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Found 594 search results for: R
Dominik Buttler (2022/1, Nobel Prize Laureates,
The article describes the essence of the quasi-experimental scheme widely used and creatively developed by the winners of this year’s Nobel Prize. In particular, the four most popular methods used within this approach are characterized: regression discontinuity design, propensity score matching, difference-in-differences method, and instrumental variable regression. Subsequently the essence (...)
Joanna Franaszek (2022/1, Articles,
Choosing a Field of Education: Signaling, Mismatch, and Equilibrium Shifting
In this paper the author reviews a well-known model of job market signaling through education, extending it to a choice of a field of study. In the theoretical part, she extends the classic model, by analyzing a game of education choice with continuum types of agents and discrete space of efforts, which is here interpreted as a field of study at the university level. In the second part (...)
Jakub Kubiczek, Wojciech Derej, Angelika Kantor (2022/1, Articles,
Scientific Achievements of Economic Academic Workers in Poland: Bibliometric Analysis
University rankings take many features into account when making an evaluation. One of them are scientific achievements of employees. Based on the literature review, a research gap was identified and defined as the lack of comparisons of scientific achievements, at least in terms of citations, among research workers of economic universities in Poland. The aim of the article was defined as (...)
Andrzej Czyżewski, Ryszard Kata, Anna Matuszczak (2022/1, Articles,
Expenditure of Poland’s Agricultural Budgets in the Context of Selected Macroeconomic Relations
The article analyses the dynamics and structure of agricultural expenditure in Polish state budgets in 1995–2020, which is the basis for considerations on the relationship between budget expenditure on agriculture and the dynamics of GDP and the dynamics of the state budget. The analysis concerned both nominal values and values adjusted by the CPI inflation index. In the pre-accession (...)
Jan Marek Sztaudynger, Jan Jacek Sztaudynger (2022/1, Articles,
The Impact of Supply Bottlenecks on Investment Efficiency
In the paper, the impact of physical capital investments on macroeconomic growth is examined. The authors try to show to what extent it depends on the supply bottleneck (disequilibrium), which existed before the investment and which is eliminated by this investment. The narrower the bottleneck and the more it slows down macroeconomic growth, the more output growth will result from this (...)
Michał Mrowiec (2022/1, Articles,
The article considers the problem of the division of economics into positive and normative, as well as its reinterpretation due to the assumptions of the theory of deterministic chaos for economic phenomena and the functioning of the market. The research question is expressed as a doubt whether adopting idealistic postulates and the related value judgments in economics is anyway justified (...)
Maciej Wysocki, Cezary Wójcik (2021/6, Articles,
In 2016–2019 Poland experienced a major social and fiscal policy shift: new government decreased the statutory retirement age and launched several new social programs, including the sweeping Family 500+ program under which social expenditure on family and children support increased suddenly from 1.5% to nearly 3% of GDP. Moreover, VAT gap reduction policies have been implemented swiftly (...)
Marian Zalesko, Aneta Kargol-Wasiluk (2021/6, Discussions and polemics,
The Nature Of The Crisis In The Light Of Philosophy And Economic Analisis
The article presents the nature of the crisis from the humanistic and social perspective. According to the authors, the explanation of the process of the emergence and spread of crises should be accompanied not only by economics but also by reflection in the field of philosophy, and even the sphere of political science. The study has an overview character. It was prepared using the method (...)
Janusz Bilski (2021/6, Miscellanea,
Reforms Plans for the Eurozone: A Comparative Analysis
The study is aimed to examine, assess, and compare selected reform projects of the Eurozone. The ideas for the restructuring of the Monetary Union have been divided into two groups. The first group, represented by the so called ‘classics’, includes integration methods proposed by the optimum currency area theory. It means a wide use of market mechanisms in the management of the Eurozone (...)
Jacek Lewkowicz, Katarzyna Metelska-Szaniawska (2021/6, Articles,
De Jure and De Facto Institutions: Implications for Law and Economics
The paper contributes to the debate on economic effects of law by extending the focus to the de jure – de facto distinction. Identification of economic effects of legal rules has been the focus of law and economics for decades. However, the literature on the subject relates relatively rarely to de jure provisions; rather it deals with the way in which these rules de facto function in legal (...)
Marek Ratajczak (2021/6, Articles,
What Is The History of Economics for?
The article attempts to answer two questions. The first one is contained in its title. The second one – closely connected with the former – concerns the causes of the degradation of the role the history of economics plays in economic education. The author believes that the role of the history of economics in economic research and teaching will depend on both the researchers acting in this (...)
Grzegorz W. Kołodko (2021/6, In memoriam,
János Kornai and His Immortal Works
János Kornai was the most eminent economist of socialist and post-socialist countries in the last fifty years. He was a worldwide known scientist who has left a huge scientific legacy published in about thirty languages. His theory of systemic disequilibrium in centrally planned economy, the concept of hard and soft budgetary constrains as well as the idea of a shortage economy were of (...)
Maciej Miszewski (2021/5, Articles,
The author assumes that today we are dealing with a multidimensional crisis, one of the components of which is the pandemic. This crisis, as well as the countermeasures undertaken in connection with it, are creating a new shape of global socio-economic reality. The key issue here are the multilateral links between seemingly separate phenomena such as migration, climate disasters and ocean (...)
Maciej Żukowski (2021/5, Book Reviews,
Elżbieta Jakubów (2021/5, Miscellanea,
The Impact of Direct Democracy on Public Sector Employment: Evidence from Swiss Cantons
The purpose of this study is to examine the impact of direct democratic institutions: mandatory fiscal referendum and popular initiative on public sector employment at the cantonal level in Switzerland. With direct forms of public participation becoming increasingly widespread in the world, economic effects of direct legislation pose a vital research problem. This article focuses (...)
Wioletta Mierzejewska (2021/5, Articles,
Intra-organizational competition within business groups
Business groups as one of the forms of capital concentration began to appear in developed economies from the end of the 19th century as a result of geographical expansion, diversification and the development of enterprises stimulated by industrialization. Currently, they take a significant part of the value added in the economy. In the context of institutional regulation of transactions (...)
Adam Rogoda (2021/5, Articles,
The Decade of New Structural Economics: What It Was and What Was Left of It?
The article deals with the problem of the internal consistency of the new structural economics (NSE), the economic growth policy concept developed by the Chinese economist Justin Y. Lin, and its ability to explain economic successes and failures of the developing countries. Initially by arguing in favour of a selective industrial policy the NSE seemed to manifest a pragmatic change in the (...)
Grzegorz W. Kołodko (2021/5, Articles,
Shortageflation 3.0. War Economy – State Capitalism – Pandemic Crisis
The crisis caused by the pandemic has induced governments and central banks to undertake non-orthodox actions aimed at the protection of people’s living standards and the maintenance of production and service activities of enterprises. The policy of the aggressive rise in money supply has resulted in a considerable increase in budget deficits and foreign debts. In this context, it is (...)
Józef Orczyk (2021/4, Articles,
Dilemmas on the Threshold of the Transformation of Labor
The article discusses the process of labour transformation understood as the mutual overlapping of changes taking place in the dominant institutional forms of compulsion to work with the organizational forms of its implementation. When analyzing the current phase of labor transformation, the author paid attention not only to technical and organizational changes related to the ongoing (...)
Michał Schwabe (2021/4, Articles,
Due to unprecedented economic growth after the EU accession, four post-communist economies: Czechia, Hungary, Poland, and Slovak Republic (Visegrad Group, V4) have suffered from unsaturated demand in their labour markets. However, while undergoing the transition from net emigration into net immigration countries, the V4 governments unleashed anti-immigrant propaganda, which seems to have (...)
Agata Szymańska (2021/4, Articles,
Determinants of General Government Social Spending: Evidence from the Eurozone
The paper analyses selected determinants of social spending in the eurozone countries. The sample includes 17 eurozone countries (euro area countries except for Malta and Slovenia) analysed over the time sample, which covers annual data between 1996 and 2017. The paper takes into account three categories of social spending: aggregated welfare spending, aggregated social protection spending (...)
Piotr Pysz, Anna Jurczuk (2021/4, Miscellanea,
Social Market Economy: A Rising Star in Economic Literature?
The objective of the article is to present the results of the interpretation the category of Social Market Economy and the structure and dynamics of research development on this issue. In the first part of the article, the authors present arguments that this concept of socio-economic policy can respond to the challenges of the modern world, including economic, social, environmental and (...)
Witold Kwaśnicki (2021/4, Discussions and polemics,
About the Evolutionary Approach in Social Sciences: Reply to the Polemic by Jan Polowczyk
Jerzy Osiatyński (2021/3, Articles,
Limitations Of The Old Paradigms Of The Macroeconomic Policy. How To Replace Or Correct Them?
The article deals with the limitations of the old paradigms of fiscal and macroeconomic policy and the way of replacing or correcting them. The first part discusses the limitations of fiscal and macroeconomic policy in general in the context of the contemporary mainstream economics. The second part includes an analysis of the interdependence of the criteria of fiscal policy and the (...)
Marcin Borsuk, Kamil Klupa (2021/3, Articles,
Selected Circumstances Of Application Of The Bail-In Instrument
After the global financial crisis, with an aim to more effectively protect the stability of the financial system, a thorough reform of the banking legal framework has been introduced. New instruments have been defined within the recovery and resolution process. Among the many new powers of public authorities, the most far-reaching is the possibility of annulment or conversion of debt (...)
Łukasz Postek, Weronika Poświata (2021/3, Articles,
The authors analyse the relationship between the height of the employee and her (his) remuneration in the Polish labour market. They present a review of the literature suggesting the possibility of the existence of such a relationship on the theoretical grounds and the examples of empirical research confirming the occurrence of such a dependence in many countries. However, there have been (...)
Bartłomiej Lisicki (2021/3, Articles,
Main purpose of this paper is an examination how information about impairment of assests affects on the market valuation of selected issuers listed on Warsaw Stock Exchange. I focused my research on issuers grouped in the sectoral index WIG – Energy. To verificiation of mentioned impact has been used an event study methodology. Based on the abnormal returns, method allows to estimate the (...)
