Suchergebnisse

Abstract
It is argued in that paper that Hayek came out the winner in the debate opposing him to Keynes. Keynes argued in favour of specific economic policies without a prior analysis of the causes of business cycles. His discussion of economic policy is backed on an ad hoc account of cycles that would, according to him, be based on the irrationality of economic actors and the non-effectiveness of price adjustments. As a result, he says, quantities have to adjust which leads to unemployment. Hayek and the Austrians propose, by contrast, a well-articulated theory of business cycles rooted in a micro-economic approach (agents are rational, albeit badly informed). This leads them to identify the source of the cycle in monetary shocks. In our modern economies, as in the Austrian theory, economic policies conducted by the states are the main driver of the cycles. The consequences of this analysis in terms of economic policy are clear: When excessive regulation and fiscal burden cause a recession the solution must be found in tax cuts and deregulation, not in (Keynesian) monetary or fiscal policies that will do nothing but foster mal-investment.

Abstract
Human activities have become more and more internationalized in the course of recent decades and globalization is a major fact of our time. Latest changes in economics, politics and technology are not always well understood and well accepted. Many people consider globalization as detrimental since it is assumed that it destroys jobs in developed countries because of the alleged competition from low-wage countries, and that it could lead to a "standardization" of lifestyles and even cultures. Some wrongly believe that given these dangers, the economic globalization should be accompanied by globalized economic policies, that actually curb freedom of trade. Our article clarifies the meaning of freedom of trade and competition, underlines the fact that there are two radically opposed approaches to integration and discusses, finally, accomplishments or projects concerning taxation, regulations, monetary integration and banking union.

On peut montrer de manière rigoureuse que l'impôt est par nature destructeur des incitations productives, « antidémocratique » par manque de transparence, arbitraire, déstabilisant et injuste. Or les mérites que certains lui attribuent sont incapables de compenser ces défauts considérables. C'est pourquoi il serait toujours souhaitable de chercher à remplacer le recours à l'impôt (et à la dépense publique correspondante) par la liberté de choix et la liberté contractuelle des individus.

It can be shown rigorously that the way tax is destructive nature of productive incentives, 'undemocratic' by lack of transparency, arbitrary, unfair and destabilizing. But the merits that some attribute to him are unable to compensate for these considerable defects. That is why it is always desirable to seek to replace the recourse to tax (and the corresponding public expenditure) by the freedom of choice and the contractual freedom of individuals. Adapted from the source document.

Globalization brings the perceived need for offsetting the effects of deregulation & world competition through harmonization & regulations. The author searches for an acceptable explanation for this approach & for counterarguments to explain its errors. The optimal degree of diversification & homogenization is determined by competition as producers are given free entry into markets. The current transformation of productive structures from big production units to a network style of producing suggests that a transformation of nations could evolve in parallel; functional federalism & competition are preferable to political integration. Harmonization is essentially the suppression of differences; whereas in a free market people seek for optimal differentiation. It is the diversity of standards, not set rules & standards, which bring innovations & profits to consumers. International public goods result in no one bearing direct responsibility for damages caused to specific individuals. It is the network of individuals, interdependent, but exercising individual rights, who use the price system & the judicial system to find solutions to their problems. 4 References. L. A. Hoffman

Is European Monetary Union desirable? Pascal Salin, of the Univeristy of Paris, argues that any system of fixed exchange rates such as the EMS Exchange Rate Mechanism, is likely to prove unsatisfactory.

International banks, stimulated by a government weakening of property rights, have over‐lent to uncredit‐worthy borrowers and precipitated a crisis in the international financial system, according to Professor Pascal Salin of the Université de Paris‐Dauphine. He argues that the return of responsibility can be accomplished only through o reliance on private ‐ not government ‐capital administered by bankers who bear the risk of their own actions, and sound monetary policies to restore the value of savings through the reduction of inflation.