B4 - Economic MethodologyReturn

This paper aims to commemorate Albín Bráf and Josef Macek as the key figures in the history of Czech economic thinking. It focuses on three topics which their theoretical works had in common: firstly, the methodology of economics and its assesment as a social science, secondly, the solutions to social questions within the framework of economic policies and, thirdly, the significance of economic education and popularization of economics. The objective of the study is to detect continuity in Czech economic thinking and open a discusion on its posibilities within both the Communist and post-Communist period.

The text considers one of the prevailing dilemmas for the time being practical valuers of assets are exposed to - the operability of market value in terms of International Valuation Standards. The issue is considered theoretically, practical impacts are outlined as well. Considering the microeconomic basis of market structure and price determination, the prerequisites for an "objective" market value are summed. The International Valuation Standards are explained as an evolutionary evolved institution, which suffers under deep impact of neoclassical methodology. At the end there are drawn some conclusions for the regulation of valuation in the Czech Republic.