L'economia delle istituzioni: un'alternativa al pensiero economico ortodosso
In: Economia. Ricerche 1288
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In: Economia. Ricerche 1288
In: Revista de economia política: Brazilian journal of political economy, Band 41, Heft 2, S. 292-313
ISSN: 1809-4538
ABSTRACT This paper highlights the fact that neoclassical theory cannot explain the process of economic change. In an uncertain and ever-changing world, a theory based on static equilibrium models is of little help. Whereas we have placed the institutions at the centre of the understanding of economic systems, since they constitute their incentive structure. Thus, economic change is largely an intentional process created by individuals' perceptions of the consequences of their actions. These perceptions, coming from the beliefs of individuals, combine with their preferences. In the end, a dynamic theory of economic change will not be built, but an attempt will be made to understand the link between institutions and economic growth, the process of change, and to develop assumptions, within its limits, capable of improving the human environment and economic results.
In: Journal of economic studies, Band 43, Heft 5, S. 815-834
ISSN: 1758-7387
Purpose
The purpose of this paper is to investigate whether there is room for a stabilising fiscal policy, through an analysis of the supporters of the new classical economics and the supporters of the new Keynesian economics. There are no reliable results on the Keynesian and non-Keynesian effects of fiscal policies. As such, the policy-mix becomes a problem of theoretical approach, in the sense of a strategic game between monetary authorities and tax authorities (among them). This points to the problem of coordination between budgetary authorities as being the central debate within the Eurozone. The end-result is that without fiscal policy coordination, Eurozone member states are working on a series of non-cooperative games that are inefficient, because no player can improve its position by unilaterally changing its strategy.
Design/methodology/approach
The analysis starts from the experience of three countries in the 1980s, these are Denmark, Ireland and Sweden. In all three cases the adoption of restrictive budget policies has provoked a strong, rapid and enduring resizing of public debt, and growth did not weaken, moreover it accelerated. In all three cases the logic behind the policy-mix actions allowed the individualisation of the respective roles of fiscal and monetary policies. Fiscal policies were joining with fiscal instruments and reduction in public spending and furthermore monetary policy was accommodated in respect of the budget contraction.
Findings
First, the authors were not able to identify an analytical method that can ensure the success of a fiscal policy. Second, analysing fiscal policies within the Eurozone implies also that the authors reflect on the need for a coordination of these policies. In fact, the authors have shown how the possible coordination of economic policies in the Eurozone would result in major benefits for all member countries.
Originality/value
In the absence of fiscal policy coordination, member states are engaged in a series of non-cooperative games that prove inefficient, when no player is able to improve its position by unilaterally changing its fiscal policy. The coordination of national fiscal policies generates a collective advantage, bringing each state to consistently change its strategies.
In: Ikonomičeska misăl, Band 66, Heft 3, S. 77-114
ISSN: 2815-3189
This paper highlights the difficulties encountered in building individual decisions. In addition, possible incompatibilities can be found between individual choices and collective choices. Therefore, focus will be placed on how to transfer an analysis of rational individual choice in the context of collective choices. Voting is usually the most used expression of individual wills to arrive at the formulation of a collective decision. The model used highlights the paradox of electoral participation and hence the benefit of 'no vote'. Along the path, the difficulties encountered when one tries to transform individual preferences into collective choices through certain procedures will be examined. Therefore, other pathways should be identified in order to describe a number of decision-making procedures in the most appropriate possible way.
In: Ikonomičeska misăl, Band 65, Heft 3, S. 86-145
ISSN: 2815-3189
The increase in inequalities over the last thirty years has been supported by the statements of liberal economic thought. According to liberalists, economic inequality is a necessary condition to achieve the objectives of economic growth and market efficiency. The failure of the Efficient-market hypothesis, with the financial crisis of 2007, brings forth the need to reconsider the theoretical basis of perfect individual rationality, taking into account more realistic models of individuals with limited rationality. This is how the role of conventions in decision making comes into play, and more specifically the chapter twelve of Keynes' General Theory, through the analysis of anticipations in condition of uncertainty, where the conventional nature of the investment decision is highlighted. But the Keynesian convention is insufficient to better explain how financial markets operate, when the convention is lacking. Thus, the present paper proposes a review of the "Keynesian conventional economy", updating it in the "oriented conventional economics".
In: Journal of Educational and Social Research: JESR, Band 13, Heft 3, S. 354
ISSN: 2240-0524
The choice between progressive and flat tax systems is widely debated not only in the public finance but usually associated with political and government issues. The fiscal policies are essential key points of political platforms because of their role on the public life. Albania for several years has applied the flat tax which from that government was called the revolution tax, while since 2014 up to now is applied the progressive taxation. While the flat tax system is often highlighted for its simplicity and the administration facilities, the progressive tax system is favored for its ability to reduce income inequality and promote social justice. This paper presents a comparative study of the advantages and disadvantages of progressive and flat tax systems in Albania, with a focus on the policy implications for sustainable economic and social development. This study initially realizes a literature review on the main theoretical considerations for progressive taxation and flat taxation also reflecting the advantages and the disadvantages for each of these forms of taxation. From the practical point of view this article compares flat taxation and progressive taxation through the available data investigating the progress of each of them and the impact they have had on economic growth.
Received: 07 February 2023 / Accepted: 25 April 2023 / Published: 5 May 2023