scholarly journals Vínculos entre la Escuela Austriaca de Economía y el método de la inversión en valor

2021 ◽  
pp. 255-304
Author(s):  
Diego E. Quijano Durán
Keyword(s):  
Common Sense ◽  
Jel Classification ◽  
Austrian School ◽  
Economic Calculation ◽  
Austrian School Of Economics ◽  
Value Investing ◽  
Palabras Clave ◽  
The World ◽  
The Common

The Austrian school of economics and the investment method known as value investing have a similar conception of the world, so that it is possible to find multiple links between them and form a coherent structure. To the economist, this allows for a much deeper understanding of the entrepreneurial function and the manner in which economic calculation is actually performed. To the investor, it offers a theoretical framework that explains economic phenomena, permitting him to better understand the role of the entrepreneur and to protect his investment when dangerous patterns can be observed. In this essay, we begin from the common stance of both schools of thought towards common sense, the use of realistic assumptions, the importance of prudence and the low value of complex mathematics in the fields of economics and finance. We then proceed to develop in greater depth nine aspects that have strong philosophical and scientific links. Key words: Value investing, Austrian school of economics, entrepreneurship, dynamic efficiency, economic calculation. JEL Classification: A12, G17, M20. Resumen: La Escuela Austriaca de Economía y el método de inversión en valor tienen una concepción similar del mundo que permite entrelazarlas coherentemente. Al economista, le permite profundizar el conocimiento del ejercicio de la función empresarial y la realización del cálculo económico en la práctica. Al inversor, le ofrece un marco teórico para comprender mejor el papel del empresario y los fenómenos económicos y detectar temprano patrones peligrosos y así protegerse. En este trabajo partimos de la base de que ambas escuelas de pensamiento tienen sus raíces en el sentido común y los supuestos realistas, que son prudentes a la hora de ver el futuro y que dudan de la utilidad de las matemáticas complejas en los campos económicos y financieros. Sobre ello, desarrollamos nueve aspectos en los cuales hay fuertes conexiones como, por ejemplo, la manera en que el ejercicio de la empresarialidad mejora la eficiencia del mercado y coordina los planes de las personas. Palabras clave: Inversión en valor, escuela austriaca de economía, empre-sarialidad, eficiencia dinámica, cálculo económico. Clasificación JEL: A12, G17, M20.

scholarly journals La educación de la empresarialidad en las familias empresarias

2018 ◽  
pp. 229-281
Author(s):  
Fernando Nogales
Keyword(s):  
Social Institutions ◽  
Jel Classification ◽  
Family Businesses ◽  
Austrian School ◽  
Great Similarity ◽  
Business Values ◽  
Palabras Clave ◽  
The World ◽  
Great Relevance ◽  
Specific Education

The present work aims to make visible the importance that entrepre-neurship education has for business families from the perspective of the Aus-trian School of Economics. Throughout history family businesses have always had great relevance throughout the world. Families as institutions, and compa-nies as organizations, both have proved to be always great generators of wealth. Furthermore, this work aims to analyze the great similarity that the foun-ders have in their concept of being an entrepreneur with the economic princi-ples of the Austrian School of Economics. All this has not arisen by chance, but is the result of a specific education in concrete values ​that have been transmit-ted internally from generation to generation throughout history. We will investi-gate what these family and business values ​are, i.e. how business families educate their children, before they enter the company and later, institutionally, from their involvement in it. Keyword s: Family Businesses, Social Institutions that generate wealth, entrepre-neurship education in business families. JEL Classification: A21, B53, I21. El presente trabajo pretende visibilizar la importancia que tiene para las familias empresarias la educación de la empresarialidad desde la perspec-tiva de la Escuela Austriaca de Economía. A lo largo de la historia las empre-sas familiares han tenido siempre una gran relevancia en todo el mundo. Las familias como instituciones y las empresas como organizaciones han demos-trado ser siempre grandes generadoras de riqueza. Por otra parte, este trabajo tiene como objetivo analizar la gran similitud que tienen los fundadores en su concepto de ser empresario con los principios económicos de la Escuela Aus-triaca de Economía. Todo ello no ha surgido por azar, sino que es el fruto de una determinada educación en valores concretos que se han ido transmitiendo internamente de generación en generación a lo largo de la historia. Investiga-remos cuáles son dichos valores familiares y empresariales, cómo las familias empresarias educan a sus hijos antes de su entrada en la empresa y posterior-mente, ya de manera institucional, a partir de su implicación en la misma. Palabras clave: Empresas Familiares, Instituciones sociales generadoras de riqueza, la educación de la empresarialidad en las familias empresarias. Clasificación JEL: A21, B53, I21.

