Schumpeter had a clear vision of the developing economy, but he did not formalize it. The quest for a germane formal basis is in the following guided by the general question: what is the minimum set of foundational propositions for a consistent reconstruction of the evolving money economy? We...

The current accounts of most EU member states in central and eastern Europe have been showing growing deficits in recent years. According to panel estimates the deficits can be attributed primarily to factors characteristic for the stage of development, ie the relative income level and high...

This paper focuses on "inadequacy of technology" as formulated by Celso Furtado. The concept of "inadequacy of technology" may be, on the one hand, an enlightening assessment of the technological condition of underdevelopment and, on the other hand, a helpful "focusing device" for an agenda on...

The current accounts of most EU member states in central and eastern Europe have been showing growing deficits in recent years. According to panel estimates the deficits can be attributed primarily to factors characteristic for the stage of development, ie the relative income level and high...

The paper deals with the idea that the present global crisis supports the division of the EU27 Member States into three categories: EU15, EU 10 and EU2. Using the official Eurostat database, the analysis is focused on the most important economic indicators: GDP per capita, unemployment rate,...

This study considers the issue of income convergence among the MENA (Middle East and North African) countries by using real per capita incomes over the period 1950–2006. We employed (Kapetanios et al. 2003) [21] unit root test by incorporating an additive constant and a trend component as...

Domestic patents statistics are a rich source of information about the technological situation of developing countries. Nevertheless, they are scarcely used in economic debates. This paper introduces arguments for the study of domestic patents, especially for the study of domestic patents of...