Muhammad Umer, Mukhtar Danladi Galadima, Babar Nawaz Abbasi (2021/3, Miscellanea,
According to the Phillips curve, there is an inverse relationship between inflation and unemployment. According to the Okun’s law, there is an inverse relationship between potential output growth and unemployment. The paper tries to check whether these interdependencies are seen in the Pakistan’s economy, thus testing the relevance of both dependencies for that economy. With this aim, the (...)
Piotr Pieniążek (2021/3, Discussions and polemics,
Robert Ciborowski (2021/3, Book Reviews,
(2021/3, Book Reviews,
Review: Economic Miracles in the European Economies, ed. M. Osińska
Aleksander Sulejewicz (2021/2, Articles,
Modelling in the Case of a Heterodox Economist: Success and Failure of Michał Kalecki
The author proposes to look at the work of M. Kalecki through the lens of the history of economic thought informed by the methodology of economics, by applying to this aim a meta-economic model suggested by U. Mäki, enhanced with additional features. On the basis of the review of the main works of Kalecki, he finds that we cannot ascribe to his works virtually any of the factors proposed by (...)
Jagoda Kaszowska-Mojsa (2021/2, Articles,
Innovation Strategies of Polish Manufacturing Companies through the Business Cycle
The paper analyses the differentiation of innovation activities and strategies of Polish manufacturing companies during economic expansions (2004–2008 and 2013–2014) and slowdowns (2009–2013) of the Polish economy. The research is based on the data from five databases of the Central Statistical Office, which overlap with the Community Innovation Survey (CIS). It is found that because (...)
Katarzyna Owsiak (2021/2, Articles,
Relations Between Central And Local Authorities In The Light Of New Institutional Economy
The author tries to answer the question whether the new institutional economy may be more useful than the neoclassical economy in explaining economic and social relations existing within the institution of the state. The observed disturbances between central and local authorities, notably the attempts to diminish the role of self-government, can negatively affect the provision of public and (...)
Hilal Abacı (2021/2, Miscellanea,
Benefiting from European Union financial aid since 1963, Turkey has been receiving financial support as part of the Instrument for Pre-Accession Assistance (IPA II) (2014–2020) available to candidate and potential candidate countries. There were 3 687 EU grant-assisted projects implemented in Turkey under the responsibility of the Central Finance and Contracts Unit (CFCU) until 2016. The (...)
Marian Gorynia (2021/2, Book Reviews,
Review: Economics of information (ed. Przemysław Deszczyński)
Jerzy Osiatyński (2021/1, In memoriam,
Domenico Mario Nuti, known as Mario Nuti, was an eminent Italian economist who most of his professional life spent in Cambridge, but for whom Poland has always been his beloved country and the top subject of research. His first field of study in Warsaw, under supervision of Michał Kalecki, was the Polish methodology of examining economic efficiency of investment projects which was rather (...)
Karolina Konopczak, Aleksander Łożykowski (2021/1, Articles,
Strengthening of the Polish tax system: estimating the impact on CIT collection
This article attempts to quantify a fiscal effect of regulatory actions undertaken in Poland in the years 2014–2018 aimed at strengthening the CIT legal framework, i.e. to estimate their impact on the size of the tax gap and, consequently, on the tax revenues. For this purpose an econometric approach to the estimation of changes in the CIT gap as well as to their decomposition into cyclical (...)
Sebastian Stępień, Jan Polcyn, Michał Borychowski (2021/1, Articles,
Determinants Of A Balanced Economic And Social Development Of Family Agricultural Farms In Poland
The discussion on a balanced development of small agricultural farms is justified by the importance of the very concept of a balanced economic and social development of agriculture and the important role of small family farms in the Polish agriculture. In this subject area, there is an evident research gap regarding cross-sectional research concerning small family farms. The analysis of (...)
Aldona Mrówczyńska-Kamińska, Ewelina Szuba-Barańska, Walenty Poczta (2021/1, Articles,
Production Results And Efficiency Of The Agribusiness In The Countries Of Central Eastern Europe
The aim of the article is to present the changes observed in the production and income results obtained in the agribusiness of the CEE countries and in the production efficiency in this sector of the economy. Additionally, it has been checked whether the transformations observed in the agribusiness of those countries contribute to the reduction of the development gap towards the EU-15 (...)
Dagmara Nikulin, Małgorzata Gawrycka (2021/1, Articles,
Implementation Of The Concept Of Flexicurity In The Selected Countries Of Central Eastern Europe
The CEE countries have to create their own flexicurity policies which would take into account the employment policy guidelines, cultural traditions and socio-economic development. The aim of this article is to examine and evaluate the implementation of the flexicurity concept on the basis of the adopted set of composite indicators. The study covers 9 countries of the CEE region, and the (...)
Artur Wyszyński (2021/1, Miscellanea,
Insolvency Of Professional Football Clubs
The aim of the article was to estimate the risk of insolvency and the interdependence between risk indicators and their determinants (factors) in the clubs of the major football league in Poland in the years 2017–2019. The research included two stages. In the first stage, insolvency risk was calculated in the financial, legal and accounting sense of the term. In the second stage, basing on (...)
Valeriy Heyets (2021/1, Essays,
Endogenous Social Progress as a Source of Economic Growth
In this essay, the author argues that social capital and social progress should be treated as a separate endogenous source of economic growth and, consequently, it should be included in endogenous growth models, along with physical and human capital and technological progress. Social capital is a public good, which not only raises the individuals’ intellectual capacity but also increases (...)
Andrzej Czyżewski, Ryszard Kata, Anna Matuszczak (2020/6, Articles,
Budget expenditure on agriculture is a means to achieve the objectives of agricultural policy. The expenditure of the Polish agricultural budget consists of national and European funds. The allocation, redistribution and stabilisation effects of budget expenditure on agriculture since the introduction of CAP instruments in Poland has been assessed in the context of the discussion on the (...)
Anna Mijal (2020/6, Articles,
Culture and economic education was the subject of one of the panel sessions of the 10th Congress of Polish Economists which took place in November 2019. In the new classification of scientific branches and disciplines introduced in Poland in 2018, economic sciences are not distinguished as a separate category. This raises the question about the identification of the directions and profiles (...)
Marek Rocki (2020/6, Articles,
Graduates of Economic Studies in the Labor Market – Analysis Based on the Example of the Year 2014
The aim of the article was to evaluate how the offer of Polish universities meets the labor market needs. For this purpose data from Polish graduate tracking system about the graduates of 2014 from the economy faculties was used. The evaluation was based on data for the 4th year after the graduation. It was showed that the alumni of public economy universities were better prepared to (...)
Lenka Přečková, Iveta Palečková (2020/6, Articles,
Evaluation of Technical Efficiency of Insurance Companies in the Visegrad Group Countries
The aim of the paper is to estimate the technical efficiency of insurance providers in the Visegrad Group countries in the period 2009–2016 using data envelopment analysis (DEA). The insurance sector in these countries underwent significant changes in the analysed period. during the last two decades. According to the results of the analysis, the average efficiency of insurance companies was (...)
Małgorzata Wachowska, Magdalena Homa (2020/6, Miscellanea,
The importance of inventions for development processes is all the greater the more often they are used by others when generating new knowledge. With this in mind, the aim of the article was to determine the extent to which Polish inventions diffuse in the global economy – which was measured by the frequency of their citation – and to indicate the factors underlying this phenomenon. A (...)
Levent Şahin, Dilek Kutluay Şahin (2020/6, Miscellanea,
Impact of Industrial Robot Use on Exports in European Countries – an Empirical Analysis
In this paper, the relationship between the volume of export and the number of industrial robots in the selected European countries is examined by using the simultaneous equation models. Panel data of Austria, Belgium, Czechia, Denmark, Finland, France, Germany, Hungary, Italy, Netherlands, Norway, Poland, Romania, Slovakia, Spain, Sweden, and the United Kingdom are used. The study covers (...)
Aniela Styś (2020/6, Book Reviews,
The Evolutionary Approach in Social Sciences, ed. by Jan Polowczyk, Hubert Witczak, Maciej Błaszak
Anna Ząbkowicz (2020/6, Book Reviews,
Sebastian Bobowski: Japan in the East Asian Region and Regionalism in the 21st Century
(2020/6, Announcements,
Announcement from the Jury of the 2020 Edward Lipiński Award of the Polish Economic Society
Adam Koronowski (2020/5, Articles,
Epistemology, Axiology and Ideology in Economics – the Case of Cobb–Douglas Function
The aim of this article is the identification of axiological and ideological consequences for economic models and theories of a seemingly neutral, motivated by formal mathematical elegance, assumption of Cobb–Doulas production function. According to methodological recommendations given by M. Friedman, which have dominated contemporary orthodox economics, assumptions are not subject to (...)
Leszek Kucharski, Eugeniusz Kwiatkowski (2020/5, Articles,
The Labour Market Situation of Population Groups and the State of the Polish Economy
The paper considers the situation of different population groups in the labour market in Poland under good and poor economic conditions. The groups were defined using criteria such as gender, age, educational attainment and the place of residence. As the measures of their situation, unemployment and employment rates, the flow rates between unemployment, employment and inactive, and (...)
Jakub Rok (2020/5, Articles,
The current model of socio-economic development, aimed at maximizing income – understood as a proxy for well-being, has contributed to environmental degradation on an unprecedented scale. As a result, new research strands have emerged, seeking both to redefine the concept of well-being and to better incorporate the complexity of natural ecosystems in economic thinking. This article is an (...)
Iwona Jakubowska-Branicka, Bartłomiej Walczak, Krzysztof Waliszewski (2020/5, Articles,
Based on secondary and primary research, the determinants of the development of the non-bank loan market in Poland were characterized from an economic and sociological perspective. These determinants influence the change of the lending institution model, taking into account the average loan amount, distribution channel and final buyer profile. From 2015, the loan sector, which was initially (...)
Jakub Sukiennik (2020/5, Miscellanea,
Regulation of the Drug Market in Poland in 1997–2005 and the Equilibrium of the Institutional System
The aim of the article is to describe and attempt to explain the course of legal changes in the scope of transformations of the Drugs Prevention Act (UPN) in Poland in 1997–2005 from the perspective of the new institutional economy. However, the punishment for possession of drugs remains a particular area of interest. An additional intention is to attempt to answer the question whether (...)
