This paper examines Friedrich von Wieser's theory of the socialist or communist planned economy. It identifies in Wieser's Law of Power (1926) the abiding interests that stimulated his attempt to use Carl Menger's theory of subjective value to present a theory of socialism, first in Natural...

Neoclassical environmental economics, ecological economics and free market approaches to environmental protection are currently three main schools of thoughts that are systematically focused on interactions between the society and the environment. They all have strong defenders as well as...

During 1930s and 1940s Josef Macek developed monetary theory leading to monetary policy recommendations which are deeply influenced by macroeconomic theory of John Maynard Keynes. Macek became leading Czech left-wing keynesian. His theory of money was nominalist and similarly to J. M. Keynes and...

Currently, if speaking about the theoretical background of the environmental policy, most of environmental economists have neoclassical economics in their minds. State regulation of private activities by means of restrictions, commands, taxes and fees is usually seen as the only one way to reach...

The commentary defends the central idea of current institutional social research – that institutions are significant variables influencing the human action regarding the resource allocation. This idea was strongly opposed by the scientific board of the Czech economic faculty (institutionally...

My article is an impetus for a discussion on liberal aspect of the thinking of social democratic politician and economist Josef Macek (1887-1972). In the first part I define Macek´s approach to liberalism (his understanding of the basic notions, concept of the relationship between an individual...

The aim of the paper is to set the agency problem into a broad context of New Institutional Economics with an emphasis on historical connections. In the first section, I explain the historical evolution of basic theoretical concepts like the theory of firm, the theory of market process and the...

The introductory parts of the paper analyse development of a local variety of capitalism in Slovakia from the institutional and evolutionary perspective. In early transition period privatisation policies were aimed at development of a liberal version of capitalism, based on fluid capital...

This paper deals with the recent empirical phenomenon of intraindustry trade, i.e. trade in similar goods between similar countries. It treats this phenomenon from the point of view of the theory of structure of production, highlighting the importance of sequential nature of production and...

What is the role of entrepreneurship in economic development from the perspective of neo-Austrian and new institutional economics and what is the difference between these approaches? Neo-Austrian economists claim that economic development is caused by entrepreneurial discovery. New institutional...