Revista OEconomica

Tudor Constantin BĂLAN - Cycles of Freedom: Are Our Rights Today Permanently Secured, or Are We in a Transitional Phase? The Cases of Great Britain, the United States, and Russia

Marius-Cristian PANĂ, Adela BĂLAN - Economic Freedom and Prosperity: A Comparative Analysis of Welfare Determinants at the International Level

Ana Octavia ALBU - When Accurate Forecasts Still Produce Waste: Demand Shocks and Over-Forecasting Risk in Food Retail

Adrian-Ioan DAMOC - The Persian Pivot and the Reconfiguration of Geopolitical Realism: Iran and Venezuela in Strategic Competition among the United States, China, and Russia

Emmanuel Olusegun STOBER - Coercive Diplomacy in the Gulf and the Limits of the Strike-Forward Strategy: Toward a Middle-Power Coalition for Regional Stability

Sorin-Nicolae CURCĂ - On the Informational Entropy of Economic Shock

Florin DĂNESCU - The Banking Sector as Critical Infrastructure in the Logic of Hybrid Conflict: Post-2014 Legislative Convergence in Central and Eastern Europe and the Case of Romania

Alexandru POPOVICI - The Contribution of the Music Industry to GDP and Employment: A Comparative Analysis

Mohammed AL-NASSERY - Implications of the War in the Middle East: An Analysis of the Economic, Security, Humanitarian, and Political Dimensions

Mihai LĂCĂTUŞ - GDP as a Means, Not an End: Inequality as the Missing Variable in Fiscal Policy Design – A 60-Country Analysis of Economic Growth and Subjective Well-Being

Articles on Issue Theme

Luciana MÂRŞU

Academia de Studii Economice din Bucureşti

The latter financial crisis has led in many occasions to a reconsideration of the present economic system. Before suggesting any reform, this paper intends to observe whether the root of the business cycles is indeed a tragedy of the commons, just as we find in the works of Jesús Huerta de Soto (2010) and Philipp Bagus (2010). A comparative analysis is carried out in order to remove any confusion between the roles played by the tragedy of the commons on one side, and the moral hazard on the other. The challenge of probing the validity of a tragedy of the commons in the present banking system is assumed through the consultation of the works written by Elinor Ostrom (1994, 1996) and Garrett Hardin (1968), but also by Austrian School writers, such as Rothbard (2008) or Huerta de Soto (2010). The aim of the paper is that of ascerting whether the reconfiguration model proposed by the Austrian business cycle theory solves the tragedy of the commons under discussion.

ŒCONOMICA no. 2/2011

Keywords: financial crisis, business cycle, banking system, tragedy of the commons

JEL: B53, G01, G21, P48

Reconfigurarea sistemului bancar, ca metodă de rezolvare a tragediei comunelor

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