Witold Kwaśnicki (2020/5, Discussions and polemics,
Stanisław Swadźba (2020/5, Book Reviews,
Beata Stępień, Patrick M. Weber (2020/4, Articles,
The effectiveness of economic sanctions depends on their compliance by enterprises, reduced to the role of tools in the political struggle of the states. The involvement of companies in this game depends on their perception of the legitimacy and inevitability of sanctions; the impact of sanctions on their strategy and competitive position, and the possibility to apply strategies that may (...)
Piotr Krajewski, Michał Mackiewicz, Katarzyna Piłat (2020/4, Articles,
The Effects of Policy Mix on the Pollutant Emissions in the United Kingdom
The article demonstrates the ecological consequences of the fiscal-monetary policy mix that is used to boost economy during the business cycles. This is an important issue especially in the crisis and post-crisis periods, when a new balance between the monetary and fiscal policies is sought after by the governments and central banks. The authors perform their analysis with the empirical (...)
Anna Odrobina, Paweł Folfas (2020/4, Articles,
Poland’s Participation in Global Value Chains: The Case of R&D Activity
The aim of the paper is to determine to what extent the R&D industry in Poland participates in global value chains (GVC), and to determine the place of this industry in these chains. The research tool is the participation in GVC index, being the sum of shares in these chains as a recipient of foreign components used in domestic production (participation index, backward), and as a supplier (...)
Helmuth Yesid Arias Gómez, Gabriela Antosova (2020/4, Articles,
Regional Specialization in the Colombian Manufacturing Industry: A New Economic Geography Approach
The New Trade Theory(NTT) and New Economic Geography (NEG) explain production specialization of countries or regions by benefits stemming from economies of scale, which are available even when trade partners are in similar economic conditions and with even resource endowments. Conversely, the traditional trade theory relies on comparative advantages that emerge from differences in (...)
Engin Yilmaz (2020/4, Miscellanea,
A New Monetary Analysis Tool: The Daily Liquidity Dataset
The term of liquidity is complex and unclear in the economic literature. This paper tries to explain this concept in practice for the Turkish economy. The statistics of EFT (Electronic Fund Transfer) system and the analytical balance sheet of the Central Bank of Turkish Republic are used to explain what the liquidity is and how the liquidity situation changes in the country’s financial (...)
Tomasz Grodzicki, Mateusz Jankiewicz (2020/4, Miscellanea,
Energy Consumption and Economic Growth in the European Union: A Causality Analysis
Energy sector is one of the most important matters in the economic policies of the European Union since it has a significant impact on the quality of life and economic growth. The aim of this paper is to examine the causal relationship between energy consumption and economic growth in the European Union, based on the data from the period of 1960–2015. Using a Granger causality test (...)
Maciej Holko (2020/4, Discussions and polemics,
Determinants of the Current Account Balance: A Comment from Post-Keynesian Perspective
Kamila Kuziemska-Pawlak (2020/4, Discussions and polemics,
Reply to the remarks to my article
Stanisław Czaja (2020/4, Book Reviews,
Łukasz Hardt (2020/4, Book Reviews,
Karolina Goraus-Tańska, Zuzanna Osika (2020/3, Articles,
Tertiary Education Levels and Earnings in Poland and Some Other OECD Countries
The article presents an empirical analysis of the wage premium for education, with the consideration of different study levels for Poland and some other OECD countries. The available literature deals mainly with wage premium for higher education in general or with the rate of return for an additional year of study while the question of wage premium for different levels of tertiary education (...)
Agnieszka Domańska (2020/3, Articles,
The article aims to analyse on a comparative basis the effects of public investment spending on the economies of Poland and Portugal in the period 1996–2017. In the economic theory, there are divergent opinions as to the impact of expansionary fiscal policy on economic growth. The direct and indirect impact of the increasing government spending on the economy is one of the key questions in (...)
Izabela Młynarzewska-Borowiec (2020/3, Articles,
Income Gap between the New and Old EU Member States and Its Determinants in the Period 1996–2017
In the period 1996–2017 there was a significant progress in reducing income disparities between the new member countries of the EU (EU-13) and the old EU member states (EU-15). The successes of individual new EU members in overcoming their income distance to Western Europe were diversified. It can be assumed that the catching-up process depends on the differentiated set of GDP per capita (...)
Krzysztof Turowski (2020/3, Articles,
Great Depression in the Views of the Cracow School of Economics
The Great Depression which began in 1929 was one of the most important shocks that hit the world economy in the inter-war period and even in the whole XX century. Many economists of that time tried to give a theoretical explanation of the causes of the crisis and to present some policy proposals that could stabilize economic situation both in individual countries and worldwide. The article (...)
Eliza Przeździecka (2020/3, Miscellanea,
The aim of the article is to determine the probable changes in the FDI flows between the member states of the European Union and Japan, which may occur as the result of the implementation of the Economic Partnership Agreement (EPA) between the EU and Japan. The FDI flows between the EU and Japan hitherto constituted an important element of the mutual economic relations. The article brings (...)
Błażej Kiermasz, Mikołaj Kszczotek (2020/3, Miscellanea,
VIX – Security or Threat? The Consequences of Financialization of the ‘Fear Index”
VIX is a popular index used by financial analysts and economists to measure the level of ‘fear’ among investors. The aim of the paper is to show that the information function of this index has been distorted because the use on a large scale of the strategy to sell volatility can lead to strong fluctuations of the index which are unrelated do the fundamental situation. In particular, the (...)
Maciej Miszewski (2020/3, Book Reviews,
Tadeusz Baczko (2020/3, Book Reviews,
Strengthening the Knowledge Base for Innovation in the European Union, (ed.) Marzenna Anna Weresa
Eckhard Hein (2020/3, Book Reviews,
Bogusław Fiedor, Marian Gorynia (2020/2, Articles,
About Strong And Weak Aspects Of Contemporary Economic Sciences
The aim of the article is to assess main strong and weak aspects of economic sciences. The evolution of economic sciences leads to the disclosure and strengthening of their virtues, but sometimes also to their erosion. The authors attempt to identify strong and weak aspects of economic sciences and discuss both briefly. The main research method used in preparing this study was a critical (...)
Jerzy Hausner (2020/2, Articles,
Economics and Social Imaginarium
Old theories and economic ideas do not fit the new reality. They cannot be the basis of proper economic policies. The economic model in which efficiency predominates over productivity to the extent that the latter is weakened or even neglected becomes useless in modern world. Economics should return to its tradition of being deeply rooted in moral philosophy. Economics cannot be focused on (...)
Grzegorz W. Kołodko (2020/2, Articles,
Economics of New Pragmatism: Identity, Aims, Method
The contemporary economic thought does not fully realise its tasks: it does not explain in a satisfactory way the socio-economic reality, nor does it propose effective methods of solving major problems, especially on macroeconomic level – within national economies, and on megaeconomic level – within the global economy. New pragmatism is the outline of a heterodox theoretical concept arising (...)
Elżbieta Mączyńska, Piotr Pysz (2020/2, Articles,
Why Do We Need Social Market Economy?
The article presents the ordoliberal concept of social market economy (SME) as a model of the socio-economic system alternative to the free-market capitalist economy. The authors believe that, due to the manifold disfunctions of the shortcomings of the contemporary capitalist system, visible worldwide in the economic, social and ecological spheres, this model can be a guide in the search of (...)
Jerzy Osiatyński (2020/2, Articles,
Michał Kalecki and the Contemporary Development Problems of Capitalist Economy
This paper presents the studies of Michał Kalecki on the dynamics and cyclical development of the capitalist economy, which brought him the largest renown and esteem and which are further developed and reinterpreted, notably in the framework of the contemporary post-Keynesian economics. In the introduction, the author shows the axiology of the Kalecki’s research on the developed capitalist (...)
Łukasz Hardt (2020/2, Articles,
Utilitarianism, Deontology, and Virtue Ethics
Neoclassical economics is based on classical utilitarianism – the value of an act (also regarding the consumption of goods) is determined by its utility. Economics is often criticized for this ethical foundation. Critical voices come, among others, from those researchers who prefer virtue ethics. They claim that the market operates on the basis of instrumental rationality and external (...)
Ewa Łętowska (2020/2, Articles,
The essay discusses the divergence existing between the literally understood text of law and the meaning attributed to it in various interpretative discourses; it also points to the ignorance of some discourse participants as to the existence of this divergence and the attempts to manipulate this divergence to economic purposes (profit maximization, “interpretative wars”). It also touches (...)
Henryk Domański (2020/2, Articles,
Changes in Social Stratification in Poland
The patterns of intergenerational mobility and marital choices are mostly applied indices of social openness or social distances. A weaker association between class position of parents and their children and a lower marital homogamy indicate that social class barriers are lower. Social stratification is also dependent on the rules of recruitment to occupational positions and on the (...)
Andrzej Sławiński (2020/2, Articles,
30 Years of Economic Transition in Poland from Central Bank Perspective
The successful economic transition in Poland was reflected in the uninterrupted GDP growth after stabilization and liberalization of the economy in the early 1990s. What helped to put economy on an equilibrium growth path was joining the European GVCs which facilitated a rapid buildup of export potential. During the global financial crisis of the 2007–2009 Poland was not seized by a banking (...)
Andrzej K. Koźmiński, Adam Noga, Katarzyna Piotrowska, Krzysztof Zagórski (2020/2, Articles,
The authors use a composite socioeconomic development indicator, called ALK (BDI) index, to analyze the economic situation in 22 European OECD countries in the period of 1999–2017. The indicator includes 45 social and economic variables contained in four groups: 1) assessments of the current social and political situation, 2) social predictions and expectations, 3) internal economic (...)
Zbigniew Madej (2020/1, Articles,
The End or Another Correction of Its Course?
The article contains considerations on the historical evolution of globalization in the context of the rivalry between two basic concepts of economic system: pro-state option and pro-market option. The author assumes that globalization is a permanent feature of human aspirations. In the beginning of modern era it was interlocked with the alternating dominance of pro-market and pro-state (...)
Józef Orczyk (2020/1, Articles,
Regional Dimension of Social Policy
The article includes considerations and author’s proposals concerning the regional dimension of social policy. This aspect of social policy has not been investigated widely so far. The scope of regionalism and its forms are linked with the dominant social doctrine in a given country. They reflected in the ratio of territorial self-governments’ own incomes against those of the state budget (...)
