Fundamentals of protectionism in economic theory

The policy of protectionism is aimed at protecting the domestic market, implemented by regulating tax and customs barriers, reducing competition of other countries compared to goods of national producers.

Neoclassical and contract economic theory of the firm

Considering the company as an integral part of the market system, theories appeared that reveal traditional economic theory and take into account the sphere of business.

Bin Yang on the Global History of Cowries

Bin Yang correctly states that cowrie shells (250 species) and cowrie monies (two species mostly) deserve far more attention in global histories than they have received. He provides the most comprehensive view of the global history of cowries and cowrie monies to date. Multiple shell monies proliferated worldwide, but they did not concentrate within China (except Yunnan) nor within Europe. Why did specific cowries accumulate only in certain specific geographical locations? Yang establishes a general answer: cultural preferences for holding specific objects, including specific monies, determined where the shells were concentrated. He offers global evidence that, I argue, contradicts mainstream economic theory, which is based upon conceptual aggregation of diverse monies into amorphous stocks of (national or regional) money (singular). Yang demonstrates repeatedly that distinct market locations and distinct market prices existed for specific cowrie and other shell monies (plural) throughout global history. His evidence starkly demonstrates inadequacies of mainstream monetary theory (although he does not say as much). The relentless evidence of the existence of monetary disaggregation, evidence highlighted throughout Yang’s volume, demonstrates an urgent need for alternative monetary theories that portray prices and stocks of individual monies in conformity with empirical evidence provided by archival historians.

General theory of legal design in law and economics framework of commercial contracting

We need law and economics to do the scientific measurement necessary for legal design to be seen as on the stage of science. Law and economics—which is the application of economic theory, especially microeconomic theory, to the analysis and the practice of law--is a valid tool and approach to reflect on what should be empirically investigated in the practice of legal design. The neoclassical (mainstream) theoretical foundation of economic analysis of law is, however, at times far from reality as it often predicts uncooperative and even selfish behaviour. In real life people do cooperate, have empathy, emotions and even behave in an altruistic way. For those reasons, behavioural law and economics and conventional wisdom are needed to complement the teachings from standard theory in the field of commercial contracting.

Critical Analysis of the Evolving Process of Neoliberal Global Capitalism

This chapter aims to make a critical analysis of the evolving process of neoliberal capitalism globalization. It begins with the assumption that the neoliberal capitalism system is undergoing a mutation in the globalization processes as a dynamic element in continuous economic and financial crisis representing the development of the logic of capital based on the neoliberal ideology that promotes the free market. The evolving process of globalization is the history of international free trade framed by the classical liberal and neoliberal economic theory. The discussion focuses on a critical analysis of the paradigm of deglobalization as an alternative to the global capitalist regime that proposes local and regional economic protectionism solutions as an alternative to keep growing the national economies but still neglecting social justice and inequality inclusiveness and socio-ecological development.

Social Entrepreneurship: rethinking theoretical assumptions

Most of the Social Entrepreneurship (SE) literature derives its theoretical assumptions from the field of entrepreneurship in general, and more broadly, from modern economic theory. However, some thinkers notice significant gaps in existing theory and try to conceptualise SE incorporating some missing elements. In this theoretical paper, we explain the origins of contemporary SE concepts, analyse the significant contemporary SE works of leading thinkers and their theoretical assumptions. We also specify major shortcomings in existing concepts and demonstrate the possibility of filling gaps by realism, especially Aristotle’s philosophy. His distinctive realist view of human beings, including entrepreneurs, and his broader view on economics allows us to understand the essential nature of entrepreneurship, providing unique insights regarding the intellectual-volitional faculties of the social entrepreneur.

Magnitudes in Badiouʼs Objective Phenomenology and Economic Consumer Choice

The young Marx once remarked that political economy finds itself in an estranged form and is therefore in desperate need of a critical reconstruction of its object [Gegenstand]. He proposed a complete deconstruction of economic objectivity and its categories, hoping to recover the true species-life of man. In the article, we assert that contemporary economic theory remains confined by this estrangement, despite managing to ‘revolutionize’ itself out of the grip of classical political economy. The subjectivist-marginalist reliance on ‘measurable’ consumer preferences not only solidified the discipline’s estrangement, but also wrested away any remaining basic principles of economics through neoclassical reconceptualization. A break with estrangement would require novel critical economic thinking that would do away with the discontinuity between classical and neoclassical (contemporary) economics. It would therefore need a rich enough framework to scrutinize its principal categories. We argue that Alain Badiou’s objective phenomenology possesses a complementary synchronic structure able to conform to basic economic tenets, allowing for a comparative and synthetic approach. This would then be the basis for a new model of economic theorizing. We conclude the article with Marx’s value form, seeing it as a possible central category of a newly proposed economic framework.

MEASUREMENT OF THE EFFECTIVENESS OF PUBLIC AID FOR FARMS IN POLAND

Agricultural policy is an attempt to put into practice the laws of economic theory, in order to achieve goals defined by the State. This research, carried out on a sample of four groups of Polish farms, contributes to the question of how to improve short-term economic policy in order to stimulate market mechanisms for the long-term development of the sector. Using data from the Polish FADN for 2008-2019, the authors of the study apply the modified PSM method to determine the economic effects of changes taking place on farms. The research indicates that effective investments are the source of long-term development and economic success. At the same time, it shows that economic entities, by optimizing their microeconomic objective function, adjust investments to the objectives of public aid, which reduces the effectiveness of the use of financial resources.