The capital structure of firms that face restrictions on liquidity (i.e. that cannot hedge continuously) is affected by the agency costs and moral-hazard implicit in the contracts they establish with stockholders and customers. It is demonstrated in this paper that then an optimal level of...

Over the past century, the institution of capital and the process of its accumulation have been fundamentally transformed. By contrast, the theories that explain this institution and process have remained largely unchanged. The purpose of this paper is to address this mismatch. Using a broad...

To define the nature and scope of economics has always been a controversial point in the academia. Though, economics is the social science that analyzes the production, distribution, and consumption of goods and services, its uses with political intentions to implement social agenda of the...

The monetarism, as I have tried to outline in this work is based on the ideas of the American professor Milton Friedman, who tried to revitalize and reconfigure the old quantity theory of money. These ideas were transposed and discussed by authors like Ion Pohoață, Tiberiu Brăilean or Al....

Presented in this article is an analysis of the relationship between the Index of Economic Freedom and indices of economic growth, i.e. GDP per capita and the Human Development Index. The McPherson coefficient of correlation was calculated from several different perspectives. Described in the...

State involvement in the economy and society in general was and is still a fundamental problem, being approached by the all schools of economic thought. Its role was perceived differently from one historical stage to another and from one country to another, always constituting itself in a matter...

This is the general relation held by the author at the Conference on "Epicarmo Corbino, economista, ministro, politico", organized in Naples, 3-5 June, 2010, by the Istituto Italiano per gli Studi Filosofici. It traces a scientific portrait of this Italian liberal economist, who played an...