scholarly journals Eficiencia técnica, eficiencia económica y eficiencia dinámica

2021 ◽  
pp. 51-80
Author(s):  
Iván Cachanosky
Keyword(s):  
Key Words ◽  
Technical Efficiency ◽  
Economic Efficiency ◽  
Jel Classification ◽  
Austrian School ◽  
Dynamic Efficiency ◽  
Austrian School Of Economics ◽  
Keynesian Economics ◽  
Palabras Clave ◽  
Production Possibilities Frontier

How to determine how much and what to produce? This is one of the great unknowns in economics. This paper proposes to study the recipes offered by the conventional economics, the keynesian Economics, and the Austrian school of economics, questioning the use of assumptions and the mathematical tools. In addition, we will analyze the concept of dynamic efficiency, which provides a contribution to the debate. The importance of analyzing the various recipes focuses on highlight that the misuse of assumptions may lead to erroneous conclusions by very logical they seem. Key words: Technical Efficiency, Economic Efficiency, Dynamic Efficiency, Production Possibilities Frontier, Indifference Curves. JEL Classification: B10, B25, B41, C61, D24, D50, O12, O33. Resumen: ¿Cómo determinar qué y cuánto producir? Esta es una de las gran-des incógnitas de la economía. El presente trabajo propone estudiar las rece-tas ofrecidas por la economía convencional, el keynesianismo y la Escuela Austriaca de Economía poniendo en tela de juicio el uso de los supuestos y de las herramientas matemáticas. Además, se analizará el con cepto de Eficiencia Dinámica, el cual brinda un aporte al debate. La importancia de analizar las distintas recetas se centra en resaltar que el uso erróneo de supues-tos pueda llevar a conclusiones equivocadas por muy lógicas que parezcan. Palabras clave: Eficiencia Técnica, Eficiencia Económica, Eficiencia Dinámica, Frontera de Posibilidades de Producción, Curvas de Indiferencia. Clasificación JEL: B10, B25, B41, C61, D24, D50, O12, O33.

scholarly journals Faustino Ballvé Pallisé y sus Diez Lecciones de Economía (1956)

2021 ◽  
pp. 13-36
Author(s):  
Manuel Martín Rodríguez
Keyword(s):  
Key Words ◽  
Jel Classification ◽  
Austrian School ◽  
Classic Work ◽  
Austrian School Of Economics ◽  
Palabras Clave ◽  
Short Biography ◽  
Almost All

Faustino Ballvé Pallisé (1887-1958), like almost all the economists of Spanish republican exile of 1939, continues being a great unknown in his own country, in spite of his influential Ten Lessons of Economics, published in several languages and in numerous editions, and at present a classic work of the Austrian School of economics. This article offers a short biography of this Catalan economist, personally and intellectually linked to Mises, and analyses the sources, the structure, the contents and the internacional reception of his Lessons. Key words: Faustino Ballvé; Austrian School of Economics; Spanish Republican Exile. JEL Classification: B31. Resumen: Faustino Ballvé Pallisé (1887-1958), como casi todos lo economistas del exilio republicano español de 1939, sigue siendo un gran desconocido en su propio país, pese a sus influyentes Diez Lecciones de Eco nomía (1965), publicadas en varias idiomas y en numerosas ediciones, y actualmente un clásico de la escuela austriaca de economía. En este trabajo se ofrece una amplia semblanza de este economista catalán, personal e intelectualmente vinculado a Mises, y se analizan las fuentes, la estructura, el contenido y la recepción internacional de sus Lecciones. Palabras clave: Faustino Ballvé; escuela austriaca de economía; exilio republicano español. Clasificación JEL: B31.

