Articles on Issue Theme
Luciana MÂRŞU
Academia de Studii Economice din Bucureşti
The latter financial crisis has led in many occasions to a reconsideration of the present economic system. Before suggesting any reform, this paper intends to observe whether the root of the business cycles is indeed a tragedy of the commons, just as we find in the works of Jesús Huerta de Soto (2010) and Philipp Bagus (2010). A comparative analysis is carried out in order to remove any confusion between the roles played by the tragedy of the commons on one side, and the moral hazard on the other. The challenge of probing the validity of a tragedy of the commons in the present banking system is assumed through the consultation of the works written by Elinor Ostrom (1994, 1996) and Garrett Hardin (1968), but also by Austrian School writers, such as Rothbard (2008) or Huerta de Soto (2010). The aim of the paper is that of ascerting whether the reconfiguration model proposed by the Austrian business cycle theory solves the tragedy of the commons under discussion.
ŒCONOMICA no. 2/2011
Keywords: financial crisis, business cycle, banking system, tragedy of the commons
JEL: B53, G01, G21, P48
Reconfigurarea sistemului bancar, ca metodă de rezolvare a tragediei comunelor
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Octavian-Dragomir JORA
Academia de Studii Economice din Bucureşti
Mara Andreea TUDOR
University of Chicago
Cătălin MURARAŞU
Academia de Studii Economice din Bucureşti
Ramona Iulia DIEACONESCU
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Maria GHEORGHE (NIŢU)
Academia de Studii Economice din Bucureşti
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