1 Introduction This paper analyses the relationship between macroeconomic goals and tools from a reversed aspect. I deliberately break with the standard assessment of economicpolicy, based on the evaluation of macroeconomic performance (GDP growth
Economic thought and the principles of economic policy appear in a
full-fledged form in the Arthasastra of Kautilya, a text which has gained
its present form between the fourth century B.C. and second century A.D.
Although a great deal of ideas in this text concerning government and politics
reappear in the early medieval times economicpolicy
fell into totaloblivion. Kasyapiyakrsisukti, a Sanskrit
text tentatively dated from the early medieval period has come down to us in a
single manuscript and belonged to the group of forgotten Sanskrit works up to
the recent times. Verses 683-777 form a lucid treatise on economic policy which
had its roots in the Arthasastra and at the same time contain new ideas
originating from the contemporary conditions.The
type of economydepicted here reminds us of the situation in early
This paper is intended to shed some light on several aspects of Queen Maria Theresa’s urbarial regulation introduced in the Kingdom of Hungary after 1767. The author argues that her chief councillor’s, Count Kaunitz’s stance on the tax free status of the Estates of the Kingdom of Hungary largely influenced the Queen’s attitude to the Hungarian nobility, but her motifs of being compelled to protect the peasantry against seigneurial excesses were truely based on her Christian consience as well. At the same time, he also argues that the process of elaborating on a system of peasant rights and obligations towards their landlords were quite revealing of the discontent mood of contemporary Hungarian society. Finally, the paper conludes that the various provisions of the urbarial regulation of 1767 worked out by the Queen’s councillor on Hungarian affairs, Pál Festetics, had long lasting effects on the evolvement of Hungary’s land ownership rights even after the abolition of feudalism in 1848.
We investigate the most recent experiment of the state-led development approach in Brazil, and reveal some of its merits and shortcomings in the light of the current difficulties of the country. Using institutional and political economy approach we argue that under the Lula administration (2003–2010) a special economic policy mix has emerged, which although maintained some continuity with both the old Brazilian developmental state and the neoliberal reform period, can be regarded as a new model of developmental state (DS) in Brazil. The way how Brazil has achieved pro-poor and inclusive growth since the Millennium offers useful lessons for other emerging and developing countries. At the same time, economic and social processes of the last 4-5 years have highlighted the fragility of the new Brazilian developmental state model and finally led to its dismantling (while even raising questions whether it can be regarded as a DS at all).
With eight former socialist economies joining the European Union, the European Economic Area underwent substantial change. Integration co-operation, mostly through the usage of structural funds requests partners on lower level of development to catch-up (converge) to the average level of development of the Community. Williamson (1965) had shown first that indeed, there is a convergence measured on national level, the price for which, however, is a growing differentiation among the regions. Suggested way of achieving cohesion is the catching-up of less developed regions and nations. When productivity or difference in GDP per capita is taken as the most important indicator for cohesion then catching-up could be achieved by a higher than average European Union GDP per capita growth in the catching-up economies. Hence, economic growth is the key to cohesion. Trade-off theories suggest that the most important trend in international economic co-operation is the hypothetical b (beta) convergence. Convergence depends on economic policy, created competitive advantages. These factors request thorough analysis of various aspects of competitiveness: setting proper ratio between overall and regional development, achieving high-level efficiency in state administration, supporting research and development, enhancing education on all levels, and last but not least, putting in place a well-functioning economic regulation and industrial policy. Concrete challenges for the Hungarian institutional system, regulation and international cooperation are also dealt with related to the above.
The progress of post-socialist systemic transformation should be evaluated through the prism of its influence on a country’s development abilities. During twenty years of comprehensive systemic shift, gross domestic product has increased only to a limited degree, on a par with the growth of the world economy. While judging the transformation progress, not only the improvement of competitiveness and growth in terms of quantity must be taken into account, but also social and cultural aspects. Had there been a better policy co-ordination of systemic change and socio-economic development, GDP could have increased by a considerable amount more. This opportunity has been missed due to the implementation of sub-optimal if not just wrong economic policies based on wrong economic theories and the lack of ability of the ruling elites to overrun the conflicts of interests.
Unconditional basic income (UBI) is the income allotted to all members of society individually, without the need to work. The right to this income and its level are unconditional and independent of the size and structure of households. In addition, the unconditional income is paid regardless of the income of citizens from other sources. The aim of this paper is to provide a theoretical and an empirical analysis of the UBI, with particular emphasis on the genesis and the effects of introducing this mechanism. The research was based on the analysis of economics literature and empirical results. In the empirical part, the effects of the UBI pilot program implemented in various high and low economically developed countries have been taken into account. In particular, the effects of the Family 500+ program introduced in Poland have been presented, which is widely identified with the UBI program.