Classical economics

This article concerns a significant yet underappreciated argument presented by Alexander Hamilton and Tench Coxe in their 1791 Report on the Subject of Manufactures in favor of protectionism: the argument from the diversity of natural talents. Whereas historians of economic thought have focused primarily on the Report's articulation of the infant-industry argument, this study reveals that Hamilton and Coxe developed an equally powerful argument predicated on the diversity of natural talents, aptitudes, and dispositions that exist among individuals. According to this argument, since individuals possess distinctive talents, aptitudes, and dispositions, the cultivation of a diverse array of economic pursuits through the use of protective measures is necessary to allow individuals to exercise their unique qualities. By undertaking an examination of the primary texts of Hamilton and Coxe, including drafts of the Report, this article suggests that Tench Coxe, as opposed to Hamilton, was the architect behind the argument, having expressed similar ideas as early as 1789. The article then presents the case that this argument represents a significant departure from Adam Smith's economic thinking. Whereas Smith downplays natural differences in individual talents and genius, Hamilton and Coxe see these differences as something fundamental and inherent to mankind, and this directly led to divergent conclusions concerning international trade policy. The article therefore challenges existing scholarship which has overstated Smith's influence on American economic thought, and reveals how early American protectionist thought rested on distinctively different theoretical foundations that would influence later American protectionist thinkers in the nineteenth century.

Profit is the main goal taken by businessmen. The amount of profit earned is used as a measuring tool to evaluate the success of a business, so the profit earned must be higher than the cost of production. Nevertheless, there are business actors who take profits that are too large to be detrimental to consumers, so it is necessary to have a good profit standard, where the profits taken still benefit the businessman and not harm the consumer. So the profit taken must be fair and balanced with the cost of production taken. One of the characteristics of a capitalist economy is to minimize capital and obtain maximum profit. Whereas in Islamic economics the profit taken must be fair according to the capital issued. Islam is not specified, but a good profit does not exceed one -third of the capital. The concept of the goal of falah in Islamic business is problematic, and the ultimate goal is the good of the world and the hereafter. In this paper, we will discuss the law of maximizing business profits in Islamic Economic Law, as well as explain the concept of profit taking in Islam.

e até um ensaio sobre "A Sujeição das Mulheres" (1869), a maior parte dos quais não está traduzida em português. Este ecletismo intelectual era mais a regra do que a excepção, no século XIX, quando a maior parte das ciências sociais ainda estava por se autonomizar, abrangendo a Filosofia e a Filosofia Social preocupações que hoje pertencem ao domínio da Economia, da Sociologia e da Ciência Política. Por isso não é de estranhar que obras de fundo económico -como a "Riqueza das Nações" de Adam Smith, ou os "Princípios de Economia Política" de J. S. Mill -incluam análises e reflexões sociológicas ou politológicas, merecendo portanto mais atenção do que é costume dar-lhes, por parte de sociólogos e politólogos. É sabido como J. S. Mill foi influenciado por seu pai, James Mill, em cujas relações se encontravam figuras tão marcantes como Bentham e Ricardo. Não admira portanto que ambos estes autores tenham exercido uma influência real sobre o pensamento de J. S. Mill, mas terá igualmente de se reconhecer que, com o passar dos anos, Mill se foi autonomizando dessas influências, estabelecendo relações intelectuais com autores muito diversos desses, como foi o caso de Augusto Comte. Não tendo sido uma figura decisiva na evolução do pensamento social, J. S. Mill é no entanto particularmente atraente pela sua total falta de dogmatismo. Colocado entre os pensadores liberais, Mill manifestou no entanto uma capacidade pouco usual para perceber o socialismo e as suas motivações, sem nunca ter aderido a essa corrente de pensamento. Particularmente fascinado com as ideias de Owen, Saint Simon e Fourier, não deixou, no entanto, de emitir reservas de uma clarividência rara sobre o socialismo. Ao mesmo tempo racional e emotivo nas suas análises, é ainda com prazer que se lê, ou relê, este autor inglês. Seria mais lógico que uma análise politológica dos escritos de J. S. Mill se fizesse a partir das "Considerações sobre o Governo Representativo". No entanto, e talvez até por ter passado mais desapercebido, pareceu-nos que um pequeno capítulo sobre a Propriedade, do Livro II dos "Princípios de Economia Política", poderia ser mais interessante para a compreensão do pensamento de Mill, na esfera da politologia. O problema da propriedade foi visto no século XIX como central, no campo das ciências sociais, dada a influência que o seu regime poderia ter, não só na organização da sociedade, mas também para a resolução dos graves problemas sociais de todos reconhecidos. Alguns autores, como Proudhon e Marx, dedicaram-lhe uma parte importante do seu trabalho intelectual, mas até autores tão distantes