Anna Nicińska (2020/1, Articles,
Non-Financial Support for the Old Generation in Polish Families
Present study examines nonfinancial support granted for older people in Poland and other European countries in order to understand the relationships between family structures and that support and to diagnose the challenges that the Polish population may face in this respect in the nearest future. The analysis is based on the data from the Survey on Health, Aging and Retirement in Europe (...)
Piotr Rubaj (2020/1, Miscellanea,
Emerging Markets: Prospective Directions for Polish Exports
Poland’s economy is closely connected with European markets, particularly within the European Union: almost 90% of Polish commodity export goes to European countries and 80% is absorbed by other EU countries. The common European market is absorptive, safe and stabile, and goods and services sold there are duty free. But the high concentration of exports in this market implies a strong (...)
Vitalii Bondarchuk, Alina Raboshuk (2020/1, Miscellanea,
The Impact of Monetary Policy on Economic Growth in Ukraine
This study examines the impact of monetary policy on economic growth in Ukraine between 2006 and 2019. After the stationarity and co-integration tests, a vector-autoregressive model (VAM) was used to estimate the impact of monetary factors on economic growth in Ukraine. The research results show that GDP changes are largely explained by its own earlier dynamics, but in the long-run real GDP (...)
Maria Magdalena Jagielska (2020/1, Miscellanea,
Cultural Involvement of Enterprises as a Part of Corporate Social Responsibility
The concept of Corporate Social Responsibility is now much better recognized and more widely discussed in Poland than before. The year 2018 was legislatively the first year in which, according to the directive of the European Union, large and medium- sized enterprises became obliged to report their CSR strategies or to explain the reasons of non-compliance. The article, referring to the (...)
Dominik Buttler, Jan Szambelańczyk (2020/1, Nobel Prize Laureates,
The article presents scientific achievements of Alfred Nobel Memorial Prize Laureates in economic sciences in 2019: Esther Duflo, Abhijit Banerjee, and Michael Kremer. The paper describes their contribution to the research on the sources of poverty in the world and the ways of alleviating it, and their contribution to the development of experimental research in social sciences using (...)
Stanisław Czaja (2020/1, Book Reviews,
Economics and Politics. About he Theory of Grzegorz W. Kołodko, ed. E. Mączyńska
Jerzy Wilkin, Aneta Kargol-Wasiluk, Marian Zalesko (2019/6, Articles,
Institutional Equilibrium: The Foundation of Economic Equilibrium
The authors propose another than hitherto used, much broader approach to economic equilibrium, based on the achievements of various research streams that investigate the role of institutions in the economic and social life. These considerations are also a methodological and philosophical reflection on the state of economic sciences, especially as regards the foundations of the institutional (...)
Jan Marek Sztaudynger, Jan Jacek Sztaudynger (2019/6, Articles,
Economic Growth and Investments: the Role of Bottlenecks
The impact of fixed capital investments on economic growth is examined. The authors try to show to what extent it depends on the bottleneck (disequilibrium), which existed before the investment and which is eliminated by this investment. The narrower the bottleneck and the more it slows down economic growth, the more output growth will result from this investment. In order to verify this (...)
Eliza Przeździecka, Rumiana Górska, Andżelika Kuźnar, Jerzy Menkes (2019/6, Articles,
The Effects of EU–Japan Economic Partnership Agreement for Poland’s Economy
The article analyzes the impact of the EU–Japan Economic Partnership Agreement (EPA) on Poland’s economy. The authors investigate the effects of a bilateral elimination of customs duties on the economy using the Computable General Equilibrium framework and the GTAP database. The impact of the bilateral elimination of customs duties on GDP, production, trade and social welfare in Poland is (...)
Aleksandra Kordalska, Magdalena Olczyk (2019/6, Articles,
Is Germany a Hub of ‘Factory Europe’ for CEE Countries?
The goal of the paper is to decompose gross exports and imports to/from Germany for seven selected economies in Central and Eastern Europe (CEE): the Czech Republic, Estonia, Hungary, Lithuania, Latvia, Poland and Slovakia for 2000 and 2014, in order to identify the role of Germany in absorbing, reflecting and redirecting CEE trade. The authors use a gross trade decomposition proposed by (...)
Levent Şahin (2019/6, Miscellanea,
Food Trade Dependency Index for EU28 Countries in the Context of Food Security
Food security is one of the most important issues in the contemporary world because nutrition is one of the basic needs of people. The changing climate and rising food prices affect negatively food security of the countries. The aim of this article was to determine the degree of food security in terms of food trade dependence for EU28 countries in the period 1999–2017. The method chosen was (...)
Burim Gashi (2019/6, Miscellanea,
The Impact of Public Debt on Economic Growth: Evidence for Balkan Countries
The aim of this paper is to analyse the impact of public debt on economic growth in five Western Balkan countries using data for the period of 2008–2017. The author investigates whether there is a non-linear (quadratic) relationship between the public debt (measured by its proportion to GDP) and economic growth (measured by the growth rate of GDP per capita) in this group of countries (...)
Bogdan Klepacki (2019/6, Book Reviews,
Arkadiusz Sieroń (2019/6, Book Reviews,
Maciej Szlinder: Unconditional Basic Income. A Revolutionary Reform of the XXI Century Society
Jerzy Wilkin (2019/6, In memoriam,
(2019/6, Announcements,
Announcement from the Jury of the 2019 Edward Lipiński Award of the Polish Economic Society
Karolina Goraus-Tańska, Marta Towalewska (2019/5, Articles,
Wage Differences In Poland Related To Employment Form
The article compares different employment forms existing in Poland and analyses wage gaps existing between them. The first part contains a literature review on dual labour markets and substandard employment forms. The second part describes the types of employment contracts existing in the Polish labour market and the scale of their use; it also compares the share of substandard employment (...)
Aneta Kosztowniak (2019/5, Articles,
Impact of the Financial Structure of FDI Inflows on Economic Growth in Poland
The aim of this paper is to analyse the impact of financial components of foreign direct investment (FDI) inflows on economic growth in Poland in the years 2004–2018, with special emphasis on the role of reinvestment of earnings. The following hypothesis has been put forward: As FDI inflows into Poland and enters the successive stages of its profitability life cycle, impact of equity on (...)
Meda Andrijauskiené, Daiva Dumčiuviené (2019/5, Articles,
A remarkable increase in the attention devoted to national innovative capacity (NIC) has been noticed over the last decades. There is a strong debate whether a country’s national innovative capacity is solely determined by local factors or it is also influenced by global network position and international economic activities. Furthermore, despite its importance, there is a lack of studies (...)
Marta Postuła, Jacek Tomkiewicz (2019/5, Articles,
Fiscal Adjustment and Public Finance Management in the Euro Area
This article focuses on the effects of corrections to the budgetary policy in eurozone economies. The goal is to check whether advancement in implementing modern tools of public management is helpful in the time of fiscal adjustment. The authors assume that the most important role of a performance approach in conducting fiscal policy is the ability of government to implement an active (...)
Katarzyna Świerczyńska, Łukasz Kryszak (2019/5, Articles,
The Impact Of Political Stability And Rule Of Law On Productivity In Sub-Saharan African Economies
The aim of the paper was to assess the impact of political stability and the rule of law on the productivity level in 40 economies of Sub-Saharan Africa in the years 1996–2014. Panel regression models with total factor productivity (TFP) as a dependent variable were applied. In addition, quantile regression method was used to analyze the changing nature of this influence depending on the (...)
Andrzej Sławiński (2019/5, Miscellanea,
Could Cryptocurrencies or CBDCs Replace the Recent Monetary Systems?
The paper highlights why, contrary to frequent claims, cryptocurrencies will not replace the existing monetary system. The reason is that despite its shortcomings the current monetary system is a product of a long evolution which had adjusted it to the needs of the economy. Cryptocurrencies will probably remain what they have been during the last decade, i.e. the popular speculative assets (...)
Elżbieta Kawecka-Wyrzykowska (2019/5, Book Reviews,
The Single European Market and Trade Policy, ed. Angelo Santagostino
Izabela Bludnik (2019/4, Articles,
Endogenous Money Supply under Financialization: Heterodox Economic Perspective
Heterodox economics interprets the phenomena of endogenous money supply and financialization, and the cause-and-effect relationship between them, in a way different than mainstream economics. Endogeneity is perceived here as a durable and constant feature of money, which constitutes at the same time a determinant of financialization. The latter, in turn, is considered as a temporary and (...)
Łukasz Kurowski (2019/4, Articles,
Financial Stability and Monetary Policy after the Global Financial Crisis
Central bank’s involvement in financial stability is no longer questioned. Yet doubts arise when monetary policy instruments are used to reduce financial imbalances. The purpose of the article is to verify whether, after the global financial crisis, central banks use interest rates as a macroprudential instrument. In order to do this, the author extends central bank’s reaction function by (...)
Jacek Jankiewicz, Przemysław Garsztka (2019/4, Articles,
Unemployment and Time Spent in Household Production
In recent decades, great interest has arisen in the scientific community about better understanding and measuring of people’s well-being. It is widely recognized that an exclusive concern with production and consumption, as measured in national accounts such as GDP, is an insufficient strategy and should not be the only source for guiding policy makers. This paper deals with nonmarket (...)
Tadeusz Truskolaski, Kamil Waligóra (2019/4, Articles,
The Role of the Białystok Science and Technology Park in Implementing the Smart City Concept
The article contains a critical analysis of the Triple Helix model – both on a theoretical plane and in the context of its application to the functioning of the Białystok Science and Technology Park (BSTP). The authors stress that the Triple Helix model should be adjusted to local conditions. Its implementation requires modifications that take into account both the current state and future (...)
Yulia Slobodyanik, Lyudmyla Chyzhevska (2019/4, Miscellanea,
The effective, accountable, and transparent financial control of the government plays a crucial role in Sustainable Development Goals achievement. Supreme Audit Institutions (SAIs) are able to enhance the accountability of state administrative bodies towards society for utilized resources and the performance results. Building the capacity of the SAIs, sharing foreign experience and (...)
Lidia Danik (2019/4, Conferences and seminars,
Krzysztof Waliszewski
(2019/4, Book Reviews,
Piotr Krajewski (2019/3, Articles,
Decomposing the Impact of Government Spending on GDP in Poland
Using structural vector autoregression model (SVAR), the author compared the efficiency of various categories of government expenditure in boosting economic activity in Poland. The empirical analysis, covering the period of 2002–2017, was made on quarterly data. The results of the examination show that, in line with theoretical premises, the strongest and long-lasting effect on GDP is (...)
