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Inside This Issue


Part 2 of this issue of Cadmus continues our exploration of New Economic Theory with a report on issues discussed during the “11th International Colloquium on Global Crisis and Changes of Paradigms: Current Issues” conducted in Brasília on May 6-8, 2014. “Fictitious Capital & the Elusive Quest in Understanding its Implications: Illusions & Paradoxes” by Joanilio Rodolpho Teixeira & Paula Felix Ferreira examines the destabilizing role of financial speculation and its negative impact on the real economy.

“Replacing the Concept of Externalities to Analyze Constraints on Global Economic Growth and Move Toward a New Economic Paradigm” by Jim Lunday examines how the divorce of economics from governance and society leads economic theory to ignore the central role of political and social factors in economic performance and human welfare.

Erich Hoedl discusses the problems generated by application of traditional economic theory to the transition of East European societies in “European Transition into a Socio-ecological Market Economy”.

In “New Paradigm in the Service Economy – The Search of Economics for Scientific Credibility: In Between Hard and Soft Sciences”, Orio Giarini points out fundamental differences in the factors influencing performance of the industrial model of economy and the modern knowledge-based service economy and calls for formulation of theory and measures appropriate to the new context.

We hope you enjoy this part.

The Editors