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The Myth of “the Efficiency Criterion” in Economic Science

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magritte_2_bunEfficiency” is the marvellous concept based on which almost all economists build their judgements and theories since forever. But the way in which the efficiency argument has been used explains many of today’s bad aspects. Using “the efficiency criterion” on state policies has insurmountable scientific limitations. Ignoring them, due to lack of knowledge or rather out of interest, easily led

“The Epic” of Oltchim: Finding the Alternative?

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After more than two decades of transition, formal reform cycles (of a capitalist nature?), transplantation of policies unanimously declared à la Washington Consensus, European and Atlantic accessions, here we are, back to our origins, meaning back to the socialist industry that fed, apparently not a long time ago, economic nationalisms and patriotic egos. “The epic” of Oltchim,

Institutions and Prosperity (I)

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manvs-institutionAgainst mainstream considerations, the history of modern economic development does not identify itself with the history of technological progress, but with the history of “rights”, conceived as a (economical and juridical) “technology” that structures human interaction within society. This evolution is inseparable from the genesis of capitalism and of the modern system of

The Scenery of Optimal Taxation: Progressive vs. Flat Tax

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In this study I invite you to a journey on the land of tax analysis, one that is surrounded by passion and controversies. The purpose of this “journey” is to understand the possibility that the economic science can “prescribe” the optimal taxation, both when it comes to the tax regime (progressive vs. flat tax), as well as regarding the level of taxation. I will argue the need to destroy some myths

Economic Calculation Reloaded: “the Economy” of the Public Sector

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fotolia_36692129_xs_0The argument of the economic calculation does not magically vanish once we leave the institutional realm of socialism, I’d say on the contrary. In every economy considered nowadays, with frequent excesses of vocabulary generosity, a “free market” economy, there exist many instances in which the resource allocation faces totally different exigencies from those specific to

Cosmin Marinescu