Rumen Lazarov
ECONOMIC UNCERTAINTY
AND THE ROLE
OF THE INSTITUTIONAL
FACTOR IN ITS ANALYSIS
Summary:
This article presents an attempt to clarify the understanding of the role played by institutions in relation to economic uncertainty. The aim is to critically analyze and compare the place which this economic phenomenon occupies in neoclassical and institutional analytical models.
The need for the introduction of the institutional factor in a highly formalized orthodox neoclassical analysis model is theoretically justified.
The conclusion is that, under this condition, economic analysis will be able to produce objective results on the basis of which precise conclusions and correct decisions will be made as regards economic policy