Jarosław Plichta (2019/3, Articles,
Measurement of Transaction Costs: Different Approaches and Research Perspective
The aim of the article is to present various approaches to measuring transaction costs at both micro- and macroeconomic levels, and a proposal for the direction of integrating research in this field. The study of transaction costs conducted since the 1970s brought a number of inspiring conclusions regarding the role of such costs in the economy, indicating their key importance in the (...)
Sylwia Morawska, Przemysław Banasik, Beata Woźniak-Jęchorek (2019/3, Articles,
The Handling of Business Lawsuits by Common Courts in Poland: Identification of Transaction Costs
The aim of the article is to identify factors influencing the transaction costs of the enforcement of contracts concluded between entrepreneurs in business matters. For the purpose of the article, a pilot study was conducted involving 210 court cases pending before the District Court in Gdańsk in the first instance after 2009, in which the judgment was issued in 2012 (the last 210 cases (...)
Marek Rocki (2019/3, Miscellanea,
Ranking of Polish Universities According to the Economic Position of Their Graduates
The paper presents rankings of Polish universities according to the position of their graduates in labor markets. Two basic evaluation criteria were employment chances and relative wage levels. The research was based on the data collected in the national monitoring system for the fortune of college graduates (ELA). The data, split by study level and field, show that the strongest position (...)
Stanisław Czaja, Krzysztof Malaga (2019/3, Nobel Prize Laureates,
William D. Nordhaus and Paul M. Romer: Laureates of the Nobel Prize in Economics in 2018
The Alfred Nobel Prize awarded by the Royal Academy in Sweden in the field of economics since 1969, is an expression of the highest respect for the most prominent economists in the world. The article presents the biographical outline and selected elements of the achievements of two winners of this award, which in 2018 was awarded to William Dawbney Nordhaus and Paul Michael Romer. The study (...)
Magdalena Szyszko (2019/3, Book Reviews,
Wanda Łukaszewicz, Adrian Łukaszewicz (2019/2, In memoriam,
Anna Ząbkowicz (2019/2, Articles,
Institutions: Between Market Mechanism and Power Mechanisms
Using the association between economics and management science, the author proposes to reconstruct a cohesive and comprehensive picture of the economy. One of the crucial concepts in this field, governance, is employed as an instrument to create such a picture. In this approach, ‘governance’ means solving of conflicts arising within an economic organization while ‘government’ refers to the (...)
Maciej Holko (2019/2, Articles,
Theory of Taxation and Tax Policy in OECD Countries
In the context of classical, neoclassical and Keynesian theory of economic growth, the article discusses the problem of tax structure and height. Classical economics and Kalecki argued in favour of progressive income or property taxes while neoclassical economics and Kaldor recommended consumption taxes. The results of econometric research support post-Keynesian theory of growth based on (...)
Łukasz Cywiński, Robert Pater (2019/2, Articles,
Optimal Size of the Public Sector in Poland in Terms of Employment
The paper contributes to the literature on the public sector optimal size. The most common approach to measure the optimal size of the public sector is based on government expenditures. The authors propose a broader approach to public sector size measurement and define it by the share in the gross value of fixed assets and the share in employment. The approach is based on the stocks of (...)
Mirosław Czekaj (2019/2, Articles,
The aim of the paper was to present an attempt of the integrated approach to the development problems of local government entities (LGE) concerning their indebtedness in a way covering two perspectives: budget and balance-sheet. Referring to the literature review, the author points to the fact that the LGE’s budget deficit can be higher than actually reported because of the mechanism of (...)
Mateusz Tomal (2019/2, Articles,
Contemporary economics recognizes that investment decisions are not always fully rational. The source of irrationality may be psychological inclinations involved in the decisionmaking process. These inclinations, called ‘behavioral factors’, take the form of heuristics, or intuitive opinions formulated quickly, and motivating factors. The aim of the paper was to analyse psychological (...)
Li Sheng, Tao Li, Jie Gao (2019/2, Miscellanea,
Effects of Foreign Capital on Tourism: Evidence from Macao and Hong Kong
Although most economists defend the positive role of foreign investors in tourism development, a number of tourism geography studies present divergent views on the local impact of foreign investment on host communities. To trace the issue to its root, a simple analytical framework has been developed to show that the effects of free capital mobility highly depend on the geographical size and (...)
Zbigniew Matkowski (2019/1, In memoriam,
Professor Zdzisław Sadowski – Editor in Chief of “Ekonomista”
Maciej Bałtowski, Grzegorz Kwiatkowski (2019/1, Articles,
State Enterprises in the Contemporary Economy: Poland Against a Background of the World
The aim of the article is a theoretical and empirical examination of the new major phenomenon of the contemporary global economy: a rise in the scope and importance of state enterprises. Special attention was given to the role of state enterprises in the Polish economy, considered against a background of world economy. The authors discuss first the methodological problems related to the (...)
Andrzej Czyżewski, Ryszard Kata, Anna Matuszczak (2019/1, Articles,
Budget expenditures are the main instrument for the implementation of the allocation function of public finances with reference to agriculture and rural development, because of their influence on agricultural resources and socio-economic processes occuring in the rural areas. The purpose of the article was to determine the impact of budget expenditures on the allocation of production (...)
Sławomir Kalinowski (2019/1, Articles,
Employment Precarisation in the Contemporary Economy
The issue of employment insecurity in the perspective of economy uberisation was discussed in the paper. The paper is a contribution to discussion on growing employment insecurity and atypical, substandard forms of employment. It was underlined that growing importance of insecure employment forms, coupled with relatively lower competitiveness of individuals performing this kind of work (...)
Marcin Garbat (2019/1, Miscellanea,
System of Employment of People with Disabilities in Poland: Pigou contra Coase
According to Ronald Coase, the problem of external costs is twofold: negative external effects generated by one entity cause loss for another, but the suppression of injustice is automatically a loss for the first one; he argued that in the case of well-defined property rights and low transaction costs, the problem of external effects can be solved through transactions between parties (...)
Leokadia Oręziak (2019/1, Discussion,
Czesław Skowronek (2019/1, Book Reviews,
Rafał Klóska, Innovativeness as a Determinant of Regional Development in Poland
Grzegorz W. Kołodko (2018/6, Articles,
China’s System Transformation: Socialism or Capitalism? Tertium datur
The author tries to answer the question: Is China still building socialism or has it already built capitalism? Or maybe both? And maybe none of those two systems as, with the market reforms that deviate from the traditional socialism, it has created something different from the classical types of political and socio-economic regimes known from the 20th century? Some authors have proclaimed (...)
Agnieszka Baer-Nawrocka, Ewa Kiryluk-Dryjska, Walenty Poczta (2018/6, Articles,
Anticipating Changes in the EU Common Agricultural Policy – An Integrated Approach
Each reform of the Common Agricultural Policy (CAP) is connected with some consequences – for agricultural produces, but also for all the society. The article presents a new methodological approach to the determination of the potential effects of reforms in the EU agricultural policy, which combines the CAPRI partial equilibrium model with game theory. The essence of this approach consists (...)
Wiktoria Domagała (2018/6, Articles,
Measuring Gender Occupational Segregation: OECD Countries in Comparative Perspective
The main purpose of the article is to present a new way of measuring the scale of occupational segregation that can be used in empirical analysis. The method proposed by Knogler and Lankes is used to obtain seminal Occupational Segregation Indexes for 30 OECD countries for the years 1997–2016. It starts from conducting a principal components analysis to transform variables that captures (...)
Justyna Franc-Dąbrowska (2018/6, Miscellanea,
Financialization of the Economy and the Increase of Value
The article discusses the issue of financialization the economy and the connection between this process and the increase of value. The essence and history of finance are presented. Subsequently, consideration was given to the link between the financialization of the economy and the causes and effects of the financial crisis, including the pros and cons of financialization. The third element (...)
Jan Brzozowski, Rafał Cekiera (2018/6, Miscellanea,
The authors try to determine the factors affecting the decisions taken by immigrants about the financial support provided for elder parents left in the home country. Using survey data for Germany, one of the major destination countries of labour emigration, the authors compare the willingness showed by various groups of immigrants to help their parents. The highest willingness to do so is (...)
Stanisław Kowalczyk (2018/6, Book Reviews,
Bazyli Czyżewski, Market Treadmill in the European Agriculture
Marian Gorynia (2018/5, Articles,
Contemporary Economic Sciences: Identity, Evolution, Classifications
The article contains a discussion about the current state of economic sciences, with special consideration of the Polish context. The author starts from presenting various classifications. Then he tries to determine the identity of economic sciences (including economics, finance, management, and commodity science): what is common in these disciplines and what connects them. In the next part (...)
Emerging Varieties of Capitalism in Central Eastern Europe: A Review of Studies
The article contains a review of the most representative theoretical and empirical studies on the emerging varieties/models of capitalism in Central Eastern Europe (CEE). A critical appraisal was made of standard and non-standard approaches found in the subject literature. Specific features of the institutional structure existing in the CEE countries have been indicated which make it (...)
Jarosław Boruszewski, Krzysztof Nowak-Posadzy (2018/5, Articles,
Copernicus-Gresham’s Law: Towards a Methodological Reconstruction
Copernicus-Gresham’s Law, formulated in the pre-classical era of political economy, states that worse money drives better money out of circulation. Recently, this law has been investigated mainly by historians of economic thought, economic historians and theoretical economists. However, what is still missing is a methodological reflection on this law. The present article aims at filling (...)
Artur Walasik (2018/5, Articles,
Fiscal Demography. Age-related Redistribution of Consumption Taxation
Taking into account the role of consumption taxes as the source of public revenues and the growing propensity to consume characteristic of the aging society, the paper focuses on an investigation of the conditions of the redistributive neutrality of consumption taxation in a situation when particular goods are marked by a different distribution of tax burden between consumer and seller. The (...)
Janina Kotlińska (2018/5, Miscellanea,
Tax on Goods and Services and Its Exaction in Poland
The tax on goods and service (VAT) is the largest source of fiscal revenues in Poland, though a significant part of amounts due from this tax is not paid to the state budget. The article brings many informations about this tax, gaps and leakages existing in its collection and the attempts to tighten up its exaction. The author presents many statistical data from the period 2000–2017, which (...)
