P11 - Capitalist Systems: Planning, Coordination, and ReformReturn

General elections in Chile in the autumn of 2013 have unleashed a discussion about the shortcomings of the Chilean pension system and the necessary changes. Radical solutions contains various forms of return of the PAYG system. The paper deals with the preparation and the main implication of the pension reform in 1981 which led to the transition from the PAYG system to the capital system. Thanks to the reconstruction of the time series from the 70s and 80s of the 20th century using the latest data from 2013 and own calculations the article confirmed that the transition meant a noticeable increase in pensions for everybody included in the system. This outcome is driven mainly by the lower tax burden, generated savings and positive impact, particularly on the country's GDP and government budget. The paper also summarize the available knowledge about the pension reform in Chile in the Czech language.

The aim of the paper is to set the agency problem into a broad context of New Institutional Economics with an emphasis on historical connections. In the first section, I explain the historical evolution of basic theoretical concepts like the theory of firm, the theory of market process and the theory of property rights. The second section is dedicated to the explanation of the general concept of agency problem extended with the problem of asymmetric information leading to adverse selection and the problem of moral hazard, in context of previous historical connections. In the last section, the author provides some suggestions for the further theoretical and empirical research.

The aim of the paper is to introduce Kirzner's theory of entrepreneurial discovery as a complement and an alternative to the mainstream theory. In the first and the second sections, the author explains the main influences of Ludwig von Mises and Friedrich August von Hayek's works on entrepreneurial theory. Section three analyzes pure entrepreneurial profit and logical construction of theory as a complement to mainstream theory. To introduce the entrepreneurial market process as an alternative to mainstream theory, the fourth section begins by explaining Kirzner's approach to the critique of the possibilities for economic calculation in the system of public ownership of the means of production and his theory of monopoly. The last section is a conclusion.