La decisión como acción humana: aportaciones de las neurociencias

2021 ◽  
pp. 13-35
Author(s):  
María Blanco González
Keyword(s):  
Evolutionary Psychology ◽  
Jel Classification ◽  
Economic Thought ◽  
Austrian School ◽  
Financial Decisions ◽  
Austrian School Of Economics ◽  
Ludwig Von Mises ◽  
Palabras Clave ◽  
History Of ◽  
Von Mises

Neuroeconomics and Evolutionary Psychology contribution to the economic mainstream along the last decade, not only in the realm of economic theory but in the analysis of risk aversion and financial decisions, is really noteworthy. But few things has been said about how these new disciplines are complementary or has something to add to what the economists thought before us. The comparison between the history of economic ideas and the new disciplines of neuroeconomics and evolutionary psychology is missing. In this article an approach is made to the theories of Ludwig von Mises, one of the most renowned members of the Austrian School of Economics. Key words: History of Economic Thought, Austrian School of Economics, neuroeconomics, Evolutionary Psychology, Ludwig von Mises. JEL Classification: B53, D87. Resumen: La aportación, a lo largo de la última década, de la neuroeconomía y la psicología evolucionista a la visión de la ortodoxia, no solamente en el ámbito de la teoría económica, sino también en el estudio del riesgo y las finanzas, es notable. Pero no hay muchos estudios que analicen comparativa-mente cómo complementan o no las ideas de los autores que nos precedieron. En este artículo se estudian algunos aspectos relacionados con las teorías de Ludwig von Mises, uno de los principales representantes de la Escuela Austriaca. Palabras clave: Historia del Pensamiento Económico, Escuela Austriaca de Economía, Neuroeconomía, Economía Evolucionista, Ludwig von Mises. Clasificación JEL: B53, D87.

scholarly journals Time, Capital, and Technological Progress in the Austrian School of Economics

2019 ◽  
Vol 57 (1) ◽  
pp. 123-144
Author(s):  
Robert W. Ciborowski ◽  
Aneta Kargol-Wasiluk ◽  
Marian Zalesko
Keyword(s):  
Driving Force ◽  
Technological Progress ◽  
Capital Outlay ◽  
Austrian School ◽  
Entrepreneurial Activity ◽  
Economic Calculation ◽  
Austrian School Of Economics ◽  
Economic Reality ◽  
Main Protagonist

Abstract The article investigates the significance of time, the nature of capital, and the role of technological progress in economic processes. The presented analysis of the three economic categories makes use of the theoretical achievements of notable representatives of the Austrian School of Economics, for whom a creative entrepreneur was the main protagonist of the interactions taking place in the economy. The above-mentioned economic categories, taken together, are for him the foundation of human activity. The time factor is of great importance for man – individuals constantly analyse historical events so as to attain success in contemporary economic reality, and in the future. Capital is the basis for economic calculation, which underpins all entrepreneurial activity. Technological progress, which happens in time and requires considerable capital outlay, is the driving force of economic growth.

scholarly journals Austroliberalismo en Ibn Jaldún

2021 ◽  
pp. 13-81
Author(s):  
Carlos Villaescusa García
Keyword(s):  
Jel Classification ◽  
Economic Thought ◽  
Spontaneous Order ◽  
Austrian School ◽  
Ibn Khaldun ◽  
Ludwig Von Mises ◽  
Palabras Clave ◽  
El Sistema ◽  
Von Mises