(2018/5, Announcements,
From the Jury of the 2018 Edward Lipiński Award of the Polish Economic Society
Marta Götz (2018/4, Articles,
Industry 4.0 and International Economic Cooperation
The concepts „Industry 4.0”, „fourth-generation industry”, or „fourth industrial revolution” can be treated as synonymous, meaning digitalization and networking of production, along with the respective transformation of business models and strategies. The aim of the article is to discuss the specifics of Industry 4.0 in the context of international economic relations on the basis of a (...)
Kamila Kuziemska-Pawlak (2018/4, Articles,
The Determinants of Poland’s Current Account Balance
This paper tries to identify empirically the main determinants of the current account balance (CAB) to GDP ratio in Poland. It shows that an increase of the CAB to GDP ratio was supported by the process of real economic convergence and a rise in the general government balance to GDP ratio. In turn, an appreciation of the real effective exchange rate of the Polish zloty, an increase in the (...)
Piotr Krajewski, Agata Szymańska (2018/4, Articles,
The Significance of Military Spending in Evaluating Fiscal Policy Effects
The aim of this article is to analyze the impact of military spending shocks on GDP in the Czech Republic, Poland and Hungary. This study is based on SVAR model with identification scheme of O. Blanchard and R. Perotti. Our model includes three variables: real GDP, net taxes and military spending, which is more exogenous than other government spending. The results show that military (...)
Grażyna Bukowska, Beata Łopaciuk-Gonczaryk (2018/4, Articles,
Publishing Patterns of Polish Authors in Domestic and Foreign Economic Journals
This study develops a multilevel model of academic performance for Polish economists and investigates several factors correlated with individual publishing outcome. The data used are based on articles in the domain of economics published between 1999 and 2012 in five leading Polish journals and in foreign journals listed in Scopus and in Web of Science. The study argues that scientific (...)
Piotr Rubaj, Elżbieta Ważna (2018/4, Miscellanea,
Introducing Common Currency in Poland and Competitiveness of the Economy
This study develops a multilevel model of academic performance for Polish economists and investigates several factors correlated with individual publishing outcome. The data used are based on articles in the domain of economics published between 1999 and 2012 in five leading Polish journals and in foreign journals listed in Scopus and in Web of Science. The study argues that scientific (...)
Witold Małecki (2018/4, Book Reviews,
Andrzej Sławiński, Anna Chmielewska, Zrozumieć rynki finansowe (Understanding Financial Markets)
Jan L. Bednarczyk, Katarzyna Brzozowska-Rup (2018/3, Articles,
New Challenges for Monetary Policy. Is Economic Growth Priority Coming Back?
The policy of low inflation rates implemented in highly developed countries in the 1990s failed to produce expected results, such as a satisfactory long-term pace of economic growth and avoidance of deeper and durable economic downturns. On the contrary, the countries which were most determined to stabilize prices (Japan, the Eurozone) experienced triggering of deflation-stagnation (...)
Maciej K. Dudek (2018/3, Articles,
Equilibrium Discrepancy between GDP and GNP in Poland
In this paper a theoretical approach, based on Cobb-Douglas production function, is used to assess the difference between the GDP and GNP values in Poland. The results suggest that in the long run GDP in Poland will be about 9.5% higher than GNP implying that the actual income levels enjoyed by Polish nationals will be lagging those implied by GDP by about three years. Furthermore, the (...)
Dorota Wawrzyniak (2018/3, Articles,
Verifying the Environmental Kuznets Curve for European Union Countries
The aim of this article is to analyze the impact of energy consumption, trade openness, foreign direct investment and GDP on CO2 emissions in European Union countries within the environmental Kuznets curve (EKC) framework. The econometric study was egzemplarz redakcyjny Key Text conducted using a sample covering the UE-28 countries (excluding Luxembourg) in years 1990–2013. The empirical (...)
Magdalena Pichlak (2018/3, Articles,
Circular Economy – A Conceptual Model
The concept of circular economy (CE) is to a growing extent treated as an alternative to the currently dominating open and linear model of economic activities. It represents a new and increasingly popular solution to environmental problems associated with too extensive use of existing natural resources, increasing pollution emission levels and too short product life-cycles. Based on a (...)
Circular Economy as an Alternative Environment Oriented Economic Concept for Ukraine
Globalization processes and European integration of Ukraine require the consideration of a complex system of international norms in the state policy development. The priority direction of international organizations’ activity in the sphere of economy is sustainable development, in order to ensure the implementation of the goals of which there is a need for the introduction of a circular (...)
Elżbieta Zalesko, Marian Zalesko (2018/3, Discussion,
Elżbieta Mączyńska (2018/3, Book Reviews,
Maciej Bukowski, Piotr Koryś, Cecylia Leszczyńska, Maciej Tymiński, Nikolaus Wolf (2018/2, Articles,
Economic Growth of Polish Territories in the Period of First Globalization (1870–1910)
Economic growth of various countries in the period between 1870 and 1910 has been analysed in many quantitative studies. For the Polish territories there are two estimates of GDP per capita, which however cannot be treated as fully reliable. It should be noted that such estimates give rise to serious difficulties regarding methodology and data sources. In this case, a special problem is (...)
Piotr Wójcik (2018/2, Articles,
The aim of this article is to discuss the ways of empirical verification of the impact of a distant history on the contemporary differences of socioeconomic indicators in various regions and states. The methods used in such research are similar to those employed in quasi-experimental research, or natural experiments. They consist in comparing the group covered by the analysed program or (...)
Waldemar Florczak, Wojciech Grabowski (2018/2, Articles,
Does It Pay to Take Legal Advice? Estimates of Miroceconomic Effects of Non-comercial Legal Advice
The paper aims to quantify individual monetary benefits due to non-commercial legal aid/advice. To this end an augmented Mincer income equation was employed whose parameters were estimated using representative survey data for Poland. To summarize the outcomes of the research one must affirmatively answer the question raised in the title to this article. Leaving justiciable problems on their (...)
Piotr Pieniążek (2018/2, Articles,
Austrian and Mainstream Economics: How Do They Differ?
In the aftermath of the 2008 financial and economic crisis, mainstream economics (ME) was accused of being unable to predict, prevent, and alleviate it. In this situation, one might be curious if alternatives to mainstream economics are of any value. The aim of this paper is to answer whether the theory of the Austrian school of economics (ASE) can be considered a serious alternative to ME (...)
Elżbieta Mączyńska (2018/2, Nobel Prize Laureates,
Richard H. Thaler – Nobel Prize in Economics, 2017: True-Life Economics
Henryk Ćwikliński (2018/2, Book Reviews,
A. Kondratowicz (ed.), Kapitalizm. Fakty i iluzje (Capitalism. Facts and Illusions)
Henryk Domański (2018/1, Articles,
The Effect of Education on Earnings Distribution in Poland, 1988–2013
The dependence between education and earnings is an important characteristic of social stratification. Using survey data on labour market the author analyses the evolution of this dependence in Poland in the period of 1988–2013 for different employment categories and various education levels (with some other control variables). The results indicate that, despite some fluctuation, the (...)
Paweł Strawiński, Aleksandra Majchrowska, Paulina Broniatowska (2018/1, Articles,
Wage Returns to Different Education Levels. Evidence from Poland
The aim of the paper is to analyse the changes in the wage premiums for workers with different types and levels of education in Poland in 1995–2013. Important changes regarding the educational structure of employees have taken place during this period. The share of employed with tertiary education has significantly increased and the share of employed with basic vocational education (...)
Leszek Wincenciak (2018/1, Articles,
The Impact of Horizontal and Vertical Educational Mismatches on Wages
The aim of the article was to assess the impact of horizontal and vertical educational mismatches on wages of various school graduates in Poland. (Horizontal mismatch is understood as formally the same educational level as required for the given job while vertical mismatch denotes another educational level than required for the given job, meaning undereducation or overeducation). The data (...)
Filip Chybalski, Edyta Marcinkiewicz (2018/1, Articles,
Myopic Behaviour and State Involvement in a Pension System: A Cross-section Study for OECD Countries
The stydy tries to verify whether the behavioural bias called myopia actually exists in pension decisions taken by individual agents, thus justifying significant state involvement in a pension system to ensure income adequacy. The authors examine the relationship between agent participation in voluntary pension schemes and some pension system features regarding its public and mandatory (...)
Marek Rocki (2018/1, Miscellanea,
Market Valuation of the Graduates of Economic Studies in Poland
The article contains an analysis of the remuneration received by the 2014 graduates of the Polish schools conducting economic education on tertiary level; it also indicates some factors responsible for wage differentiation observed among them. The analysis is based on the data taken from the reports generated in the framework of the “Polish system of monitoring the fates of college (...)
Ewa Gałecka-Burdziak, Leszek Kucharski (2018/1, Miscellanea,
Discouraged and Added Workers in the Polish Labour Market
The paper presents statistical analysis of the flows between the labour force and the discouraged worker pool in Poland. The research is based on quarterly LFS data for the time period 1995–2016 in age and sex breakdowns. The authors assume that the outflow from the labour force to the discouraged worker pool approximates the discouraged worker effect, whereas the inflow to the labour force (...)
Maciej Miszewski (2018/1, Book Reviews,
Adam Lipowski (2017/6, Articles,
The article has two aims: cognitive and theoretical. The cognitive aim consists in analyzing the impact of inaccurate and controversial methods of measuring the actual and potential GDP on growth-oriented fiscal and innovative policies. The theoretical aim consists in the critical appraisal of theoretical (post-Keynesian and endogenous) foundations of growth-oriented government expenditures (...)
Andrzej K. Koźmiński, Adam Noga, Katarzyna Piotrowska, Krzysztof Zagórski (2017/6, Articles,
The authors use an integrated indicator of socio-economic development, called ALK (BDI), to analyze business cycles in the Polish economy in the period 1999–2016. The indicator includes 43 social and economic variables contained in four groups: (1) current assessments of social and political situation, (2) social expectations, (3) internal economic situation, (4) external factors. The (...)
Andrzej Czyżewski, Sebastian Stępień (2017/6, Articles,
New Economic Foundations of the Common Agricultural Policy (CAP) of European Union
The aim of the article is to assess the evolution of the Common Agricultural Policy (CAP) of the European Union in the context of the concepts of industrial and sustainable development, as alternative options reflecting the neoliberal vs institutional model of economy. The authors try to assess various instruments of this policy from the point of view of: (1) reasoning behind the financial (...)
