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FROM SOVIETOLOGY TO THE NEW INSTITUTIONAL ECONOMICS - MEDITATIONS FROM A DISTANCE OF TWO DECADES (A szovjetologiatol az uj intezmenyi kozgazdasagtanig - Toprengesek ket evtized tavlatabol)

100%
Csaba L.
Kozgazdasagi Szemle (Economic Review)
|
2009
|
vol. 56
|
issue 9
749-768
EN
The article attempts to give an account of the changes of system in Central and Eastern Europe and of those who studied them in the last two decades. It shows how a less developed branch of economics faced a historical process that posed possibly the most difficult questions of interpretation and application for the whole discipline. An attempt is made to discover why recognition and application of the mainstream approach failed to bring resounding success for the economies of the region or for economics itself. The author examines the relation between continuity and the critical weight of reforms. Finally, an attempt is made to advance durable propositions based on analysis of this specific field through now mainstream approaches in terms of sustainable development.
2

PRICING OF DERIVED PRODUCTS AND PROBLEMS WITH IT IN TERMS OF EQUILIBRIUM THEORY (A szarmaztatott termekek arazasa es annak problemai az egyensulyelmelet szempontjabol)

100%
Medvegyev P.
Kozgazdasagi Szemle (Economic Review)
|
2009
|
vol. 56
|
issue 9
769-789
EN
The author sums up briefly the main aspects and problems to do with the pricing of derived products. The theory of derivative pricing uses the redundancy among products on the market to arrive at relative product prices. But this can be done only on a complete market, so that only with a complete market does it become possible to omit from the theory and the practice built upon it the concept of utility functions, and for that reason the principle of risk-neutral pricing is misleading. To put it another way, the theory of derived products is capable of freeing itself from the concept of utility functions only at a price where in practice it places impossible restrictions on the market structure. This it is essential to emphasize in market practice and in teaching.
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