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Pure time preference theory of interest analysis
Kos, Michael ; Doležal, Ondřej (advisor) ; Štekláč, Jiří (referee)
The following thesis analyses the pure time preference theory of interest. First, the major elaborations of the theory are compared. It is concluded that the Misesian approach to time preferences involves many factual differences in contrast to that of Fetter. The second part proceeds from Murphy´s and Potužák´s neoclassical critique to argue against conclusions based on the imaginary construct of evenly rotating economy. Two arguments are made suggesting that if reached, the evenly rotating economy would not isolate the pure time preference alone in the form of market interest rate.
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Financial Crisis and Methodology of Economics
Kovanda, Lukáš ; Pavlík, Ján (advisor) ; Loužek, Marek (referee) ; Bažantová, Ilona (referee)
The thesis deals with significant moments in the relationship between methodology of economics and implications of the financial crisis culminating in 2008 and 2009. Its key insight rests upon the claim that some theoretical concepts developed within mainstream economics do not tackle the reality adequately and contributed in a significant way to the sequence of events leading to the financial crisis. Most of those concepts were introduced in the second half of the 20th century, during a "high tide" of positivistic ideas in the domain of methodology of mainstream economics. Though the same ideas had been already discredited to a large extent by the philosophy of science at the time, mainstream economists did not reflect it satisfactorily. Aside from a historical expose the thesis consists also of an outline of a possible future development of the prevailing form of economic theory; four scenarios of future potential development are presented. In the final parts of the thesis, which are focused more specifically, the author appraises negatively options of the Austrian School as well as post-Keynesianism to influence in a more significant manner the mainstream economics during the post-crisis era.
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Potential of Bitcoin from the view of Austrian school
Šembera, Tomáš ; Potužák, Pavel (advisor) ; Čermáková, Klára (referee)
The bachelor thesis deals with potential of digital currency Bitcoin to become universally accepted medium of exchange and with advantages, which its usage would bring to economy. In the thesis there are analysed factors important for its future progression. There are identified both positive and negative factors. Among the positive ones there is pseudonymity, low transaction costs, protection against government actions and inovative potential in the field of financial services. Among the negative ones there is the question of the system security, network effect, the risk of government against Bitcoin itself and high volatility. Volatility of bitcoin valu is identified as the major disadvantage of the currency. Next part of theoretical part deals with the confusion about virtual currencies and regression theorem. Logical analysis suggests that this confusion is caused by wrong interpretation of regression theorem, which is mostly caused by improper understanding of the term direct use. In the next part, Bitcoin is analysed from the view of the Austrian business cycle theory. Because of the inability of performing credit expansion, Bitcoin is identified as currency significantly limiting the strenght of business cycles. Practical part analysis the developement of volatility in time and its dependence on events and spekulative demand. The hypothesis, that high volatility of bitcoin value is caused by immaturity of the technology is not confirmed.
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Phenomenology and Economics
Špecián, Petr ; Pavlík, Ján (advisor) ; Loužek, Marek (referee) ; Muller, Karel (referee)
The thesis Phenomenology and Economics is an account of methodological possibilities brought by the phenomenological method into the realm of economic thought. From the starting point of Misesian praxeology the thesis advances to the key contributions of Alfred Schütz whose concept of telescopic ideal type enables us to cross the gap between theory and history. Telescopic ideal type allows us to grasp the specific nature of economics that is, on the one hand, proud of its rigor and precision connected with the formal modelling and on the other hand deals with an interpretation of individual agents in their life-world. Methodological insights developed through this analysis are then applied to the problem of coordination and spontaneous order and to the question of the relationship between behavioral economics and rational choice theory.
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Money, banks and competition
Haloun, Martin ; Žamberský, Pavel (advisor) ; Šaroch, Stanislav (referee)
This paper is concerned with theoretical assumptions and consequences of a free banking system. The main theme is critical inquire of Hayek`s notion of creating the system of free banks independent of central bank, which issue differentiated currencies. The main purpose of this system is to force the government institution to provide a currency more stable than it does now. However there are some crucial objections which target the possibility of operating such system in practice. The main theme is further widen by the question about fractional and full reserve banking. Based on the comparison of the different reserve system, there is a notion of a system combining both, but keeping them strictly separated. The foundation of the paper is analysis of money definition from the austrian school point of view. These arguments are applied to the inflation and deflation. The object of research are conditions of existence and consequences of both effects. The inflation analysis is used to describe current system of central institution and the net of commercial banks.
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Support of Consumption Through Economic Transfers Viewed by Optic of Austrian School and Its Consequences for Example of Current Crisis in the U.S.
Šolc, Jan ; Pfeifer, Lukáš (advisor) ; Štěpánek, Pavel (referee)
This bachelor thesis deals with the relation between the growth of transfers and economic performance during the crisis. By means of the Austrian School looks at the issue of state intervention in the economy and on the example of America's recent financial crisis (2007 - 2010) questions the government actions taken to stimulate the economy. Recommendations of the Austrian School economists are constantly overlooked and during the crisis period the word gets Keynesian economics, whose validity has been questioned many times. The thesis deals with the macroeconomic indicator of GDP, which sees not inadequate for drawing conclusions on economic performance. This indicator on the contrary, due to more than 70 % weight of consumption, complies with policy makers in promoting stimulus packages to support the economy and other interventions to increase consumption. As a result of these interventions finds work, not sustainable economic growth, but growth of government itself. The growing volume of transfer payments, which should support the performance of the economy, especially led to a tightening of government power and its growth.
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Analysis of impact of legalization of precious metal coins in Utah
Šimák, Vojtěch ; Havel, Jan (advisor) ; Šťastný, Daniel (referee)
This thesis deals with the law, which was enacted in Utah and makes gold and silver coins legal tender in this state. Goal of this thesis is to show how individuals will change their actions, especially regarding their selection of medium of exchange. The thesis shows deficiencies in an acted law and of feral alternative, which could enable more spread use of gold and silver coins. Thesis uses metodology of austrian school, which deals with monetary policy.
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The Reform of Financial Markets after the Financial Crises in USA and the Rest of th World
Bohoněk, Jakub ; Jílek, Josef (advisor) ; Munzi, Tomáš (referee)
This thesis deals with the problem of recent financial crisis and possible ways to prevent it from returning in the future. The basic document here deals with the changes made by US government and their comparison with set of laws from the time of the Great Depression. This comparison results into proposal of some further changes. The last part deals with the systematic flaw of credit expansion a offers a solution based on principles of the Austrian school modified to correspond more closely with current system
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Is Hayek's Road to Serfdom inevitable?
Lukschová, Veronika ; Holman, Robert (advisor) ; Rotschedl, Jiří (referee)
This paper analyzes Hayek's central idea of the book The Road to Serfdom, which says that the implementation of socialist ideas in the economy leads to a totalitarian state. This trend is not inevitable, though it was often interpreted as follows. Therefore, the work examines the argument that Hayek did not take his journey into slavery into account the conservation of consumer sovereignty. It was also pointed out that in practice, for example, socialist Sweden did not rise to the totalitarian state. Hayek was also attacked, misinterpreted the concept of the journey into slavery by Hilaire Belloc. These arguments have been challenged. None of them did not pay enough to the central core of Hayek's argument in the causes and consequences, or the unintended consequences of central planning under socialism. Hayek's journey into slavery on the basis of the arguments surveyed is not inevitable.
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