The Theory of Dynamic Efficiency

Soto, Jesús Huerta de

doi:10.4324/9780203930601

Cited by 38 publications

(55 citation statements)

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“…In other words, the rise in cash balances and the fall in nominal prices make it easier for consumers and economic agents to adapt to difficult circumstances, and at the same time, they enable them all to respond quickly once they can see the light at the end of the tunnel and confidence begins to return. In any case, the economy must be "dynamically efficient" [10], if it is to uncover the opportunities that begin to emerge and make it possible for them to be seized and for the recovery to get off the ground. The conditions for dynamic efficiency are provided by everything that permits and facilitates the free exercise of (both creative and coordinating) entrepreneurship by all economic agents such that they are able to channel available economic resources into new, profitable, and sustainable investment projects focused on the production of goods and services which satisfy the needs of citizens and are independently demanded by them in the short, medium, and long term.…”

Section: Review Key-points Results and Discussionmentioning

confidence: 99%

Principles of Monetary and Financial Sustainability and Wellbeing in a post-COVID-19 World: the crisis and its management review

Soto¹,

Bayón²

2021

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This paper analyses the COVID-19 crisis and its management, under the Austrian Economics. The attention is focused in the States’ coercive intervention, to evaluate the positive or negative effects of pandemic, according to the Principles of Political Economy and the theory of capital and economic cycles. The paper examines the specific case of massive intervention by governments and, especially, central banks in monetary and financial markets to deal with the pandemic by seeking to lessen its effects. Also, it is offered a critical analysis on simultaneous government policies involving taxes and an increase in public spending which are presented as the panacea and universal remedy for the evils that afflict the society, instead of promoting the transit to Wellbeing Economics. To conclude the review, there is a proposal of paradigm review, in the way to offer a sustainable model.

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Section: Review Key-points Results and Discussionmentioning

confidence: 99%

Principles of Monetary and Financial Sustainability and Wellbeing in a post-COVID-19 World: the crisis and its management review

Soto¹,

Bayón²

2021

Preprint

Self Cite

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“…Dynamic efficiency means the capacity to foster entrepreneurial creativity in combination with social coordination [36]. It involves the entrepreneurial capacity of discovering profit opportunities doubled by that of accommodating and overcoming any social maladjustments or discoordinations.…”

Section: On Entrepreneurship Ethics and Efficiency (And Societal Vamentioning

confidence: 99%

“Mens Sana in Sound Corporations”: A Principled Reconciliation Between Profitability and Responsibility, With a Focus on Environmental Issues

et al. 2020

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Corporate social responsibility (CSR) is a praised and promoted business behavior nowadays, widely understood as the entrepreneurs' and managers' attempts to make amends for some of the excesses that their economic activities bring about, for instance with regard to environmental negative externalities or to public ecological assets under-provision. It is of utmost importance to duly process and profess the CSR concept, one placed at a subtle interplay between business profitability and civic/social responsibility, between economic and ethical/legal realms, since the misrepresentation of economic agents' benchmark of proper conduct might harm both social landscape and ecological environment. Still, despite its rich occurrence in scholarly literature as well as recurrence in business practices, CSR requires both further and thorough clarification, since many studies postulate that the free-market mindset is rather dismissive of CSR solicitudes. The current research paper fills such a sensitive conceptual gap by explaining why CSR regards are logically compatible with the free markets, with no reason to decree a market failure in this matter. The work takes the form of an analytical research, of an explicitly conceptual nature, based on praxeologically-deductive argumentation, documenting the fundamental compatibility of CSR with the free market order, populated by profit-driven capitalist corporations that, far from being reckless, are disciplined by the rule of law of clearly defined, defended, divestible property rights. As such, the plea adopted the methodological acquis of the Austrian School of law and economics. The main findings of the present study reveal that (a) in economic commonsense, the "profit motive" is the prima facia rule of judiciousness as the care for third-parties' welfare can be ensured only after own well-being has been secured, while (b) ethically, "social responsibility", as an extra-contractual duty, does build up on top of, not as trade-off with a robust property rights order.

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“…Por ejemplo, en las Indias el trigo es más caro que en España, porque allí lo estiman más, aunque la naturaleza del trigo sea la misma en ambos lugares» 93 . Según el prof. Huerta de Soto aquí están avanzadas de algún modo las ideas esenciales de la teoría cuantitativa del dinero 94 .…”

Section: B) éTica Económicaunclassified

Diego de Covarrubias y Leyva (1512-1577)

Plans¹

2016

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The Theory of Dynamic Efficiency

Cited by 38 publications

References 0 publications

Principles of Monetary and Financial Sustainability and Wellbeing in a post-COVID-19 World: the crisis and its management review

Principles of Monetary and Financial Sustainability and Wellbeing in a post-COVID-19 World: the crisis and its management review

“Mens Sana in Sound Corporations”: A Principled Reconciliation Between Profitability and Responsibility, With a Focus on Environmental Issues

Diego de Covarrubias y Leyva (1512-1577)

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