Eliminating environmental problems: from discretionary policy to market solutions

Environmental problems have become in the last decades a topic of large interest. Economists have analyzed the issue from different perspectives, in an attempt to find the most effective solution for the preservation of the environment. Although significant progress has been made, there is still much room left for further improvement both in the quality of the scientific debate and in the choice of practical policy tools.environmental problems, market solutions, public goods, tradeable permits

THE QUANTITY THEORY OF MONEY AND FINANCIAL CRISES: EVIDENCE FROM THE 1997 ASIAN CRISIS

One of the most remarkable features of Asian Crisis is the fact that it has not been anticipated almost by anybody. This paper shows that using the prescription of the quantity theory of money, the crisis could have been forecasted well in advance. The root of Asian crisis is the monetary expansion initiated at the beginning of 1990s, which did not fueled a simple inflationary process, but generated an unsustainable expansion of production.quantity theory, monetary policy, asian crisis, unsustainable expansion of production

The role of foreign exchange reserves: another viewpoint

Discussion around the optimality of foreign exchange reserves has intensified recently, due to a seeming ineficient increasing of foreign reserves, especially in the developing world. This paper presents the state of this issue, challenging the conventional perspective according to which foreign exchange reserves are needed in order to preserve the stability of exchange rates.foreign exchange reserves, optimal reserves, developing countries, exchange rates

ENTREPRENORIAL ACTIVITY VERSUS ENTREPRENEURSHIP EDUCATION

Entrepreneurship is one of the fastest-growing discipline throughout the world. However, the importance of entrepreneurship in economic theory is not new and consistent interest in this topic can be traced back to almost a century ago. As with any young discipline, the role and content of entrepreneurship education remains controversial. It seems difficult to decide if entrepreneurship is rather “science” than “art”, or if can be divided between teachable and non-teachable elements, or if entrepreneurship courses should focus on the advancement of personal enterprising attributes or on the ability to start, develop and manage a firm. This paper questions the relevance and appropriateness of entrepreneurship education. The results show that there is still in important gap between the prescriptions of entrepreneurship courses and training programs, on the one hand, and the insights of entrepreneurship theory, on the other hand.entrepreneurship education, entrepreneur abilities, innovation, uncertainty, entrepreneurship theory

Japan’s economy from boom to bust

Japan’s economic evolution for the last half of the century provides us with an unique occasion to test alternative theories for growth. This short article makes a review of the main economic events and their causes. It maintains that behind Japan’s slump and deflation was the state policy which encouraged a prior unsound expansion.Japan’s economy, boom, deflation, growth theory

KNOWLEDGE AND MODELS OF CORPORATE GOVERNANCE

The issue of corporate governance has been largely debated in the literature. Conventionally, corporate governance is viewed either from a stakeholder or a shareholder perspective. This paper discusses the informational aspects of the two models of corporate governance. The role information plays in corporate governance cannot be overstated. Agents involved in corporate governance acquire, create, use and transmit information. Therefore, how the notion of knowledge is conceived is important for the analysis of alternative systems of corporate governance. Basically, there are two types of information processing: internalization and externalization. The internalization-based information processing system corresponds to the stakeholder model of corporate governance. A shareholder model of corporate governance relies on information externalization. Externalization of information is made via the market price system.knowledge, economics of information, information processing, corporate governance, market-based corporate governance

PUBLIC EDUCATION, MARKET, AND HUMAN CAPITAL FORMATION

Government’s involvement in the formation of human capital, public schooling in particular, has been amply criticized by a number of authors. It is nevertheless true that individuals can enhance their productivity to some degree if they accumulate human capital. But the process of human capital accumulation is costly, as any other investment. In this article we intend to extend the criticism to central planned education by focusing on the role education industry plays in the production structure, an issue virtually untouched in previous research.spontaneous order, human capital, public education, capital misallocation

The Richer and the Poorer facing EU funds in Romania: the case of white spots

Presentation at The 9th International Conference Economic Scientific Research – Theoretical, Empirical and Practical Approaches. "Constraints and opportunities in shaping the future. New Approaches to Economics and Policy Making," Bucharest, November 24-25, 220

“Sfârşitul economiei iluziei” – o explicaţie iluzorie [Liviu Voinea: Sfârşitul economiei iluziei. Criză şi anticriză. O abordare heterodoxă]

Pe o piaţă săracă în literatură economică, apariţia unei noi cărţi – mai ales dacă, aşa cum este cazul cu aceasta, autorul său este un economist care urcă rapid treptele afirmării publice, constituie un eveniment notabil.

Euro ca strategie politică

The enlargement of the eurozone toward Eastern Europe is considered by many as a solution for the present economic crisis.�european and monetary union, economic crisis, monetary union