Mirosław Bochenek (2017/6, Articles,
In 1517, Nicolaus Copernicus, the Polish astronomic genius, completed the first version of his monetary treatise, entitled Meditata. On the quincentenary of that event, the author of the paper presents the main ideas incorporated in those treaties, assessing their role in the development of economic thought. The quoted treaty was the first economic thesis written in Poland; therefore, the (...)
Maciej Bałtowski (2017/6, Book Reviews,
Metaeconomics. Problems of Economic Philosophy, ed. by M. Gorazda, Ł. Hardt, T. Kwarciński
Marian Gorynia (2017/6, Book Reviews,
Metaeconomics. Problems of Economic Philosophy, ed. by M. Gorazda, Ł. Hardt, T. Kwarciński
(2017/6, Announcements,
From the Jury of the 2016 Edward Lipiński Award of the Polish Economic Society
Andrzej Cieślik, Jan Michałek (2017/5, Articles,
Innovations and Export Performance of New EU Member States
The paper analyzes the relationship between different forms of innovations and export performance of firms located in Central Eastern European countries, the new member states (NMS) of the European Union (EU). The analytical framework refers to the new trade theory literature based on the model that stresses the importance of firm productivity in entering the export markets. The authors (...)
Łukasz Ambroziak (2017/5, Articles,
The aim of the paper was to assess the competitive position of ten new EU member states of Central Eastern Europe in the trade in high and medium-high technology goods in the period 1995–2011. The competitive position in the trade in such goods is considered as an indicator of the country’s innovativeness. The assessment of this position of individual countries of the group was based on (...)
Jacek Pietrucha, Rafał Żelazny (2017/5, Articles,
Interdependence of Innovations and Institutions: Consequences for GDP Growth
This paper examines the relationship between the creative economy index (CEI) and GDP growth. The authors assume that as a result of feedback between institutions, human capital and technology, conditions for creativity development arise, which is the accelerator for innovations at micro-, mezo- and macroeconomic levels – therefore, the creative economy develops. CEI is a composite index of (...)
Magdalena Olczyk (2017/5, Articles,
The Concept of International Competitiveness: A Bibliometric Approach
The aim of this paper is to present the results of meta-analysis carried out on the basis of bibliometric data of literature on international competitiveness published over the last 70 years and registered in the Web of Science, Scopus, Google Scholar and Econlit databases, using HistCite, Vosviewer and Pajek. The author tries to identify key publications, key authors and main research (...)
Marzenna Anna Weresa (2017/5, Miscellanea,
The Role of Scientific Advice in Innovation Policy Making
The aim of this paper was to identify factors that should be taken into account in order to explain the role of scientific advice in innovation policy making. This paper shows that effective policy development in the area of research and innovation requires a high-quality and effective system of scientific policy advice as well as appropriate use of advice by policy makers. The impact of (...)
Małgorzata Niklewicz-Pijaczyńska (2017/5, Miscellanea,
The first part of the paper discusses the concepts of economic and technological convergence in the light of a literature review. The second part includes author’s own analysis of the importance of the patent system for technological convergence and stimulating the inventive activity. The analysis is carried out using bibliometric tools. The author tries to measure technological distance (...)
Roman Wosiek (2017/5, Conferences and seminars,
Krzysztof Wach (2017/5, Book Reviews,
Jagoda Anna Kaszowska, Juan Luis Santos (2017/4, Articles,
The Role of Risk and Uncertainty Perception in Systemic Risk Assessment. The Agent-based Simulation
This article addresses the role of risk perception and uncertainty in the generation and amplification of systemic risk. The article highlights the factors that influence how financial institutions perceive risk (“perception of risk”) and how financial institutions, in turn, imagine themselves to be perceived by other financial and business entities (“perception of uncertainty”). The (...)
Elżbieta Rychłowska-Musiał (2017/4, Articles,
Real Options in a Competitive Market: Option Games
Many international corporations use real option valuation of investment project; however, the scale of its application in economic practice is still limited. The aim of the paper is to indicate factors limiting the application of the real options approach to evaluation of risky investments by firms operating in a competitive market. The problem has been formulated and solved using the game (...)
Mariusz Gasztoł, Piotr Śliwka (2017/4, Articles,
The Impact of the Exchange Rate on the Volume of Polish Commodity Exports to Germany, 1995–2013
The article presents the results of the analysis of the impact of the exchange rate on the volume of Polish commodity exports to Germany in the period 1995–2013. The analysis has been made on quarterly data with a VAR model. The regression equation explaining the dynamics of the export volume included, apart from the exchange rate of the Polish currency, the change in real GDP of Poland and (...)
Tomasz Kubin (2017/4, Articles,
External Financial Aid and Economic Reforms in Greece as Anticrisis Measures and Their Effects
Greece was most keenly hit by the global economic crisis among all EU countries. As a state, Greece has de facto become bankrupt; a formal declaration of insolvency has been avoided thanks to external financial aid received. In this connection, radical economic reforms have been introduced. The article tries to assess economic effects of these reforms and of financial aid from abroad. The (...)
Piotr Mielus (2017/4, Miscellanea,
Fixed or Variable Interest Rate? On the Reform of Mortgage
Poland belongs to the group of countries with the dominant share of mortgage loans given at a variable interest rate. This generates the risk of insolvency on the part of borrowers in case of a sudden and strong rise in the level of interest rates. The experience of many countries shows that fixed rate regime in mortgage loans can be introduced in a way which is effective both for the banks (...)
Grzegorz Zasuwa (2017/4, Book Reviews,
Robert Kudłak, Wojciech Kisiała (2017/3, Articles,
Environmental Aspects of Social Business Responsibility – Institututional Approach
The existing literature concerning Corporate Social Responsibility (CSR) has been predominantly focused on the relationship between CSR and corporate economic performance as well as on the ethical foundations of corporate behavior. The societal and environmental effects of corporate voluntary activism remain largely ambiguous and unknown. As a consequence, the critics of CSR argue that it (...)
Tomasz Sobczak (2017/3, Articles,
Edward Lipiński in Search for a Prospective Model of Socialist Economy
The intellectual legacy of Edward Lipiński is characterized by his interdisciplinary interests: apart from numerous publications on the history of Polish economic thought, there are many works on economic theory and social and economic policy in Poland. As an attentive and engaged economist, Lipiński criticized faults and perversions of the existing socialist economy and indicated the (...)
Artur Wyszyński (2017/3, Articles,
Efficiency of Football Clubs in Poland
Thea im of the paper was to assess and compare technical efficiency of two groups of football clubs in Poland with different legal form, which belonged to the first football league in the seasons 2013/14 and 2014/15. The first group was composed of the football clubs functioning as societies, while the second one included clubs acting as joint-stock companies. In order to assess technical (...)
Grzegorz Waszkiewicz (2017/3, Miscellanea,
Defense Spending in Eurozone Countries and Its Impact on Economic Growth
Eurozone’s countries are still facing the problem how to invigorate the economic growth of national economies. One of the interesting questions concerns the impact of military expenditure on economic growth. The aim of the paper was to check whether defense spending in Eurozone countries has a noticeable impact on economic growth. Empirical analysis was based on the Granger causality test (...)
Jakub Sukiennik, Zbigniew Dokurno, Bogusław Fiedor (2017/2, Articles,
The System of Institutional Equilibrium and the Process of Institutional Change
Analytical tools available for social sciences, including economics, are well adjusted to the analysis of static situation but they do not fully explain and do not allow to understand some of the processes in the changing world. This article is an attempt to indicate tools for analysing the process of institutional change, whose importance was already emphasized by H. Simon. The paper (...)
Ewa Aksman (2017/2, Articles,
Inequality of Pre-fiscal and Post-fiscal Income Distribution in European Countries
The paper aims at assessing inequality of distribution of pre-fiscal income in European countries and capturing the statistical link between the pre-fiscal and post-fiscal income inequality, namely identifying redistributive effect of social transfers and income tax. All EU member states, along with Iceland, Norway and Switzerland in 2004–2014, are covered by the study. Unit data required (...)
Anna Wielicka-Regulska (2017/2, Articles,
Context Effects as Element of the Theory of Consumer Choice
The theory of consumer choice assumes that consumers’ decisions can be analyzed in terms of probability, and that consumer preferences may be recognized on the basis of their choices (with the assumed coherence of preferences). This is a review article describing the so-called ‘context effects’, which modify significantly purchase decisions taken by consumers. Context effects mean that the (...)
Benedykt Puczkowski (2017/2, Articles,
Employees’ Culture and Economic Efficiency
The links between culture and economy are quite well recognized. The existing literature confirms a close relationship between the level and type of social and individual culture and the level and growth of economic efficiency. The paper presents the results of a survey, in which the respondents indicated various cultural characteristics of the employees which influence their efficiency (...)
Marian Gorynia (2017/2, Book Reviews,
Economics of the Future. On the New Pragmatism by Grzegorz W. Kołodko, ed. by Maciej Bałtowski
Adam Karbowski (2017/1, Articles,
Knowledge sub-system encompassing innovation, research and education is one of the key institutional domains that constitute each national economy. Over the last fifteen years the knowledge sub-systems have undergone profound transformation to emerge as the main motors of industrial competitiveness, growth and development in a globalized world. This paper thoroughly reviews the large body (...)
International Return Migration and Remittances: the Regional Perspective
In this paper, the authors analyze empirically the determinants of return migration and the linkage between return migration and remittance behavior from the perspective of migrant source region. The study brings a new perspective to this topic, as the authors have directly identified return migrants and do not rely on the declared intentions to return, as in the previous studies. Using a (...)
Large corporations form an important part of the analyses of the control and management functions in the global city systems. It is one of the most important conceptions which allow us to understand the roles of the city in the process of globalization. A particular role in the process of control and management of the city is played by the large corporation’s headquarters localization. In (...)
Adam Noga (2017/1, Nobel Prize Laureates,
Contracts as a Tool for Regulating Economic Behavior - Proposals by Oliver Hart and Bengt Holmström
Ryszard Rapacki (2017/1, Book Reviews,
Marek Ratajczak (2017/1, Articles,
Economic Liberalism and Neoliberalism: Historical Perspective
The aim of the article is a synthetic presentation of liberal and neoliberal views in their economic dimension. The author also tries to answer the question about the relationship between liberalism and neoliberalism, particularly in the context of the debate about the further development of economics. The reasoning is based on the assumption that, both from the point of view of future (...)