Ibn Khaldun’s contributions to the development of economic thought in his great work al-Muqaddima have received almost no attention in Western academia. This paper studies the similarities between the thought of Ibn Khaldun and that of the leading authors of the liberal Austrian School, including Ludwig von Mises and Friedrich August von Hayek, and The School of Salamanca. Special attention is given to Professor Jesús Huerta de Soto’s work on the theory of the impossibility of socialism. This paper also examines how statist coercion and interventionism in areas such as trade, taxation and individual rights promote injustice and will lead to the eventual demise of civilization. The work of Ibn Khaldun captured the essence of a spontaneous order and of the evolution of institutions, and refuted the theory of the divine origin of kings well before the Age of Enlightenment. Lastly, this paper touches on important economic issues of interest to Austrian liberals such as the division of labor and specialization, cooperation, the role of markets, the price system, savings as a rationale for prosperity, the relation of wealth to population, the Laffer curve, the quantity theory of money, the subjective nature of value, and the correct interpretation of history. Key words: Liberalism, interventionism, coercion, Salamanca School, Austrian School. JEL Classification: B53. Resumen: Las contribuciones de Ibn Jaldún al desarrollo del pensamiento económico incluidas en su gran obra al-Muqaddima han pasado casi desaper - cibidos en el ámbito académico occidental. En este trabajo se examinan las similitudes entre el pensamiento de Ibn Jaldún y el de los principales autores del austro-liberalismo, como Ludwig von Mises y Friedrich August von Hayek, y con el de la Escuela de Salamanca. Prestando especial atención a Jesús Huerta de Soto y su teoría de la imposibilidad del socialismo desde el punto de vista de la coacción: los efectos negativos de la interferencia del Estado en el co-mercio, los impuestos y contra los derechos individuales que derivan en la in-justicia que causa la ruina de la civilización. Mostramos cómo Ibn Jaldún capta la esencia de un orden espontáneo y evolutivo de las instituciones, refuta la teoría del origen divino de los reyes anticipándose a la ilustración ya desde la Edad Media. Y en definitiva, aspectos económicos importantes comunes con las corrientes austro-liberales como son: la división del trabajo o especialización, la cooperación, el papel de los mercados, el sistema de precios, el ahorro como condición para la prosperidad, la riqueza de las naciones por razones de mayor o menor población, el concepto de la curva de Laffer, una intuición de la teoría cuantitativa del dinero, compresión de la naturaleza subjetiva del valor, o la interpretación correcta de la historia. Palabras clave: Liberalismo, intervencionismo, coacción, Escuela Salamanca, Escuela Austriaca. Clasificación JEL: B53.

scholarly journals An explanation of current business innovation processes from the point of view of the Austrian School of Economics

2021 ◽  
pp. 217-241
Author(s):  
Joaquín Azpitarte
Keyword(s):  
Business Performance ◽  
Jel Classification ◽  
Point Of View ◽  
Austrian School ◽  
Business Culture ◽  
Business Innovation ◽  
Austrian School Of Economics ◽  
Palabras Clave ◽  
Clear Identification ◽  
Innovation Processes

The main objective of this article is to show how the Austrian School of Economics, based on solid theoretical principles, anticipated, through its main exponents, how the innovation processes, that we are currently experiencing, would develop. The clear identification of current phenomena with the “Austrian” doctrine is the greatest evidence of the full validity of these ideas. We will show, in a non-exhaustive way, how its application to the day-to-day innovation and improvement of processes and products is constant. This article is therefore an exercise in empirical illustration that could lead to future academic work. Keywords: innovation, business culture, business management, business performance, Austrian School of Economics JEL classification: O31, M14, M10, L25, B25 Resumen: El presente artículo tiene como objetivo principal mostrar cómo la Escuela Austriaca de Economía, fundamentada en unos sólidos principios teóricos, anticipó a través de sus principales exponentes, cómo se desarrollarían los procesos de innovación que vivimos actualmente. La identificación clara de fenómenos actuales con la doctrina “austriaca” es la mayor evidencia de la plena vigencia de estas ideas. Mostraremos, de manera no exhaustiva, cómo su aplicación al día a día de la innovación y a la mejora de procesos y productos, es constante. El presente artículo es por lo tanto un ejercicio de ilustración empírica que pudiera dar pie a futuros trabajos académicos. Palabras clave: innovación, cultura empresarial, gestión de empresas, rendimiento empresarial, escuela austriaca de economía Clasificación JEL: O31, M14, M10, L25, B25

“There is such a situation that Comrade Svoboda is under pressure”. The Soviet leadership and the settlement of relations with Czechoslovakia. May 1969

2019 ◽  
pp. 512-519
Author(s):  
Teymur Dzhalilov ◽  
Nikita Pivovarov
Keyword(s):  
Central Committee ◽  
Secretary General ◽  
Political Agenda ◽  
The Political ◽  
Soviet Government ◽  
Soviet Leadership ◽  
Policy Issues ◽  
The World ◽  
The Common

