Silviu CERNA - Capitalism [Capitalismul]

Mihai CONSTANTIN - Consumerism and the Culture of Late Modernity. A Theological Interpretation [Consumerismul şi cultura modernităţii târzii. O interpretare teologică]

Gabriel BOBEICĂ - The Convergence of Evolutionary Expectations in a Dynamic IS-LM Model

Oana Maria STEPAN - The Analysis of the EU Funds Financing Capacity Correlated with the Main Macroeconomic Indices, in Romania [Analiza capacităţii de finanţare a fondurilor europene în corelaţie cu principalii indicatori macroeconomici, în România]

Emil DINGA - Q-Rationality [Q-Raţionalitatea]

Florin Dan PIELEANU - Quantifying Risk and Return in Different Scenarios [Cuantificarea rentabilităţii şi riscului activelor în diverse scenarii]

Bogdan ENACHE - Karl Polanyi and the Still Surprising Transformation [Karl Polanyi şi transformarea care încă surprinde]

Ionela BĂLŢĂTESCU - On the Nature of Economic Laws: Carl Menger and Léon Walras [Natura legilor economice în concepţia economiştilor Carl Menger şi Léon Walras]

Articles on Issue Theme

Condiţia umană este deopotrivă economică, după cum este şi spirituală, sexuală sau politică. Bunăoară, şi un “ateu bisexual comunist” trudeşte pentru hrană, straie şi adăpost. Problema economică e umbra alegerii înseşi, ce implică în lumea rarităţii: şi preferinţă, şi renunţare; şi satisfacţie, şi sacrificiu; şi beneficiu, şi cost. Felul în care în societatea modernă se acţionează în momentele critice ale contactului contondent cu realitatea rarităţii resurselor – raţională, relaţională, rivală – este purtător de consecinţe, fie că astâmpăr este căutat pentru nevoile trupului sau pentru cele ale spiritului. Iar structura economică de producţie (bazată invariabil pe capital) îşi păstrează neabătut logica dincolo de culturi.

CAPITAL: VALUE AND VALUES [CAPITAL: VALOARE ŞI VALORI]

Although Romanian authorities said they aim to establish free market economy, many officials and opinion makers and, unfortunately, quite a few economists do not seem to know very well even now – a quarter of a century since the fall of communism – what this type of economy is and how it works. The analysis of the features of this economic and social system is therefore useful.

Keywords: capitalism, communism, systemic transformation, transition

JEL: P10, P20

Capitalism [Capitalismul]

The path of nowadays society brings to our attention a subject of global concern, more specifically, a new method of human dissolution. Using statistical analysis, we now know that the individual is enslaved by cravings and excessive desire to consume, and this state of affairs led to the disappearance of the transcendent sense. Thus, he falls forever captive to a set of pleasures.

Keywords: regulation, consumerism, loss of freedom, anthropological analysis

JEL: A13

Consumerism and the Culture of Late Modernity. A Theological Interpretation [Consumerismul şi cultura modernităţii târzii. O interpretare teologică]

Keywords: expectations formation, non-rational expectations, genetic algorithm, regime switching

JEL: C63, D84, E17

The Convergence of Evolutionary Expectations in a Dynamic IS-LM Model

In this study, we aimed to present the macroeconomic context in which structural funds are absorbed and used efficiently. The authors focus to highlight to correlation between structural funds and the influences arising from the way they reacted to the main monetary and economic variables, such as Romania’s various shocks hapened between 2002 and 2013.

Keywords: projects financed from EU funds, absorption rate, financing the economic growth, EU structural funds

JEL: E32, F43

The Analysis of the EU Funds Financing Capacity Correlated with the Main Macroeconomic Indices, in Romania [Analiza capacităţii de finanţare a fondurilor europene în corelaţie cu principalii indicatori macroeconomici, în România]

The paper discusses some issues regarding the irrationality as an inherent ingredient of any effective (real) rationality model, and, consequently, of any decision or action. To this end the ways (channels) through which the irrationality occurs are examined, establishing three categories of possible irrationality: α-irrationality, β-irrationality, and γ-irrationality (containing a sub-category called γ^\'-irrationality).

Keywords: irrationality, rationality, q-rationality, para-rationality, rationality model

JEL: B41, C00, E17

Q-Rationality [Q-Raţionalitatea]

Risk and return always represented high-concern notions, both for theoreticians and practitioners in the financial area. Trying to quantify them in different scenarios (single assets, asset portfolios etc.) was a long time pursuit, because knowing them (even in an approximate manner) offers a certain benchmark, a certain sense of safety in a quite dark terrain.

Keywords: return, risk, assets, portfolio, choices

JEL: F30, G11

Quantifying Risk and Return in Different Scenarios [Cuantificarea rentabilităţii şi riscului activelor în diverse scenarii]

The main work of one of the most important representatives of a brilliant generation of Viennese intellectuals from interwar Austria, The Great Transformation by Karl Polanyi remains even today a fascinating and instructive reading, although its once prophetic character has worn-out. Both as a work of analysis and as social criticism, it has profoundly put a mark on historical sociology and economic history.

Keywords: Karl Polanyi, The Great Transformation, economic sociology, economic history

JEL: B10, Z13

Karl Polanyi and the Still Surprising Transformation [Karl Polanyi şi transformarea care încă surprinde]

The purpose of the present paper is to emphasize, on the basis of a comparative study, the differences between Neoclassical School of economics and Austrian School’s approaches regarding the nature of economic laws – especially the differences between Carl Menger and Léon Walras’s conceptions. Their ideas depend largely on how each of them conceive the role and purpose of economic science.

Keywords: nature of economic laws, Neoclassical School of economics, Austrian School of economics, Carl Menger, Léon Walras, human action

JEL: B00, B13, B40, B53

On the Nature of Economic Laws: Carl Menger and Léon Walras [Natura legilor economice în concepţia economiştilor Carl Menger şi Léon Walras]

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