rejects all rules of some persons over others. This paper aims to illustrate an opposite direction, deprecating the 18th century colonial practices which have gradually tainted the pacifistic principle of liberalism with the oppressive, imperialistic goals, of the most powerful states. We focus on the British East India Company, which dominated the East Indies. We find that, under the cover of free trading, the British Superpower has often used military intrusion to acquire territories, to rule resources and, through this, to exercise power over the native population