The published document is a part of the working record of The Secretariat of the CPSU Central Committee on May 5, 1969. The employees of The Common Department of the CPSU Central Committee started writing such working records from the end of 1965. In contrast to the protocols, the working notes include speeches of the secretaries of the Central Committee, that allow to deeper analyze the reactions of the top party leadership, to understand their position regarding the political agenda. The peculiarity of the published document is that the Secretariat of the Central Committee did not deal with the most important foreign policy issues. It was the responsibility of the Politburo. However, it was at a meeting of the Secretariat of the Central Committee when Brezhnev raised the question of inviting G. Husák to Moscow. The latter replaced A. Dubček as the first Secretary of the Communist party of Czechoslovakia in April 1969. As follows from the document, Leonid Brezhnev tried to solve this issue at a meeting of the Politburo, but failed. However, even at the Secretariat of the Central Committee the Leonid Brezhnev’s initiative at the invitation of G. Husák was not supported. The published document reveals to us not only new facets in the mechanisms of decision-making in the CPSU Central Committee, the role of the Secretary General in this process, but also reflects the acute discussions within the Soviet government about the future of the world socialist systems.

Causality Then and Now

1993 ◽  
Vol 10 (2) ◽  
pp. 165-177
Author(s):  
Karen Harding
Keyword(s):  
Quantum Theory ◽  
Common Sense ◽  
Mechanical Model ◽  
Physical World ◽  
Scientific Data ◽  
The World ◽  
The Common ◽  
The Universe ◽  
The Way

Ate appearances deceiving? Do objects behave the way they do becauseGod wills it? Ate objects impetmanent and do they only exist becausethey ate continuously created by God? According to a1 Ghazlli, theanswers to all of these questions ate yes. Objects that appear to bepermanent are not. Those relationships commonly tefemed to as causalare a result of God’s habits rather than because one event inevitably leadsto another. God creates everything in the universe continuously; if Heceased to create it, it would no longer exist.These ideas seem oddly naive and unscientific to people living in thetwentieth century. They seem at odds with the common conception of thephysical world. Common sense says that the universe is made of tealobjects that persist in time. Furthermore, the behavior of these objects isreasonable, logical, and predictable. The belief that the univetse is understandablevia logic and reason harkens back to Newton’s mechanical viewof the universe and has provided one of the basic underpinnings ofscience for centuries. Although most people believe that the world is accutatelydescribed by this sort of mechanical model, the appropriatenessof such a model has been called into question by recent scientificadvances, and in particular, by quantum theory. This theory implies thatthe physical world is actually very different from what a mechanicalmodel would predit.Quantum theory seeks to explain the nature of physical entities andthe way that they interact. It atose in the early part of the twentieth centuryin response to new scientific data that could not be incorporated successfullyinto the ptevailing mechanical view of the universe. Due largely ...

scholarly journals Contribution of Cyanotoxins to the Ecotoxicological Role of Lichens

Toxins ◽  
2021 ◽  
Vol 13 (5) ◽  
pp. 321
Author(s):  
Dobri Ivanov ◽  
Galina Yaneva ◽  
Irina Potoroko ◽  
Diana G. Ivanova
Keyword(s):  
Research Methods ◽  
Raw Material ◽  
Modern Times ◽  
Effective Application ◽  
The World ◽  
The Common

The fascinating world of lichens draws the attention of the researchers because of the numerous properties of lichens used traditionally and, in modern times, as a raw material for medicines and in the perfumery industry, for food and spices, for fodder, as dyes, and for other various purposes all over the world. However, lichens being widespread symbiotic entities between fungi and photosynthetic partners may acquire toxic features due to either the fungi, algae, or cyano-procaryotes producing toxins. By this way, several common lichens acquire toxic features. In this survey, recent data about the ecology, phytogenetics, and biology of some lichens with respect to the associated toxin-producing cyanoprokaryotes in different habitats around the world are discussed. Special attention is paid to the common toxins, called microcystin and nodularin, produced mainly by the Nostoc species. The effective application of a series of modern research methods to approach the issue of lichen toxicity as contributed by the cyanophotobiont partner is emphasized.

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