On the Intellectual Legacy of Peter Bauer The towering life achievements of certain eminent Hungarians remain curiously unrecognised. Péter Bauer, referred to in economics circles as P. T. Bauer, or as Lord Bauer in British politics, is one of those. His name will not ring many bells among young Hungarian
This is an edited version of the speech presented on 21 April 2016 at Corvinus University as part of the conference organised by Ottó Hieronymi of Webster University, Geneva, and Péter Ákos Bod of Corvinus University, Budapest, under the title “Hungary, Central Eastern Europe and the Future of the Western
Nowadays it has become exceedingly difficult to interpret and predict global processes. A recent case in point is the Brexit referendum, which produced an entirely unexpected outcome despite having been studied by a host of political analysts in advance. Likewise, the expert consensus was proven wrong by the end result
Greece’s predicament gave new meaning to the phrase “peripheral Eurozone” – concluded the analysis of Fitch, a leading rating agency. The Greek financial case is certainly extreme in its complexities but there have been other Eurozone members – the Irish, the Portuguese and the Spanish – experiencing dramatic economic events
If you are an economics professor at the Massachusetts Institute of Technology or at the University of Chicago, you stand a small but not negligible chance of receiving the Nobel Prize for economics – officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, awarded for outstanding
The performance of a national economy can be explained by a variety of “hard” production factors such as the size and quality of the labour force and the amount of capital. Adam Smith regarded land and other natural resources as a third factor of production but their significance has greatly
The new EU member states of Central and Eastern Europe (CEE) have been massive beneficiaries of financial arrangements since their accession to the European Union (EU). Net official inflows amount up to two or three per cent of their Gross Domestic Product (GDP) – comparable in relative size to those
For a centre-right party, for any political party really, to win a democratic election by a two-thirds majority is rare enough (as in 2010). To repeat the experience is unprecedented. One can well imagine the Fidesz-haters – and their number is legion – muttering into their bowls of gruel about
It is hard to find one single word to describe all that happened in the eastern part of Europe twenty-five years ago when the communist regimes collapsed. Economists and political scientists tend to use the term reform for the profound changes of that time. But this term lacks clear contours.
DIVERGENCES IN THE MYTHICAL “EASTERN BLOC” Five years on the advanced West continues to struggle after the surprisingly deep contraction of 2008/2009 while the global economy keeps growing, albeit at a slower pace. The performance gap has thus remained wide between the West and the rest: the world economy has expanded around
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