This study seeks to explore the role of the political system in supporting the influence of macro variables on economic growth in the world's Islamic countries. Data obtained from the world bank during 2010-2021. The econometric model used in the research is the Generalized Method of Moments (GMM). The main finding is that the political system has a significant negative effect on growth. This negative effect is caused by the low value of the political index determined by world governance indicators. In addition, foreign direct investment and remittances are still the main variables in supporting economic growth in the Islamic countries of the world. In contrast, interest rates show negative effects on economic growth. Further results show that an ineffective political system is unable to strengthen the relationship between foreign direct investment, remittances, and interest rates on economic growth. These findings serve as an evaluation for the 2025 OIC internal implementation action program. Efek negatif ini disebabkan dengan rendahnya nilai indeks politik yang ditentukan oleh world governance indicators. Selain itu, investasi asing langsung dan remitansi masih menjadi variabel utama dalam mendukung pertumbuhan ekonomi di negara-negara Islam dunia. Sebaliknya, tingkat suku bunga menunjukkan efek negatif terhadap pertumbuhan ekonomi. Hasil selanjutnya ditunjukkan bahwa sistem politik yang tidak efektif tidak mampu memperkuat hubungan antara investasi asing langsung, remitansi, dan tingkat suku bunga terhadap pertumbuhan ekonomi. Temuan ini menjadi evaluasi untuk program aksi OKI 2025 yang saat ini masih berlangsung.

Islamic economics and finance have gained momentum globally due to the increasing demand for financial products that are aligned with Islamic principles. Islamic economics and finance have gained significant attention in India in recent years, with the Muslim population comprising approximately 14% of the total population. However, the implementation of Islamic finance in India faces several obstacles, including a lack of regulatory framework, the absence of a legal framework and tax incentives, and a lack of awareness and education about Islamic finance. These obstacles lead to a lack of demand for Islamic financial transactions and services. The paper concludes that the development of Islamic finance in India has significant potential for the country's financial sector but requires a comprehensive approach that addresses the legal, regulatory, and social challenges. The country's large Muslim population is underserved by the traditional banking system. Islamic finance could provide an alternative to conventional banking for this population. Moreover, the Indian government's recent push toward financial inclusion provides a platform for Islamic finance to contribute to the country's economic development. The present study will analyze the opportunities `

The aim of this study is to examine the relationship between intellectual capital efficiency and the firm's profitability. The importance of intellectual capital (IC) and the related philosophy of the knowledge economy have captured the attention of researchers and business enterprises in the World Trade Organization (WTO) era. IC is widely recognized as a tool that is critical to running a successful business in a highly competitive environment. Various models have been introduced to measure the numerous facets of IC, including the Skandia navigator, Tobin's Q, and value added intellectual coefficient (VAIC). This article examines the role of IC efficiency in the firm’s net profit using the VAIC developed by Ante Pulic (1998). It also investigates its correlation with the firm’s profitability, using regression models.

The political underpinnings of mainstream microeconomics
are examined by drawing on findings from the history of economic thought. By evaluating foundational concepts and notions, such as perfect
competition, diminishing returns, and methodological individualism, it is argued that marginalist microeconomics exhibits several alarming features.

The aim of this study is to examine the relationship between intellectual capital efficiency and the firm's profitability. The importance of intellectual capital (IC) and the related philosophy of the knowledge economy have captured the attention of researchers and business enterprises in the World Trade Organization (WTO) era. IC is widely recognized as a tool that is critical to running a successful business in a highly competitive environment. Various models have been introduced to measure the numerous facets of IC, including the Skandia navigator, Tobin's Q, and value added intellectual coefficient (VAIC). This article examines the role of IC efficiency in the firm’s net profit using the VAIC developed by Ante Pulic (1998). It also investigates its correlation with the firm’s profitability, using regression models.

We carry out a textual analysis of Sraffa's main published contributions to pure economics in order to elaborate a rational reconstruction of an aspect of Sraffa's implicit methodology which has not yet been duly investigated. We refer to the threefold relationship between 'economic reality', 'the economist/ observer' and 'economic theory'. We elucidate the constraints which, for Sraffa, should bind the economists' arbitrariness and we trace the elements of continuity and evolution from the 1925-6 critique of Marshallian economics to Production of Commodities.

