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Purpose – The article looks at Thorstein Veblen's views on economics and the role of institutions in the economy. The aim of the article is to reconstruct, based on literature, Veblen's views on economics as a science and the concept and role of institutions in the economy. Research method – Critical analysis and synthesis of source literature were used as a basic research method to prepare this paper. Results – Veblen believes that economics should be an evolutionary science. As such, it should focus on examining the evolution of institutions and their impact on society and the economy. There are no natural laws or tendency towards equilibrium, but there is constant evolution, shaped by the interplay of institutions, technological progress and human activities. Originality / value / implications / recommendations – Based on a critical analysis and synthesis of Veblen's works, his views on economics and the role of institutions are presented. Veblen's conclusions and recommendations should be interesting, especially because of the criticism that has been levelled at mainstream economics since the financial crisis of 2008–2009 and given the fourth industrial revolution.

Purpose – The main aim of this article is to identify, based on economic theory, the causal relationship between state institutions and government failure. The specific objectives include the conceptualization of government failure and state institutions. Research method – The article compares two main methods of identifying causal relationships: those based on quantitative methods and those demonstrating mechanisms (a mechanistic approach) without empirical evidence. Due to the theoretical nature of the article, the second approach is employed. Results – The combined operation of extractive political institutions and extractive economic institutions increases the risk of state failure, primarily due to the strengthening of interest groups and the phenomenon of rent‑seeking. Inclusive institutions reduce this risk. Originality / value / implications / recommendations – State institutions, due to the potential occurrence of the "vicious circle" and the "virtuous circle," are crucial in limiting government failure. Enabling citizen participation in political processes, democratic control, and limitation of power, as well as ensuring equal access to markets, promote faster growth and economic development in the long term.

Trade relations between Poland and China remain asymmetric. The introduction of the Belt and Road Initiative (BRI) and its related formats was intended to balance trade relations between China and its trading partners. The study aims to track the value-added flows between Poland and China. Two research questions were posed: 1) whether Chinese initiatives aimed at balancing trade relations are reflected in more balanced flows of added value between Poland and China; 2) whether the role of Poland as a supplier of added value to China is growing as a result of the introduction of BRI and related initiatives. The study used Inter-Country Input-Output in input-output models. The findings show that Poland's position in global production links with China has deteriorated in many industries and plays a minor role in the Chinese industry. On the other hand, BRI had a very limited impact on balancing the value-added flows between China and Poland only in a few industries.