The aim of the paper is to set the agency problem into a broad context of New Institutional Economics with an emphasis on historical connections. In the first section, I explain the historical evolution of basic theoretical concepts like the theory of firm, the theory of market process and the...

The economic theory of the last decades deals with how certain models of institutions and incentives could improve the coordination of individual actions in society. Setting rules regulating relationships between economic agents is considered as the key requirement of such coordination....

The aim of the paper is to introduce Kirzner's theory of entrepreneurial discovery as a complement and an alternative to the mainstream theory. In the first and the second sections, the author explains the main influences of Ludwig von Mises and Friedrich August von Hayek's works on...

What is the role of entrepreneurship in economic development from the perspective of neo-Austrian and new institutional economics and what is the difference between these approaches? Neo-Austrian economists claim that economic development is caused by entrepreneurial discovery. New institutional...

The English version of this paper can be found at http://ssrn.com/abstract=2053674 Czech Abstract: Cílem tohoto článku je vložení problému zastoupení do širšího kontextu Nové institucionální ekonomie s důrazem na historické souvislosti. V první části vysvětluji historický...

Czech Abstract: Cílem tohoto článku je představit Kirznerovu teorii podnikatelského objevování jako doplněk a alternativu k teorii hlavního proudu. V první a druhé části autor vysvětluje hlavní vlivy Ludwiga von Misese a Friedricha Augusta von Hayeka na vznik podnikatelské...

The aim of this article is to characterise the process of consumer and mortgage loans legislative harmonization as a part of reduction of credit market integration barriers. The harmonization of consumer credit market law is a long-term process in European Union. For mortgage loan markets, the...

This paper provides a brief but comprehensive overview of microfinance academic literature with emphasis on recent innovations, trends and efficiency. In particular, we focus on controversial issues of microfinance, such as commercialization, regulation, interest rate policy and the balance...

Microfinance institutions (MFIs) finance their business activities primary with clients’ deposits, equity or with external funding. The aim of our thesis is to determine whether macroeconomic development and the size of banking sector affect the range of external funding and consequently the...