Van Buren Denslow (1833-1902) was one of the leading figures of the American Protectionist School during the late 19th century. In spite of this, Denslow remains virtually forgotten in the history of economic thought. This article examines one of Denslow's key contributions to economic thought, namely his migratory theory of profits. Through an examination of Denslow's major writings, particularly his 1888 Principles of the Economic Philosophy of Society, Government, and Industry, this article demonstrates that Denslow developed a distinct and innovative theory of entrepreneurial profit. Not only does Denslow's theory reflect the American Protectionist's emphasis on economic diversification, it also challenges the Classical and Marxist assumption that there exists a general tendency for the rate of profit to fall within capitalist economies. Denslow's view that profit acts as an endogenous and migratory force which steers resources into new industrial pursuits offers important insights into the dynamics of innovation and the trajectory of capitalist economic development.

This paper presents estimates of labor values and prices of production following two approaches: The first, based on the classical and Marxian theory of value and distribution; while, the second is based on the so-called new solution to the transformation problem and its variant the Temporary Single-System Interpretation (TSSI). The major advantage of the latter approach is its simplicity along with the relatively low data requirements. Our empirical findings from the economies of China, Japan and South Korea suggest that both approaches give estimates of labor values and prices of production which are extremely close to each other as well as to actual market prices. On further examination, however, we conclude that our empirical findings are absolutely consistent with the theoretical requirements of the classical approach and contradict those of the TSSI.

Capital theory and the associated with it price effects resulting from changes in the distributive variables hold centre stage when it comes to the internal consistency of both classical and neoclassical theories of value. The article briefly reviews the literature and then focuses on the detected skew eigenvalue distribution of the vertically integrated technical coefficients matrices of actual economies. The findings prompt the use of the Schur triangularization theorem for the construction even of a single industry from the input-output structure of the entire economy. Such a hyper-basic industry, in combination with hyper-non-basic industries, embodies properties that may capture the behaviour of the entire economic system. Thus, we can derive some meaningful results consistent with the available empirical evidence.

Capital theory controversies and 'paradoxes' showed that, due to price-feedback effects, the wage-production price-profit rate curves may display shapes inconsistent with the requirements of the neoclassical theory of value and distribution. Subsequent findings on a number of quite diverse actual single-product economies suggested that the impact of those effects is of limited empirical significance. This paper argues that, by focusing on the distributions of the eigenvalues and singular values of the system matrices, we can further study these issues and derive some meaningful theoretical results consistent with the available empirical evidence. Consequently, the real paradox, in the sense of knowledge vacuum and, thus, requiring further research, is the distributions of the characteristic values and not really the 'paradoxes in capital theory'.

In the realm of macroeconomic theory, it is well established that investment decisions play an instrumental role in the determination of the level of output and employment; nevertheless, little progress has been made in relation to the theoretical aspects of these decisions. This paper, inspired by the classical approach to capital accumulation as well as the Keynesian theory of effective demand, attempts to enhance our empirical understanding of what determines investment decisions by exploring profitability, financial as well as demand factors. In so doing, a 'Fully Modified OLS' panel cointegration framework, for a cluster of two distinct groups of EU countries classified as core and the peripheral economies, provides the platform upon which our econometric investigation takes place. The respective evidence generated from the estimation process is in line with the theoretical framework proposed in this paper.

This paper tests the classical hypothesis of inter-industry profit rate's proclivity to gravitate towards the economy's average profit rate. In so doing, individual as well as panel unit root tests have been applied on a dataset consisting of 52 Japanese manufacturing industries spanning the period 1974-2008. The evidence generated is rather mixed in a sense that the inter-industry profit rates tendency to gravitate towards the economy's average rate of profit depends on the idiosyncratic characteristics of each industry. However, the rate of profit of regulating capitals, as this is reflected in the incremental rate of profit, displays gravitational behaviour around the economy-wide incremental rate of profit, the movement of which is found to be linked to the rate of return in the stock market. These results lend support to those who contend that the classical theory of competition is an area where further research is warranted.

