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  Human Action, Part Five, Chapter XXV. The Impossibility of Economic Calculation under Socialism

  The director wants to build a house. Now, there are many methods that can be resorted to. Each of them offers, from the point of view of the director, certain advantages and disadvantages with regard to the utilization of the future building, and results in a different duration of the building's serviceableness; each of them requires other ... The director wants to build a house. Now, there are many methods that can be resorted to. Each of them offers, from the point of view of the director, certain advantages and disadvantages with regard to the utilization of the future building, and results in a different duration of the building's serviceableness; each of them requires other expenditures of building materials and labor and absorbs other periods of production. Which method should the director choose?

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  A Response to Brooks' Support of Demsetz on the Coase Theorem

  Coase (1960) claimed that in the zero costs world, it would not matter for the allocation of resources which of two disputants were awarded the relevant property rights. Block (1977) disputed this, on the ground that it assumed that both parties would have the wherewithal with which to make the relevant bribe. Demsetz (1977) maintained that Block ... Coase (1960) claimed that in the zero costs world, it would not matter for the allocation of resources which of two disputants were awarded the relevant property rights. Block (1977) disputed this, on the ground that it assumed that both parties would have the wherewithal with which to make the relevant bribe. Demsetz (1977) maintained that Block (1977) failed to reckon with Coase‘s (1960) explicit assumption of no wealth effects. Block (1995) disputed this claim of Demsetz‘s (1977), claiming the Coase (1960) anticipated no such thing. The next round in this debate was Demsetz (1997) who reiterated his position, followed by Block (2000) in a response to Demsetz (1997). Brook (2007) mostly takes Demsetz‘s (1977, 1997) side of this ongoing discussion. The present paper is a rejoinder to Brook (2007), supporting Block (1997, 1995, 2000).

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  “The Crisis – an Objective Process or a Subjective Error” (Traditional Student Essay Competition)

  Initiated by the Department of Management, Tsenov Academy of Economics, Faculty of Management and the Students’ Union, the traditional student essay competition was held for the sixth successive year. The topic was “The CRISIS – AN OBJECTIVE PROCESS OR A SUBJECTIVE ERROR.”... Initiated by the Department of Management, Tsenov Academy of Economics, Faculty of Management and the Students’ Union, the traditional student essay competition was held for the sixth successive year. The topic was “The CRISIS – AN OBJECTIVE PROCESS OR A SUBJECTIVE ERROR.”