This article was published in the Czech Journal “Plánované hospodářství” in 1967. This was the time of rapid changes both in the Czechoslovak economic and political theory as well as in actual economic and political systems that culminated in the “Prague Spring” of 1968. These...

This paper considers a two-production-period model in which a state-owned firm competes against a labour-managed firm. In the first production period, the state-owned and labour-managed firms simultaneously and independently choose outputs. The chosen outputs become common knowledge and then, in...

This paper considers mixed Cournot duopoly competition with two production periods in which labour-managed and profit-maximizing firms compete against each other. The paper demonstrates that there exists a subgame perfect Nash equilibrium that coincides with the Stackelberg outcome in which the...

This study does not call for any changes of emphasis regarding the political climate in nowadays Hungary. I am still convinced that the main trouble lies in the replacement of democracy by autocracy. What I set out to do here is to augment the conclusions made already, by reviewing the events of...

The Indian growth spurt of the 1980s has led DeLong (<CitationRef CitationID="CR6">2003</CitationRef>), Rodrik & Subramaniam (IMF Staff Papers 52(2):193–228, <CitationRef CitationID="CR38">2005</CitationRef>) and Kohli (Economic and Political Weekly 41(14):1361–1370, <CitationRef CitationID="CR18">2006</CitationRef>) to question the need for market reforms in the 1990s and the supporters of liberalization to argue that it...</citationref></citationref></citationref>

The scarcity of educated and experienced managers and the path dependency influence the corporate governance of the post-communist enterprises. Using the standard microeconomic tools, the paper investigates the possible similarities between the old "command economy management" and the behavior...

This paper looks at the Austrian School of Economics from the subjectivist perspective. It begins by reviewing the major architects in the Austrian School, Carl Menger, Ludwig von Mises, Friedrich A. Hayek, Murray N. Rothbard, Ludwig M. Lachmann and Isaac M. Kirzner. The paper then elucidates...