This paper extends the empirical analysis of the labor theory of value using input-output data from the Korean Economy for the years 1995 and 2000. The results of the analysis suggest that the Korean economy displays similarities with a number of other economies a s regards to the proximity of labor values, Sraffian prices and prices of production to actual market prices. Furthermore, our findings of the wage-profit rates frontiers for the Korean Economy for the years 1995 and 2000 preclude the case of reswitching of techniques. This result lends additional support to the labor theory of value a s an analykal tool for the understanding of the laws of motion of modem economies.

This paper tests Bienenfeld's polynomial approximation of production prices using data from ten symmetric input-output tables of five European economies. The empirical results show that the quadratic formula works extremely well and its accuracy is connected to the actual distribution of the eigenvalues of the matrices of vertically integrated technical coefficients.

Classical economists had developed advanced theories of public debt. These theories, however, have received less attention compared with those of value and distribution. Classical theories of national debt at best receive cursory consideration and are only used to offer further justification to modern theories. Smith's discussion of the unproductive role of the state and the Ricardian equivalence theorem are examples that are found routinely in the books of public finance or macroeconomics. As for the ideas of classical economists per se these are considered inappropriate for modern economies and are ignored even in books of history of economic thought. This paper takes issue with this view and argues that the ideas of classical economists on public debt might be more relevant nowadays than is commonly thought.

This article discusses two major conceptions of competition, the classical and the neoclassical. In the classical conception, competition is viewed as a dynamic rivalrous process of firms struggling with each other over the expansion of their market shares at the expense of their competitors. This dynamic view of competition characterizes mainly the works of Smith, Ricardo, J.S. Mill and Marx; a similar view can be also found in the writings of Austrian economists and the business literature. By contrast, the neoclassical conception of competition is derived from the requirements of a theory geared towards static equilibrium and not from any historical observation of the way in which firms actually organize and compete with each other.

This paper aims to be a critical discussion about one of the
main accepted results of Ricardo’s theory of money and interest, i.e., that
the ‘natural’ rate of interest is determined by the profit rate. It will be
argued that some logical inconsistencies seem to affect Ricardo’s
representation of the tendency of the market rate of interest to the natural
rate, with the latter ultimately determined by the rate of profits. According
to Ricardo, exogenous changes in the supply of, or demand for, money
generate short-run changes of the money-prices ratio and the market
interest rate, and permanent changes in the price level play the role of
bringing them back to their natural values (the natural rate of interest
being taken as a fraction of the natural profit rate). We will try to show
that the convergence process envisaged by Ricardo seems to be not free
from some critical considerations about its internal coherence if one takes
into due account what he conceives to be the specific inducement for the
public to borrow a larger quantity of money at a lower interest rate—
namely, an above normal difference between profit rate and interest rate
- together with the main institutional features of a monetary system.

This paper examines the Indian reception of Sraffa’s Production of Commodities by Means of Commodities (1960) by focusing on book reviews published in prominent Indian journals. While Krishna Bharadwaj’s review in The Economic Weekly (1963) has received significant scholarly attention, this has not been the fate of Sukhamoy Chakravarty’s review in Arthaniti (1961) and J. K. Mehta’s review in the Indian Journal of Economics (1962). In Bellino’s (2008) book chapter focused solely on book reviews of PCMC, there is only a brief engagement with Bharadwaj’s review and the book reviews of Chakravarty and Mehta are only mentioned. From my study of the Indian book reviews, the following key themes emerge: a restatement of key propositions of classical political economy, a critique of marginalism, the relationship between economic theory and policy, and similarities with input-output analysis—thus placing these reviews, especially that of Bharadwaj, as some of the best ones that were published.

Spiritual capital is essential for promoting the quality of economic growth. Spiritual capital is a multidimensional and flexible concept. Consequently, the concept has been discussed in numerous social science and humanities disciplines, such as theology, economics, sociology, etc. The discussion has

Islam as an important force that influences economic development and business performance and it is not impediment to business development, entrepreneurship and skill acquisition. Its economic system view of entrepreneurship is an integral part of wealth creation for Muslims. The objective of this paper is to see how the concept of Islamic dignity of labour could assist Muslim participants in the area of entrepreneurship. The methodology of this research is theoretical, hence; it applied qualitative approach. The data collection was conducted through personal views of experts in the area of Islamic worldview, Islamic entrepreneurship, ethics and understanding of al-Qur'an, Sunnah and other Islamic sources. There is no doubt that if the Islamic concept of dignity of labour is adhered to, it would assist the Muslims to identify the lawful and the unlawful aspects of participation in the area of entrepreneurship. Findings showed effect of the Islamic ethical model on the Islamic entrepreneurship design. It is therefore recommended that whatever role the Muslims want to play in the area of entrepreneurship, the ethics inherent in the Islamic concept of dignity of labour should be applied

