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The Year of Tolerance
My country, the United Arab Emirates, recently celebrated its National Day, marking the celebration of the 48th anniversary of its founding. The UAE strides forward with wisdom and perseverance, under the leadership of the President, HH Sheikh Khalifa bin Zayed Al Nahyan and his brothers their highnesses the members of the Federal Supreme Council, Rulers of the emirates, and following in the footsteps of its founding father, the late Sheikh Zayed bin Sultan Al Nahyan. Through the hands of its loyal daughters and sons, the United Arab Emirates concentrates on pillars of the country’s growth and development, attaining developmental, cultural, economic, political and social achievements. More
Mutating Mindsets and Contagious Behaviours (Part I): An Overview of the Coronavirus Outbreak and Its Insights for Economic Theory
It is no longer a secret that the new coronavirus outbreak is the most significant issue troubling mankind at the moment, generating a level of panic and uncertainty with powerful effects on all level of society, politics and the economy. What began as a biological curiosity in the city of Wuhan in China soon spread throughout the rest of the world through the travels of infected individuals and the virus’ extremely contagious nature. By the time its characteristics and potential lethality became more obvious to authorities, the virus (“baptized” SARS-CoV-2, the “author” of the COVID-19 disease) had already spread outside of China and the Asian continent. The disease it causes is not yet fully understood and how it came to be is still unclear, though scholars tend to agree that the virus was initially confined to a few species of animals before making the jump to humans in China. More
The Economists Need Skin in The Game
The concept of economic crisis encompasses quite different situations (from either a causal perspective or a consequentialist one), from a conjunctural transient state all the way to a real blockage of the economic system. For this article, we shall presume that the phrase ‘economic crisis’ is used correctly, by indicating a dysfunctionality, either of structural or functional nature, in the economic process or system concerned (for example, the national economy of Romania). Economists throw the phrase left and right with a grave face, which does not bode well for ignorant people. More
How Did Horses Become a Luxury?
Horses were domesticated in ancient times and the history of our companionship rivals that of civilization itself. The bond has been celebrated throughout all forms of art. Horses have been used as tillers, as war machines, as means of transportation, as athletes or actors, but also as faithful companions. We even know of famous horse from history – Alexander the Great’s horse Bucephalus, Caligula’s horse – Incitatus – whom he had planned to name consul, El Cid’s Babieca, Napoleon’s Marengo and recently Sergeant Reckless (a small Mongolian mare, that was an actual US Marine sergeant, trained to be a pack-horse during the Korean War and awarded several honors), or Roy Rogers’ Trigger – underscoring the proverbial and proven loyalty of horses and their need for respectful handling. More
Lithuania during the Centennial Celebration of Independence
As Romania’s representative to Lithuania, I have the privilege to have firsthand experience in how this Baltic nation is celebrating the hundredth anniversary of its independence. In fact, to be as precise as possible, Lithuania celebrates a century since the restoration of its state, since its first documentary mention was done by a Christian monk, Saint Bruno, on 9 March 1009. His canonization came as a result of his martyrdom in Lithuania, while spreading the Christian faith. More
Romanian Priorities and the Presidency of the Council of the EU
This week, the authors launched a White Paper on the Romanian Priorities and the Presidency of the Council of the EU. As Romania’s term at the Presidency of the Council of the EU is approaching at the beginning of 2019, many are still left wondering what does it mean for our country to hold this position? We argue that both the opportunities and challenges of this position are linked to the broader context in which Romania and the European Union function today. More
Make Education Relevant Again!
“The times they are a-changin’” and, along with them, the people’s needs and desires are changing as well. This is reflected in many ways throughout the economy, but perhaps the most interesting example we can ponder are the transformations that have occurred in labour markets. For instance, the place of the “pinsetter” of yesterday has been taken over by robots. Also, the fresh milk that used to be delivered upon our doorstep by the milkman is now part of history, as the supermarkets situated just around the corner have superseded him. However, these mutations in the labour market are not new. As time passes, new technologies inevitably replace some jobs while creating others. Coupling these transformations with the expansion of the division of labour, we can observe that, for most of the history of the modern period, jobs become better paid, and the general standard of living rises. At least this is what happened until now, but things seem to be changing. More
On Ownership and Stewardship: Private and Collective Property
Property is a complex subject and can be approached from several points of view such as: legal, philosophical, sociological, but especially economic. For each domain, property is of particular importance, which is why the question first arises: what is property? More
Mutating Mindsets and Contagious Behaviours (Part II): Zooming in on Economic Decision-Making in the Time of the Coronavirus
As we have reemphasized, neoclassical economics, with all its shortcomings, is still considered to be the mainstream wisdom and the reconciliating synthesis of ages-old advances in economic science. Behavioural economics, for its part, is a rather recent school of thought that aims at incorporating concepts from psychology, sociology and cognitive sciences in order to gain a better understanding of the decision-making process of economic agents, largely as a response to the limitations of some of the tenets of the neoclassical school, several of which it directly challenges. Below are some of its key concepts: More
The Impact of Social Justice Measures on Unemployment During the Pandemic
Currently, one of the worst employment crises is in full swing, as a result of the health crisis, with consequences for increasing poverty and therefore economic and social inequality. Just a few of the effects on the labour market include:- Decreased employment, reduced number of hours worked, for those who kept their jobs;- Poor chances for graduates and other new entrants into the labour force to secure a job or even a part-time job;- The decrease in job supply from the dramatic decline in employment on the part of organizations (as we know, some temporary contracts of employees have not been renewed); More
Romanian Capitalist Economic Thought (I)
The process of institutional transformation from the socialist, command economy to the capitalist, market economy can be understood theoretically and historically, as a priority, like a process of intellectual transformation. Romania in the 1990s, perhaps to a greater extent than any other country in the ex-communist bloc, was the theatre of a transition at the level of politico-economic institutions which was little-announced and stated by a convergent, consensual idealistic transition. More
Our National Consciousness Is Strongly Connected with Rome
Romania and Italy are linked by 145 years of diplomatic relations, but the special bilateral relation is based on historical, cultural and linguistic links which have played an important role in affirming the Romanian nation in a universal context such as the one offered by Rome, the world’s centre of reference for many centuries. The classic symbol par excellence of this special and, I would say, natural link, is Trajan’s Column, which represents the “birth certificate of the Romanian people”. Over time, the links have also been emphasized throughout the formation and assertion of the modern Romanian state; allow me to mention, for example, the epistolary exchanges between Benito Cavour and Vasile Alecsandri or the presence of soldiers from Galați in Garibaldi’s army. The main representatives of the Transylvanian School have studied in Rome, a city which saw the birth of the enthusiasm and the national consciousness that led, on December 1st 1918, to Romania’s Union with Transylvania, through the expression of the free and conscious will of the Romanians from Transylvania and Banat. In Rome, the Greek-Catholic Bishop Inochentie Micu Klein wrote his memoirs, a true handbook for patriotism which I recommend as an antidote to the ostentatious patriotism that sometimes occupies the public sphere. Going through the memoirs of Bishop Inochentie produces a vibration in the soul which counters the alienation engendered by consumerism, indifference and sterile discussions. Turning back to the basic idea, I would like to emphasize that the formation of our national consciousness is strongly connected with Rome. More
