Over the years, the Austrian School of Economics has created the image of a thinker associated with ideas of liberalism. The views of members of this school are often considered controversial. However, the concept of freedom clearly displayed by the Austrians is very popular among economists. Carl Menger is said to be the founder and a leading member of the Austrian School of Economics, and his works are mostly devoted to methodology and economic theory. Nevertheless, you can also find his (...) views on the sphere of economic liberalism and freedom. Almost 150 years after the publication of Menger’s main works, it emerged that he had created not only the timeless foundations of the theory and methodology of economics, but his theory of subjective value had become the bedrock which is used to this day in deliberations on economic liberalism. The economy pursued by Menger (based primarily on the ideas of subjectivism and individualism) continues to be an important and timeless foundation for the development of the doctrine of economic liberalism. This article is a review based on an analysis of the literature on the subject. (shrink)

The paper presents, in the synthetic way, the issue of the rationality of the tax system and taxation principles in relation to the clearly visible fiscal crisis in the 21st century caused by, among others, COVID-19 pandemic. The analysis which is theoretical (descriptive, comparative) was carried out by using tools indicated in the area of New Institutional Economics (NIE). Attention was devoted primarily to the importance of specific institutional arrangements, broadly understood as the “rules of the game” applicable in the (...) political and economic spheres, and related to the problems of public finances. Research has shown that the appropriate design of tax rules may contribute, to some extent, to limiting the fiscal crisis. Tax policy, and even more broadly, fiscal policy, may determine the formula in which the economic achievements regarding compliance with tax principles and fiscal rules can be implemented. What is primarily important is the legal framework (one of the most important formal institutions) within which state policy in the field of public finances should be implemented. (shrink)

The presented paper refers to values as the timeless foundations of modern economics, and also to ethical limitations in the sphere of economic research, especially in the mainstream. The character of the paper is a review. The aim of the research is an attempt to show the fundamental importance of values, often rooted in history, for the development of modern economics and to present a remedy for the current analytical problems of economic sciences – considering the importance of axiology in (...) economic research. The paper is divided into three main parts: introduction – theoretical considerations on the basis of the humanistic perspective of economics; first chapter – the place of values in philosophical and economic considerations, and second chapter – axiology as a complement to the gap in economic research. The authors proved that in the face of great crises, including the last one, which is the coronavirus crisis, there is an urgent need to extend economic analysis with values, which would make the science of economics more mature, perceiving an individual as an entity guided by a whole spectrum of principles. It is therefore necessary to go beyond the canon of rigid thinking, because otherwise we are threatened not only with the collapse of the economy, but the entire civilisation of the West. In this regard, let us provide a wider field for ethical analysis! (shrink)