THE ROLE OF THE MARKET AND THE STATE IN THE MANAGEMENT OF LIMITED RESOURCES: THEORETICAL FOUNDATIONS, EMPIRICAL EVIDENCE AND POLICY IMPLICATIONS – THE CASE OF NORTH MACEDONIA

Borce Trenovski

MPRA Paper from University Library of Munich, Germany

Abstract: Abstract: This paper examines the enduring debate on the optimal balance between market mechanisms and state intervention in the allocation of limited resources, with a particular focus on North Macedonia as a small, open economy with a fixed exchange rate. Rather than offering a comprehensive theoretical survey, the paper synthesises findings from a series of the author's empirical studies covering macroeconomic policy effectiveness, public spending efficiency, fiscal transparency, inequality, local government finance, and monetary policy communication. The findings consistently suggest that neither pure market fundamentalism nor maximalist state intervention provides an adequate response to the structural challenges of a transition economy. What is required is an intelligent, evidence-based coordination of policies calibrated to the specific institutional context.

Keywords: Keywords: market; state intervention; fiscal policy; monetary policy; limited resources; North Macedonia; public spending efficiency; fiscal decentralisation (search for similar items in EconPapers)
JEL-codes: E61 E64 H1 H3 (search for similar items in EconPapers)
Date: 2026-03-26
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:129157

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