Issue 1, 2011

The problems inherent to the informal economy are dealt and analysed by representatives of various institutions. They are focused by scientists, syndicate leaders, politicians and even by the actors therein. Due to the interrelation between the informal economy and the human factor behaviour an answer should be given to various issues concerning the formal facts and the informal truths about the personality, the motivations for involvement and the conditions, creating a suitable environment for the "gray" economy. The concept of the informal economy as a function of human factor behaviour enables the revelation of the importance of the system of values to motivate a specific conduct. The established link between the informal economy and various forms of behaviour and market discrepancies makes it possible to look for compatible methods and instruments to restrict it.

JEL: E26; L30

The philosophic interpretation of economy is seldom encountered in literature. In this respect the book "Philosophy of Economy" written by S. N. Bulgakov - Professor in Political Economy and Theology is very remarkable with the untraditional approach and analysis and extraordinary interpretations and conclusions. This study is based on them, trying to extend and update its

JEL: A12; A13

An attempt was made to sum up the basic socio-economic issues in Karl Polanyi's book "The Great Transformation", which is less known by the economists in our country. Suggesting an alternative to Marx's market economic analysis at the early stages of establishing and imposing the capitalist social system, this significant work of Polanyi questions at the same time a lot of the postulates of the modern liberal economic doctrines. The study highlights the formation of free market not as a natural process, based on natural human aptitudes, but on the contrary - as forcing a framework of rules, contrary to the traditional social organization of the people.

JEL: A12, B25, P16, Z10

An empirical analysis was made of the efficiency of the Macedonian banking system between 2005 - 2009. It was measured under the method of Data Envelopment Approach (DEA), in order to compare the effectiveness of the banks, and to group them according to a relevant criterion. The key aspects are outlining the theoretical and empirical analysis criteria, the bank classification and monitoring the results.

JEL: G21; P2

The interrelations between aggregate demand, aggregate supply and the role of price adjustment were investigated as a powerful economic tool for the macroeconomic equilibrium. An assumption was made, that if the aggregate demand is not equal to the aggregate supply, the price level begins to change in order to restore the equilibrium, however with a time lag. The Phillips Curve elucidates this adjustment process. A special attention was paid to the supply shocks by analyzing the real business cycle models and the Phillips Curve. Both models predict recession, combined with inflation and unemployment. This phenomenon is known as stagflation.

JEL: D83; E41