Human Nature And Cyclic Character Of Economic Crises

Crisis clearly distinguishes itself from the large mass of economic phenomena through its provocative force, which fuels theoretical discourse. The more harmful, the more generous the energies it deploys and consumes for explanatory and obstacle overcoming purposes. The result is that every crisis teaches us a lesson. What interests us is who writes and who learns from this lesson, and if they do. Then we try to find why serious crises, like the current one, occur once or twice in a century. What is the role that big world market players have in crisis “preparation”, onset and resorption? Do solutions originate in the state’s support or in the market? Does globalization erase national borders in such situations? How and to what extent real economy may penalize a guilty party that constantly comes from nominal economy? What are the problems raised by such an outcome for the strategy to follow and for economic sciences in general, etc.?crisis, Keynes, truth, compromise, market, state, human nature, speculation, indebtedness, personal calculation

The Institutional Dimension Of Hayek’s Work

Hayek is not an institutionalist in the usual sense. As he did not belong to any school, the relationship with institutionalism was not an exception. However Hayek alone is a school, a world of ideas. One having powerful contact points or interference areas that are both the object and subject of a complex research called NIE (New Institutional Economics) for more than three decades. Influence is not our concern here. However, we believe that if neoinstitutionalists considered him as one of „their own”, as Adam Smith should proceed, they would have a lot to gain. Being close to their names would bring them more glory. They have enough reasons to do it. Topics such as spontaneous and manufactured order, the type of order in a free society, the rules – source of the state, the source of good rules of conduct, etc., the fertile dialogue with spirit aristocrats such as Hayek or Smith could bring only gains.institutions, spontaneous and created order, Hayek, rule of law

AN INSTITUTIONALIST OUTLOOK ON THE ORIGINS OF PROPERTY FROM THE PERSPECTIVE OF TRANSACTION COSTS

In new institutionalists’ analysis, the transaction costs are essential in explaining the origin of private property; however, this aspect is not that obvious in old institutionalists’ works. But even if they did not emphasize on this issue, they created a theoretical-explanatory background used and enriched with logical arguments and numerous examples by the new institutionalists in order to point out that it is not possible to explain the origin of property rights without taking into account the transaction costs theory.institutionalists, new institutionalists, property, transaction costs, allocation, appropriation, exclusion, delimitation, arrangement of rights, externality

An Institutionalist Outlook On The Origins Of Property From The Perspective Of Transaction Costs

In new institutionalists’ analysis, the transaction costs are essential in explaining the origin of private property; however, this aspect is not that obvious in old institutionalists’ works. But even if they did not emphasize on this issue, they created a theoretical-explanatory background used and enriched with logical arguments and numerous examples by the new institutionalists in order to point out that it is not possible to explain the origin of property rights without taking into account the transaction costs theory

The independence of Central Banks, a reductio ad impossibile

This paper testifies to the fact that the independence of the Central Banks, as stated by its founding fathers, is nothing more than a chimera. We demonstrate that the hypothesis inflation is a purely monetary phenomenon does not support the plea for independence. Moreover, we show that the conservative central banker, the imaginary Principal-Agent contract, the alleged financial autonomy, just like the ban on budgetary financing, are all arguments that lack logic. We equally show that the idea of independence is not convincing because its operational toolbox, as well as the system of rules it relies on, lack well-defined outlines

A REINTERPRETATION OF SUSTAINABILITY UNDER THE SIGN OF CONSPICUOUS CONSUMPTION

Sustainability is usually constructed in terms of environmental preservation or of replicating a certain output level. To challenge the status-quo, we argue that it is a matter of preserving a certain version of social order, which can only be replicated by a trickle-down pattern of conspicuous consumption enforced by the efficiency gains and productivity achievements of the given socio-economic system. We also present a different view on the relation between sustainability and time by conceiving longevity as a measure of the physical changes that the system undergoes rather than the classical acceptation of a period determined by two temporal coordinates. This allows us to propose a classification of time, distinguishing between cyclical and chronological time based on the physical changes required to create the sense of progression, in each of the two cases. We relate our theoretical propositions to anthropological, sociological and historical facts, culminating in a short exposition of the way in which sustainability has been transformed from a matter of survival to one of ever increasing consumption and expanding output

About Crisis. A Short and Joyless Description

Crisis clearly distinguishes itself from the large mass of economic phenomena through its provocative force, which fuels theoretical discourse. The more harmful, the more generous the energies it deploys and consumes for explanatory and obstacle overcoming purposes. The result is that every crisis teaches us a lesson. What interests us is who writes and who learns from this lesson, and if they do. Then we try to find why serious crises, like the current one, occur once or twice in a century. What is the role that big world market players have in crisis "preparation", onset and resorption? Do solutions originate in the state’s support or in the market? Does globalization erase national borders in such situations? How and to what extent real economy may penalize a guilty party that constantly comes from nominal economy? What are the problems raised by such an outcome for the strategy to follow and for economic sciences in general, etc.

Nicolae Georgescu Roegen. De la cauza - efect si aritmomorfism la dialectica

Although exceptionally endowed for mathematics which he comprehended and used extensively, Nicholas Georgescu-Roegen has considered that the dialectical method is more suitable than arithmomorphism for social sciences and especially for economics. In order to support this idea, this paper brings forth the following arguments: the huge complexity of economic life, the close connections between economic, social, cultural, political, and psychological factors, economics permeated by history, etc. All this requires the use of dialectics and empathy rather than mathematics. Yet, Roegen accepts the arithmomorphic model but strictly as a tool and only accompanied by dialectical argumentation which is the only one to highlight change, quality, and novelty.aritmomorfism, dialectica, cauzalitate, paradigma, pozitivism, model