Ognjen Radonjic

Ognjen Radonjic
University of Belgrade · Department of Sociology

About

15
Publications
3,199
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15
Citations
Citations since 2017
2 Research Items
7 Citations
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20172018201920202021202220230.00.51.01.52.0

Publications

Publications (15)
Article
The world has once again faced a pandemic of an unknown virus. Unlike the others, at least when it comes to this century, no pandemic has caused such fear and led to great turbulence in production and financial flows. In the short term, it is possible to stabilize the system through the application of macroeconomic stimulus measures. However, if gl...
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In this paper we shall sketch the anatomy of the Asian financial crisis which erupted twenty years ago. In order to answer the question of how and why this crisis developed and what went wrong in its aftermath we embrace the Financial Instability Hypothesis of the seminal post- Keynesian economist Hyman P. Minsky. The real causes of the Asian crisi...
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The purpose of this paper is to explain not only why the Euro Area debt crisis does not subside, but also, why it deepens. We believe that the experience of the Great Depression can help economic theorists and officials to look at the problem from a different perspective since it is apparent that the economic orthodoxy and economic policies support...
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In this paper we analyze some aspects of the efficiency of labor markets in Serbia, Montenegro and Bosnia and Herzegovina and compare resulting outcomes with the outcomes of labor markets efficiency in selected economies of the European Union. A particular focus of our analysis is on gender equality, due to the fact that not only gender inequality...
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This paper discusses the factors which, in the absence of strong financial regulation, sustain the Iron Law of the Financial Markets asserting that speculative booms and busts occur more or less regularly from 17 century to the present. The first factor is that financial markets are self-fulfilling system. The second is that human nature does not c...
Article
Understanding the characteristics and challenges of today capitalism, discussing the perspectives and implications of development policies for emerging economies, call for an open and large debate. Complementary theoretical, methodological and applied research contributions, as well as multidisciplinary approaches, are necessary. This Limes+ Specia...
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The crisis of sovereign debt and banking system in the Euro Area seriously endanger not only economic stability of the Old continent, but also of the world economy as a whole. In this study, we identify causes of the crisis and point towards plausible solutions aiming at a provisional overcoming of the recession. If, on the other hand, central Euro...
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This paper analyzes causes of the collapse of the economy of socialist Yugoslavia. At the heart of the problem was the inability of the Yugoslav economy to generate accumulation capable of financing sustainable economic growth and development. In the absence of clear ownership relations, in the entire post-war period, Yugoslav economy generated sys...
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In order to prescribe adequate remedies to treat the current financial crisis one has to understand what in the first place went wrong. An age ago, older generations wrote that disease could not be cured without an accurate diagnosis. In contrast to mainstream “efficient markets hypothesis” we argue that Minsky’s financial instability hypothesis gi...
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Debates on the origins and functions of money, one of the most important social institutions, continue to this day. This debate does not have only academic significance, but also its implications have far-reaching influence on the benefits of all economic agents. We argue that mainstream theory of money is incorrect and that origins of money lie in...
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Keynes's term, animal spirits, has been mistakenly confused with irrational decision-making. However, if we accept Keynes' assumption that future is fundamentally uncertain and nonergodic, animal spirits become key factor that makes continual process of investment decision-making possible. On the other hand, if animal spirits blunt, investment acti...
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The question addressed in this paper is whether financial markets actually function in the manner described by the today still dominant modern theory of efficient financial markets. We argue that the theory's conclusions are based on unreal assumptions that the future is predictable and ergodic. Since assumptions of a model determine its concl...
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Neoclassical theory of consumer choice needs to be reformed. Assumption that consumer choice is not influenced by the choice of others is in collision with reality. New and better theory of consumer choice is unimaginable without incorporation of intersubjective factors into the model of derivation of individual and aggregate (market) demand functi...
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Within economic system agents daily make decisions. Those decisions are based on their expectations regarding future. Therefore, theoretical assumption about what do rational decision-makers really know about future and could agents make relatively reliable forecasts has colossal importance. Namely this assumption critically determines theoretical...

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