18. yüzyıl İskoç filozofu ve iktisatçısıdır. Onun görüşlerine göre, insanlar doğuştan gelen empati ve vicdan duygularına sahiptir. Empati, insanları birbirlerine yardım etmeye yönlendirir. Smith, bencil dürtüleri dengelemek için tarafsız bir gözlemci kavramını kullanır. Tarafsız gözlemci, objektif bir perspektif sunarak adil kararların alınmasına yardımcı olur. Sempati ve tarafsız gözlemci kavramları, Smith'in ahlaki düşüncelerini şekillendirir ve Hutcheson ve Hume'un duygu temelli ahlak anlayışlarıyla etkileşim halindedir. Smith, ekonomiyle ahlak arasında yakın bir ilişki olduğunu savunur. Özgür piyasa mekanizması, insanların kendi çıkarları doğrultusunda hareket ettiği bir ortamda toplumun refahının artabileceğini öne sürer. Ancak, bu sistemin ahlaki bir temelde işlemesi gerektiğini vurgular. Smith'in felsefesi, insanların empati ve vicdan duygularına dayanan bir perspektife sahip olduğunu vurgular ve bencil dürtülerle mücadele ederek tarafsız bir gözlemci olarak adil kararlar alabileceğimizi ifade eder. Aynı zamanda ekonomiyle ahlak arasındaki ilişkiye önem verir ve özgür piyasanın toplumsal refahı artırabileceğini, ancak ahlaki bir temelde işlemesi gerektiğini belirtir.

Ръководител на проектадоц. д-р Марчо Марков Автори: Първа част Първа глава, 1.1. -доц. д-р Марчо Марков, проф. д.с.н. Георги Найденов; 1.2. и 1.3.проф. д.с.н. Георги Найденов. Втора главапроф. д.с.н. Георги Найденов. Трета глава, 3.1., 3.2., 3.3. 3.4. и 3.5. -проф. д.с.н. Георги Найденов, 3.6. -доц. д-р Марчо Марков. Четвърта главапроф. д.с.н. Георги Найденов. Пета глава, 5.1., 5.2., 5.3., 5.4., 5.5. -гл. ас. д-р Веселина Атанасова, 5.6. -доц. д-р Марчо Марков. Шеста главадоц. д-р Атанас Атанасов. Седма главачл.-кор. проф. д.ф.н. Васил Проданов. Осма главадоц. д-р Иван Чалъков. Девета главадоц. д-р Иво Христов Втора част Първа главапроф. д.с.н. Георги Найденов. Втора главапроф. д.с.н. Георги Найденов, доц. д-р Калоян Харалампиев. Трета главапроф. д.с.н. Начко Радев. Четвърта главапроф. д.с.н. Георги Найденов. Пета глава, 5.1. -проф. д.с.н. Георги Найденов; 5.2. -проф. д.с.н. Георги Найденов, доц. д-р Марчо Марков, доц. д-р Калоян Харалампиев; 5.3. -проф. д.с.н. Начко Радев, доц. д-р Калоян Харалампиев. Всички права са запазени! Не се разрешават копиране, възпроизвеждане и разпространение на книги или на части от тях по какъвто и да е начин без писменото разрешение на Издателския комплекс -УНСС. Авторите носят пълна отговорност за оригиналността на произведението, както и за грешки, допуснати по тяхна вина.

Ethics is the conduct that is transmitted from the understanding of norms into a person's attributes. The essential of exalted ethics, especially regarding Shariah compliance has a strong basis of knowledge as it depends on the Quran and Sunnah. The delivery of knowledge for Islamic Finance while possessing Islamic Ethics is vital for weighing Shariah compliance in a holistic manner for the conquest of Finance Technology (FINTECH). It is important to note that numerous prior researchers have done most of the research that regards Islamic Ethics. The secondary data of the Maqasid al-Syariah variables from Islamic financial institutions of specified sectors is to be taken for assessment. The partial least squares structural equation modelling (PLS-SEM) method was the main statistical technique to be employed in this study. This study fits its real purpose by offering an accurately precise mode of Islamic Ethics in influencing the accomplishment of Islamic Fintech. In particular, the study of Islamic Ethics influences the direction of the religious aims as well as the accurate application of Islamic Fintech.

