The aspects of institutions’ influence on economic growth and the priorities of their development are studied in the article. Two complementary analytical techniques are suggested. The first one, based on the discrete institutional alternatives method, is aimed at the "institutional design"...

Subject of numerous recent debates among economist researchers, complexity economics takes a whole new approach regarding economics, namely a holistic one. Although the phrase ‘complexity economics’ is recent, the holistic approach is however not a new subject, the ideas referring to...

In our attempt to understand the causes and consequences of the most critical international financial crisis of the 21st century which, besides crushing world economies, questioned the bases of the mainstream economic theories, we focused our attention on the solutions provided by the Austrian...

Neoclassical economics, governed by the first principle of thermodynamics, based on Newtonian mechanics and centred on the rational individual, reifies the human actions and preferences in unites of measure for calculating marginal utility, determining the indifference curve and the...