An externality exists whenever a transaction creates a cost or a benefit for a party not directly involved. Pollution, such as smoke emitted into the air or sewage poured into the water is an externality. In this paper I analyze the differences between Neo-classical and Austrian School of...

Economic development is a complex phenomenon, at least when speaking about understanding its real sources, despite the simplifying tendencies of economic growth neoclassical theories. These orthodox theories limit themselves to identifying the necessary conditions - such as capital accumulation...

This paper focuses on the role of institutions in enhancing economic growth. Attention to the institutional environment has become increasingly common in economic history and it has deeply enriched our understanding of how economies develop through time. Economic development is no longer...

The explicit and tacit (implicit) knowledge are defined by antithesis to obtain a clear delimitation between two concepts. It is emphasized the role of these knowledge in the communication between individuals and between firms (organizations, societies etc.). The human performance is appreciated...

This paper tests for the existence of a non-linear pattern in the process of real economic convergence. It uses a sample of 88 countries for the period 1980-1999.

The status of knowledge and information as development resources make us familiar with the phenomena on which The New Economy is founded. They reveal the fact that the universalisation of the scientific and technical values does not have alternative on the evolutionary level of mankind. Named...

The two main pillars of the knowledge society are Education Pillar and Research – Development – Innovation Pillar. In this paper, I analyze how knowledge society can be faster implemented in Romania. In this moment, the diagnose shows lack of compatibility between the Romanian society and...

Cognitive economics is the main pillar of the knowledge society. The concepts of cognition, evolution, interaction and institution should be considered in the comprehensive vision. In this paper, I promote the cognitive economics like consensual science. The compatibility between the Romanian...

The purpose of this paper is to propose a new model for explaining the genesis of the multidimensional concept of intellectual capital. It is a generic model since it contains the constituent entities at the individual level of the intellectual capital and their transformations into constituent...

The economic growth of the Romania is explain by improvements in total factor productivity. Between 1991 and 2004 the contribution from labor was negative as a result of labor shedding. Due to periods of contracting investment followed by weak capital accumulation, on average there was no...