Richard Cantillon ( ) is credited with the discovery of economic theory and was the first to fully consider the critical role of entrepreneurship in the economy. Cantillon described entrepreneurship as pervasive and endowed the entrepreneur with the most pivotal role. Using a sample of models from Cantillon's Essai, we provide evidence that his theory of the entrepreneur is the tool by which he constructed economic theory and that absent the entrepreneur his constructions fail. We believe that Cantillon offers a "new" theory of the entrepreneur that can strengthen entrepreneurship and economic theory by understanding the economic role of the entrepreneur.

Resumo: O artigo analisa as características da economia política cristã presente na obra de Thomas Chalmers, mais especificamente em seu ensaio On Political Economy, publicado originalmente em 1832. Busca-se apontar para a importância histórica de um autor frequentemente esquecido nos estudos sobre o pensamento econômico, explorando as interlocuções entre o evangelismo e a economia política presentes na sua obra, bem como seu esforço para desenvolver aspectos presentes na teoria malthusiana e apresentar, também, contribuições próprias ao campo da economia. Palavras-chave: Economia política. Pensamento econômico. Thomas Chalmers.

The objective of the research was to relate the Hofstede cultural adjustment index, The Heritage Foundation economic freedom index and the gross capital formation of the World Bank. The hypothesis was that culture (X) has a strong influence on: freedom (Y) and gross capital formation (Z), in turn freedom has a strong relationship on capital. The results lead us to the following: the hypothesis between (X);(Y) is accepted because individualism has correlational values between +0.1055 and +0.6697; satisfaction with values between +0.0249 and +0.2729; long term with values between +0.0474 and +0.2504. The hypothesis between (X);(Z) is accepted, which shows values: individualism values between +0.2108 and +0.4000; masculinity between +0.20 and +0.2722; satisfaction +0.1352 and 0.2203; long term +0.0578 and 0.1352. The hypothesis between (Y);(Z) is accepted with the following positive correlational values: judicial effectiveness +0.5559; financial freedom +0.5449; tax burden +0.5409; labor freedom +0.5397; trade freedom +0.5219; fiscal health +0.5211. The conclusion is that individualism is the Source value of freedom and capital formation. The economic freedoms that offer the best conditions to capital are: judicial effectiveness, financial freedom, tax burden, labor freedom, commercial freedom and fiscal health.

След 1989 г. у нас бе създадена невярната представа за политическата икономия като за дисциплина, свързана еднозначно с държавния социализъм и неговата марксистколенинска политическа икономия. Поради това и преподаването на тази дисциплина бе прекратено и тя бе заменена с макро-и микроикономикс, които се разглеждаха като идеологически неутрални и съответстващи на реалностите на пазарната икономика. Наложиха се представите на неокласическия икономикс, наблягащ на пазарната среда и пазарните субекти и склонен да подценява или пренебрегва политическите фактори. Това бе свързано с изключително тежката за българската икономика и за България представа, че икономиката може и трябва да се развива без политическа намеса, че "държавата е лош стопанин" и тя (икономиката) може и трябва да се разглежда като повече или по-малко независима от политиката реалност. Световната икономическа криза през последните години обаче показа, че без държавата и политици, които са добре обучени, за да реализират успешна политика в икономиката, държавите изпадат в тежко състояние. Политическите фактори имат решаващо значение за икономическите резултати. Погледът към водещите западни издателства и университети показва също, че това не само, че е запазваща силни позиции сфера на изследвания, дисциплина и специалност, но че и претърпява днес даже в известен смисъл възраждане. Робърт Гилпин отбелязва: "Изучаването на политикономията сега е много модерно сред историци, икономисти и социолози." 2

Significant changes in the society starting from the end of last century, have transformed the industrial age into the new post industrial age, which could colloquially be denominated as information age. One of vital characteristics of that economy is the transition from matter management to data management. Data is, at the same time, a basis for business processes management, a means for completing business processes, as well as a product of business processes. Thus, data is simultaneously a raw material, as well as semi-finished goods and finished goods, but also a management resource and company equity. The thesis that data resources are the key to a successful business of a modern business entity is today accepted in an axiomatic manner, in theory. Therefore, a question whether the power of a business entity in contemporary circumstances of doing business should be measured by the value of its tangible assets as it was done in the industrial age should be rightfully raised, or is its value a product of its intangible assets, i.e. its organized repositories of data, information and knowledge. In the bookkeeping assessment of the economic value of a business, material assets are still the key factor, and accounting is the only activity oriented towards maintaining the material essence of a business. Such accounting is not updated, therefore it is necessary to implement new ways of bookkeeping assessment of the economic value of a business, which shall accept the value of data, information and knowledge that the business possesses.

