Economic Uncertainty and the Role of the Institutional Factor in Its Analysis Cover Image

Икономическата неопределеност и ролята на институционалния фактор при нейния анализ
Economic Uncertainty and the Role of the Institutional Factor in Its Analysis

Author(s): Roumen Lazarov
Subject(s): Economy
Published by: Стопанска академия »Д. А. Ценов«
Keywords: economic uncertainty; neoclassical analysis; institutional approach

Summary/Abstract: This article presents an attempt to clarify the understanding of the role played by institutions in relation to economic uncertainty. The aim is to critically analyze and compare the place which this economic phenomenon occupies in neoclassical and insti-tutional analytical models. The need for the introduction of the institutional factor in a highly formalized orthodox neoclassical analysis model is theoretically justified. The conclusion is that, under this condition, economic analysis will be able to produce objective results on the basis of which precise conclusions and correct deci-sions will be made as regards economic policy.

  • Issue Year: 3/2013
  • Issue No: 2-BG
  • Page Range: 103-118
  • Page Count: 16
  • Language: Bulgarian