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  Indifference in economics: comment on Nozick, Hoppe and Wysocki

  Nozick (1977) set a challenge for Austrian economics. On the one hand, this school of thought rejects the notion of indifference, and along with it, indifference curves. On the other hand, the praxeological school accepts the concepts of supply and demand curves. But the latter supposition logically implies indifference, in that the persons for ... Nozick (1977) set a challenge for Austrian economics. On the one hand, this school of thought rejects the notion of indifference, and along with it, indifference curves. On the other hand, the praxeological school accepts the concepts of supply and demand curves. But the latter supposition logically implies indifference, in that the persons for whom the supply and demand curves apply look upon all the constituent items as identical; if not, these diagrams could not be drawn. A similar account applies to diminishing marginal utility, another tool of economic analysis accepted by Austrians. But this, too, implies indifference, at least according to Nozick. Block (1980) responded critically to Nozick (1977). Hoppe (2005, 2009), a leading Austrian economist, agreed with Block that Nozick was in error, but also rejected Block’s specific refutation this eminent philosopher’s critique. Wysocki (2021) sided with Nozick and Hoppe in this debate. The present paper is an attempt to support the Blockian view vis a vis that of these three scholars.

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  Applying the "Insurance Maximum" in Determining the Insurer's Retention. An Example from the Bulgarian Property Insurance Market

  Reinsurance is a way for insurance companies to reduce fluctuations in their payments and to improve their financial stability. One of the problems that the risk theory in relation to reinsurance has to solve is that of the insurance maximum, i.e. the largest amount of sum insured up to which an insurance company can accept liability without ... Reinsurance is a way for insurance companies to reduce fluctuations in their payments and to improve their financial stability. One of the problems that the risk theory in relation to reinsurance has to solve is that of the insurance maximum, i.e. the largest amount of sum insured up to which an insurance company can accept liability without worsening its financial sustainability. Through the use of data on the activity of insurers in Bulgaria, the article calculates the "insurance maximum" for individual types of property insurance. Thanks to the obtained results, it becomes possible to make a quick decision regarding the "largest amount" of the sum insured that an insurance company can take without increasing the relative average risk.

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  The Role of Democracy in Reaching Public Consolidation

  In this article, we analyzed in historical aspects of the Bulgarian authors related to the formation of the values of democracy. A logical connection with some of them is the analyzed leading goals and principles in the Preamble of the 1991 Constitution. They form the image of constitutional democracy. Based on modern theoretical statements and ... In this article, we analyzed in historical aspects of the Bulgarian authors related to the formation of the values of democracy. A logical connection with some of them is the analyzed leading goals and principles in the Preamble of the 1991 Constitution. They form the image of constitutional democracy. Based on modern theoretical statements and political practices, the conviction is imposed that, guided by its principles, the political subjects will be able to achieve agreement and consolidation necessary to bring sustainability to the development of society.