Markets, Productivity, and Happiness in a Historical Perspective

Market Crisis and National Happiness: Study of the Slovak and Czech Economic Thought in the 20th Century

Horvath Julius, Central European University

This work studies response of Slovak economists to market crises during diverse historical episodes in former Czechoslovakia. We present an idea that Slovak economists - under different circumstances - used these market crises to bolster non-economic aims, i.e., the Slovak national cause. In this sense, the response of Slovak economists to these economic crises episodes was predominantly political. Different generations of Slovak economists followed such behavior, aiming to achieve more political freedom from Prague, still within Czechoslovakia, and finally to receive complete political independence. We have selected three economic crises episodes to document this course of action. First, we present the response of Slovak economists to the effects of the Great Depression in the early 1930s, then, the response to the crisis in the early years of the 1960s, and finally, the response to the crisis in 1990-1992 after the break-up of the socialist regime.


Keywords: Market Crisis, National Happiness, Czechoslovakia

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