Traditional literature regarding “corporate governance” finds the “tension between ownership and management” (as it was shaped by the agency theory) to be a node in the logic of what should be the answer to the question “how the structure of the corporation property can be designated...

This paper starts from the faith and conviction that the intellectual adventured in the social sciences who is not supported by a logically consistent and naturally realistic (political) “philosophy”, a logically consistent and naturally realistic “ethics”, will enter “unarmed” the...

There is a significant amount of published empirical studies that describe the relation of the People’s Republic of China with the World Trade Organization as the vehicle through which this country has reached the goal of opening further its domestic economy by freeing its foreign trade. If...

“Cultural heritage” defines something inherited from the past that has a certain cultural significance. The closeness between economists and heritage valuation experts is relatively recent and is due both to comprehending, by the last, that resources are limited and costly, and to economists...

This study aims to build a synoptic picture of the facets of the economic category called “value”, with practicality in the tangible cultural heritage field, from the point of view of a traditionally economists-specific approach: concern for the financial sustainability of any decision....

Taxation, an essential element of an efficient public finance system, is the best way for collecting income to achive the public expenditures programs and, in the same time, a way to redistribute the income, in order to get rid of poverty and to ensure social equity. Studies on the topic of...

The central budget of a country collects only a fraction of the total fiscal revenues and executes only o fraction of the national public expenditures, the rest of the revenues and expenditures becoming the responsability of subnational governments. The economist Charles Tiebout developed a...

Cost-benefit analysis, used for the first time by the French engineer Jules Dupuit, is a practical method for measuring costs and benefits of investment projects. Costs and benefits arise both today and the future, and for that reason, in order to be aggregated and brought into comparison, it is...

This paper presents the theoretical framework for the valuation of cultural heritage and of the economic effects produced by investments in the preservation and restoration of cultural heritage. The following methods are considered: impact studies, hedonic pricing method, contingent valuation...

Externalities represent a market failure situation and they appear when one person´s activities influence other person´s welfare in a way that is outside the market mechanism. In contrast to the effects transmitted by market prices, externalities negatively affect the economic efficiency. They...