Competing definitions of justice in Plato's Republic and Aristotle's Politics indicate the existence two distinct economic systems with different priorities. The three-class society Platonic economy (guardians, auxiliaries, producers) gives rise to guardians who by virtue are expected enforce output targets on producers directly or through auxiliaries. Aristotelian (rich, middle, poor) facilita...

here's a curious symmetry between the arguments propounded over the last century in advocacy of socialism and the present popular discussion of the reform of centrally planned economies. In those old discussions, the vision of socialism was utopian, which was contrasted with the Dickensian realities of capitalism. Now, the disasters of central planning are contrasted with the benefits flowing f...

Investment has been found to be a significant determinant of growth. This paper analyses the effects of institutions and transition progress on investment rates of transition economies since the collapse of the Socialist Bloc. Political institution is measured by the Freedom House’s Political Rights and Civil Liberties indexes; economic institution is proxied by the Index of Economic Freedom co...

HIGHLIGHTS Since the geopolitical developments of 1989, former centrally planned economies of Eastern Europe followed distinctively different pathways in national pharmaceutical expenditure evolution as compared to their free market Western European counterparts.Long term spending on pharmaceuticals expressed as percentage of total health expenditure was falling in free market economies as of 1...

This paper explores patterns of transformation of socialist S&T systems into postsocialist systems of innovation and their determinants. First, we reinterpret the socialist period from a systems of innovation perspective by revisiting the socialist S&T system and by pointing to its general features as well as to its national and sectoral variations. Second, we develop a conceptual model to help...

We propose applying the standard aggregate demand and supply model (AD-AS) to housing market. It is a very simple intuitive tool that can help shed light on major forces at play in market supplement use of general equilibrium dynamic stochastic models (DSGE). The latter are sophisticated aim cover many aspects economy, but they require significant number long time series estimate parameters. Ho...