Significant changes in the society starting from the end of last century, have transformed the industrial age into the new post industrial age, which could colloquially be denominated as information age. One of vital characteristics of that economy is the transition from matter management to data management. Data is, at the same time, a basis for business processes management, a means for completing business processes, as well as a product of business processes. Thus, data is simultaneously a raw material, as well as semi-finished goods and finished goods, but also a management resource and company equity. The thesis that data resources are the key to a successful business of a modern business entity is today accepted in an axiomatic manner, in theory. Therefore, a question whether the power of a business entity in contemporary circumstances of doing business should be measured by the value of its tangible assets as it was done in the industrial age should be rightfully raised, or i...

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Keynesianism is a form of neoclassical liberalism which distinguishes itself from contemporary neo-liberalism by a higher realism regarding the limits of its theoretical analysis of unemployment. However, both Neoclassicals and Keynesians think it possible, after an accurate diagnose of the problem, to find out the appropiate recipees to cure unemployment in the framework of the capitalist system. After reviewing both explanations, a third, heterodox view is offered, according to which the value of the labour force, as that of any other commodity, is determined by its costs of social reproduction (ultimately, in labour terms). This commodity is supplied in the magnitude given by social conditions determining the size of the active labour force. When capital accumulation develops itself healthily, the market labour approaches full employment; whereas after an overaccumulation crisis and depression the demand of labour shrinks, with no possibility for any force --including government policies--to convince the capitalists that they should lose more money by hiring more workers. As long as the economy is based on private profits, it is illusory to hope an end to both a cyclical behaviour of unemployment and a trend towards its long-run increase, as it is the case with any other commodity, ruled by the same "airbag logic". As for the policy implications, my view is that theorists should, beginning with the third approach, redirect their focus from the very limited possibilities of finding out the way to a lower rate of unemployment inside the capitalism, towards the effort to build up an alternative with profits replaced by another engine of the economy. My case is for a simple reform consisting in linking the decentralized and equal "remuneration" to every individual to their status as citizens (not to that of labour suppliers) which amounts to make the labour market unnecessary.

The American Protectionist School, which originates with the ideas of Alexander Hamilton and his contemporaries, represents an underappreciated and often poorly understood school of economic thought. The following piece provides an outline of the author’s dissertation entitled ‘American Protectionist Thought: The Economic Philosophy and Theory of the 19th Century American Protectionists’. The main contribution of the dissertation is the rediscovery and reconstruction of the system of economic philosophy and theory developed by the nineteenth-century American Protectionists. In reconstructing this system, the dissertation demonstrates that the American Protectionists represent an original, coherent, and systematic school of economic thought, and one which held its own against other nineteenth-century schools. Central to the doctrine of the American Protectionists is the view of the economy as inventive and dynamic. In expositing this position, the American Protectionists emphasised Man’s ingenuity, the role of invention, and the diversity of talents and aptitudes which exist among individuals. The following outline will touch upon these insights, as well as other insights documented in the dissertation.

Джон Роджърс Комънс (1862-1945) е водещ представител на американския институционализъм от първите десетилетия на 20 век. Трудовете му в областта на политическата икономия и социологията поставят началото на специфичен институционален подход, в който институциите са разбирани като колективни действия в рамките на съществуващите обществени норми (закони, обичаи, навици). Комънс въвежда в икономическата теория трансакцията (сделката) като най-малката единица на анализ. Изследванията му на трудови-те пазари, ролята на правните норми, както и работата му в сферата на социал-ното законодателство го превръщат в един от водещите автори в школата на стария институционализъм. ||

Abstract. John Rogers Commons (1862-1945) was a prominent representative of
American institutionalism in the early decades of the 20th century. As a political
economist and sociologist, he developed an institutional approach, defining institutions
as collective actions which take place within given norms such as law, habits, and
customs. Additionally, he introduced the transaction as the smallest unit of
interaction in economic theory. Commons' studies of the labour market, the role of
law, and his social policy work in legislation made him one of the most influential
proponents of old institutional economics.

