Spanish Abstract: La historia reciente y la evolución institucional de las economías llevan a criticar algunos aspectos de la Teoría Monetaria Moderna sobre el origen del dinero, el papel del déficit público y los impuestos. En este trabajo se propone una definición precisa del proceso de...

Development of society is important to the development of the economy. This paper uses a survey of attitudes and social norms of Bulgarians, and applies an analysis of these to the success of institutions that will help in the development of the Bulgarian economy. The analysis is based on a...

This report quantifies the trade effects of the European integration, but also highlights potentials from further integration in goods markets by addressing existing weaknesses in the implementation and enforcement of the Single Market rules in terms of goods trade, competition as well as...

Polish Abstract: Celem artykułu jest przedstawienie, w jaki sposób współczesna ekonomia ewolucyjna próbuje wprowadzić aspekt instytucjonalny do dotychczasowych badań nad zmianą gospodarczą. Dokonano w nim przeglądu głównych stanowisk zajmowanych w tym nurcie ekonomii, mającego na...

This paper proposes a formal framework to analyze the process of institutional evolution in relation with economic progress. Institutions have both formal (F) and informal (N) aspects that may exhibit varying processes of change. N is hypothesized to evolve with the level of capital stock, as in...

Studies of the 2007-09 credit crisis and the resulting recession have revealed the inadequacy of the predominant theoretical frameworks and their failure to propose adequate policy solutions. The presence in the economy of “bank money” and a financial system (not only constituted by banks)...

We present an analytical approach to institutional analysis that draws inspiration from control process engineering in the physical sciences. We characterize smart institutions as having three foundational features. First, smart institutions are context sensitive and expressly allow for a...

In this chapter, we describe the essence and role of the institutions in the modern economic systems, the main issues concerning the institutional convergence in relation to the EU integration, the institutional capital and the impact of the quality and effectiveness of the institutions on...

The theoretical literature on the economics of fiscal federalism has identified several potential effects of government decentralization on economic growth. Much of the traditional literature focuses on the efficiency aspects of a decentralized provision of public services. However,...

Concern about environmental problems has led to more attention being paid to the sustainable development objective. Social entrepreneurship, and entrepreneurship in general, show a direct relationship with this objective, due mainly to the activities carried out by entrepreneurs regarding the...