A century ago, great entrepreneurs of American capitalism created major research universities. Today, donations are largely being channeled to the most successful universities. This paper explores the impact of entrepreneurial philanthropy on the creation and endowment of universities. It presents an integro-differential model that yields a nonlinear relation between university endowment and quality. Empirical tests validate the model, showing that university quality bears a nonlinear (quadratic) relationship with private giving (endowments).

Целта на студията е да се анализират общотеоретичните проблеми на възникването, развитието и състоянието на психотерапията. Разгледани са възгледите за същността на психотерапията в хронологичен ред, започвайки от Древността, през Античността, Средновековието, Новото време и Модерното време. Обсъжда се развитието на концепциите за психотерапевтична помощ и тяхното влияние върху разбирането на човешкото функциониране.

Целта на студията е да се анализират общотеоретичните проблеми на възникването, развитието и състоянието на психотерапията. Разгледани са възгледите за същността на психотерапията в хронологичен ред, започвайки от Древността, през Античността, Средновековието, Новото време и Модерното време. Обсъжда се развитието на концепциите за психотерапевтична помощ и тяхното влияние върху разбирането на човешкото функциониране.

In den vergangenen Jahren erfuhr die Debatte um den Begriff des Klassismus in deutschsprachigen akademischen und journalistischen Debatten zunehmende Aufmerksamkeit. Eine Reihe marxistischer Autor:innen kritisierte den Klassismus-Ansatz als oberflächlich. Die ökonomische Grundlage des Klassenantagonismus in der kapitalistischen Ausbeutung werde im Rahmen der Klassismus-Theorie ausgeblendet. Obwohl wir die meisten Argumente der Kritiker:innen teilen, argumentieren wir, dass die Klassismus-Theorie einen wichtigen Punkt bei der Beschreibung der Stratifizierung der Arbeiter:innenklasse trifft. Wir wollen zeigen, dass eine solche Stratifizierung systematisch in eine Theorie des idealen Durchschnitts des Kapitalismus eingeführt werden kann, indem wir diese mittels marxscher Formanalyse und klassischer Produktionsmodelle analysieren.

The recognition of the social and economic role of entrepreneurship has brought to the fore the question of what influences entrepreneurial ideas and how entrepreneurship can be encouraged. One possible route to an entrepreneurial career is to take over the family business. This article focuses on the pre-succession period and examines the factors determining students' decisions to take over the family business, using the sample of Visegrad countries from the 2018 GUESSS (Global University Entrepreneurial Spirit Students' Survey) database. Our results show that some factors influencing the family business's succession are company-specific (such as the size and performance of the company). Others depend on the students' commitment (ownership, involvement in the work) and individual characteristics (attitudes, self-efficacy) and are also determined by the perception of the student's environment about the succession.

This study seeks to explore the role of the political system in supporting the influence of macro variables on economic growth in the world's Islamic countries. Data obtained from the world bank during 2010-2021. The econometric model used in the research is the Generalized Method of Moments (GMM). The main finding is that the political system has a significant negative effect on growth. This negative effect is caused by the low value of the political index determined by world governance indicators. In addition, foreign direct investment and remittances are still the main variables in supporting economic growth in the Islamic countries of the world. In contrast, interest rates show negative effects on economic growth. Further results show that an ineffective political system is unable to strengthen the relationship between foreign direct investment, remittances, and interest rates on economic growth. These findings serve as an evaluation for the 2025 OIC internal implementation action program. Efek negatif ini disebabkan dengan rendahnya nilai indeks politik yang ditentukan oleh world governance indicators. Selain itu, investasi asing langsung dan remitansi masih menjadi variabel utama dalam mendukung pertumbuhan ekonomi di negara-negara Islam dunia. Sebaliknya, tingkat suku bunga menunjukkan efek negatif terhadap pertumbuhan ekonomi. Hasil selanjutnya ditunjukkan bahwa sistem politik yang tidak efektif tidak mampu memperkuat hubungan antara investasi asing langsung, remitansi, dan tingkat suku bunga terhadap pertumbuhan ekonomi. Temuan ini menjadi evaluasi untuk program aksi OKI 2025 yang saat ini masih berlangsung.

This study delves into the intricate relationship between Islam and economic growth, examining how Islamic teachings impact economic policies and developmental outcomes. Using data from 47 countries over the period 2010-2021, and to achieve our research objectives the CS-ARDL estimating technique by Chudik et al. was employed. The research reveals that Islam positively influences economic growth in Muslim countries in the long run, with a less significant impact in non-Muslim countries. The study emphasizes the role of Islamic education in shaping the behavior Original Research Article