Zbigniew Madej (2016/6, Articles,
Heuristic Self-knowledge Among the Economists
The purpose of this paper is an inquiry on what kind of heuristic self-knowledge is possessed by modern economists. This topic is not very well known, therefore the author decided to tackle it. The study is focused on three fields: heuristics, knowledge and selfknowledge, and practical benefits arising from two former fields. The results of the inquiry indicate that the heuristic self (...)
Piotr Pysz, Anna Jurczuk, Michał Moszyński (2016/6, Articles,
This article attempts to reintegrate historical thinking in economic theory. In the first part of the study the authors analyze a progressive, over more than a hundred years process of separation of the mainstream neoclassical theory from thinking in historical terms. The intention of the authors in the second part of the study is to develop a research approach which, by analysing the drift (...)
Maciej Ryczkowski (2016/6, Articles,
The aim of the paper is to show changes in Milton Friedman’s views on the role of money and monetary policy towards the end of his life, and an attempt at the evaluation of the actions taken by the Federal Reserve System and European Central Bank as a response to the global financial crisis in the context of the monetarist’s recommendations. Undoubtedly it is difficult to assess the highly (...)
Zbigniew Matkowski, Mariusz Próchniak, Ryszard Rapacki (2016/6, Articles,
Real Income Convergence between Central Eastern and Western Europe: Past, Present, and Prospects
The paper presents an analysis of real income convergence between 11 countries of Central Eastern Europe which have joined the European Union (EU11) and 15 countries of Western Europe (EU15) in the period 1993–2015. The evolution of the income gap between the two groups of countries in terms of GDP per capita at PPP reveals a clear-cut tendency to income convergence over the analyzed period (...)
Dagmara K. Zuzek, Bartosz Mickiewicz (2016/6, Miscellanea,
Sustainable Development: A Challenge for Logistics Processes in Modern Enterprises
Choosing a sustainable approach to logistics solutions requires meeting many challenges and cooperation between all the elements of this process, since it necessitates reconciling many economic, social, and environmental objectives. The paper shows the general principles of the idea of sustainable development in relation to enterprises’ logistics activities. It also points out the elements (...)
Marta Żywiołek-Szeja (2016/6, Book Reviews,
Ewa Ambroziak, Paweł Starosta, Jan Jacek Sztaudynger (2016/5, Articles,
Trust, Helpfulness, and Fairness and Economic Growth in Europe
The article an attempt to assess the impact of three components of social capital: trust, helpfulness, and fairness on economic growth in Europe. The fi rst part of the paper discusses the concepts of social capital and the related concept of trust. The second part gives an overview of the selected research hitherto conducted on the subject. The next parts present the econometric model (...)
Bazyli Czyżewski, Anna Matuszczak (2016/5, Articles,
Agricultural Interventionism: Rent-seeking vs. Public Choice or Correcting Market Imperfections
It is generally believed that the agricultural interventionism represents the payment of political rents to farmers. Authors attempt to show that the concept of political rent known as the rent-seeking theory is not valid for agricultural policy. Identifi cation of the whole of the subsidies paid to agriculture as a “political rent”, is unjustifi ed since political rents cannot be taken to (...)
Sławomir Juszczyk, Piotr Gołasa, Marcin Wysokiński (2016/5, Articles,
The paper deals with the redistributive function of the EU CAP to support farm incomes. The theoretical part presents evidence of state interventionism in agriculture and the justifi cation for its redistributive function. The empirical part contains an analysis of the impact of the fi nancial transfers received from the EU on income distribution among farmers in Poland in the period 2004 (...)
Maciej Czaplewski (2016/5, Miscellanea,
Information Asymmetry in e-Commerce
The purpose of this article is to present the infl uence of e-commerce on the ability to obtain information about sellers and buyers, and on information asymmetry in the market. The research hypothesis is that e-commerce, via the Internet and with Internet tools, provides new sources of market information for sellers and buyers and helps to reduce information asymmetry between them. The (...)
(2016/5, Announcements,
From the Jury of the 2016 Edward Lipiński Award of the Polish Economic Society
Aleksander Panasiuk (2016/5, Miscellanea,
Information Asymmetry in the Tourist Market
In the classical approach, information asymmetry refers to the relations between sellers and buyers in a given market. Information advantage on the one part of the market can lead to situation, in which the deal cannot be completed, or one of the two parts considers the transaction as not fully satisfactory. The contemporary market comprises typical purchase and sale transactions sale (...)
Natalia Nehrebecka, Kamila Derlatka (2016/4, Articles,
Determinants of the Bankruptcy Prediction Indicator: Review of Models and Meta-Analysis
The paper includes a comprehensive review of the literature and comparative analysis of models used in assessing financial condition of an enterprise from the point of view of bankruptcy prediction. In order to systematize the knowledge of factors underlying firm’s bankruptcy, the authors have carried out a meta-analysis of bankruptcy prediction models applied in empirical research. The (...)
Anna Białek-Jaworska, Natalia Nehrebecka (2016/4, Articles,
Preferences of Polish Enterprises as Regards Debt Financing
The aim of the article is to identify main determinants of the preferences of private and public enterprises in Poland as regard debt financing. The investigation was made with help of an econometric model on a large enterprises sample for the period 1995–2012. Among the factors that determine capital structure, the authors tested the impact of profitability, cash flow, fixed capital (...)
Paweł Gajewski (2016/4, Articles,
Regional Phillips Curves in Poland and the Effectiveness of Monetary Policy
The aim of the paper is to show the relationship between the unemployment rate at regional level and the aggregate inflation at national level. The theoretical part of the paper discusses various concepts of the short-term Phillips curve and their implications for monetary policy. The empirical part brings an attempt to estimate non-linear short-term Phillips curves for Polish vojevodships (...)
Tomasz Grabia (2016/4, Articles,
The Relationships between Inflation and Unemployment in Major Economies of the World
The article discusses the relationships between inflation and unemployment in major market economies (the United States, Japan, Germany, France, and Great Britain). The study covers the years 1965–2013. The analysis uses graphs, correlation coefficients and indicators of the sensitivity of inflation to change in unemployment and vice versa (i.e. sacrifice ratio). Based on the analysis, two (...)
Jan L. Bednarczyk, Piotr Misztal (2016/4, Articles,
Does the euro area move towards the low inflation trap?
The euro area is one of the slowest-growing areas of the global economy. Developmental problems of the euro area are in contradiction with the main objectives of the economic and monetary union, formulated in the Maastricht Treaty, and call into question the benefits of further deepening of European integration. The challenge for the effectiveness of economic policy conducted by the (...)
Christoph Sowada (2016/4, Miscellanea,
Health Insurance Based on Payroll Tax and the Solidarity Principle: Assumptions and Experience
In the health care model prevailing in Poland and Germany, the health insurance fee, withdrawn as percent of the income earned (payroll tax), is treated as the basic tool for the implementation of the principle of social solidarity in the health domain. In practice, the use of this instrument does not guarantee equal access of all the citizens to public health services, nor does it divide (...)
Jolanta Iwin-Garzyńska (2016/4, Miscellanea,
The Common Consolidated Corporate Tax Base (CCCTB) and Enterprise Finance
On March 2011, the European Commission has accepted the project of the directive on the Common Consolidated Corporate Tax Base (CCCTB), the aim of which is to remove obstacles in the functioning of the internal market and to increase the degree of tax harmonization within the European Union. The aim of the paper is to present the essence of the CCCTB in the framework of business finance (...)
Piotr Ptak (2016/4, Miscellanea,
Fiscal Conditions for Growing out of Debt in Europe
Sovereign debt crisis in the euro zone put in the spotlight the issue of restoring the balance in the public finances of indebted countries as to resorte their capacity to borrow again on financial markets. Restoring fiscal balance will be a difficult task due to poor economic outlook in most EU countries, particularly in the euro area. The attempts to accelerate economic growth by means of (...)
Katarzyna Appelt (2016/4, Book Reviews,
Paul Davidson, Rozwiązanie Keynesa. Droga do globalnej koniunktury gospodarczej
Jerzy Osiatyński (2016/3, Articles,
Quo vadis euro – Unio? Perspektywa ekonomii postkeynesowskiej
The strategy adopted by the European Central Bank, European Commission and International Monetary Fund after the outbreak of the global crisis aims at creating new, sustainable foundations for economic growth for member states of the eurozone and of the whole European Union, at full employment and the dynamics of output corresponding to the potential output. This strategy is based on the (...)
Adam P. Balcerzak, Michał Bernard Pietrzak (2016/3, Articles,
Institutional effectiveness of European Union countries
The article is devoted to measuring the effectiveness of institutional systems of European Union countries in terms of their relevance to the requirements of the global knowledgebased economy. The theoretical analysis is based on the framework of new institutional economics with special consideration to economics of transaction costs. There are two main aims of the article. The main aim of (...)
The Emerging Model of Capitalism in Poland in the Light of Bruno Amable’s Typology
The aim of the paper is to define the model of capitalism emerging in Poland in the light of the typology of capitalist economies elaborated by Bruno Amable. The first part includes a review of the literature on institutional economics and the diversity of capitalism. The key aspect of theoretical reasoning is the typology of the varieties of capitalism proposed by B. Amable. The second (...)
Paulina Spałek (2016/3, Articles,
Two Varieties of Capitalism: Some Remarks in the Margin of P.A. Hall and D. Soskiece’s Typology
The concept of the Varieties of Capitalism (VoC), developed by P.A. Hall and D. Soskice, focuses on the analysis of the institutional system of the economy, which determines the way in which enterprises are functioning. The authors distinguish two basic models of capitalism: liberal market economy (LME) and coordinated market economy (CME). This concept has soon acquired the status of one (...)
Paweł Drobny (2016/3, Miscellanea,
Social Responsibility of an Economic University
The paper tries to answer the question about the social responsibility of an economic university, in the context of the reform introduced in the Polish system of higher education in 2005, which allowed to transform the former economic academies into economic universities. The author believes that such a change in the name of the economic school should imply a significant change in the (...)
Elżbieta Mączyńska, Piotr Pysz (2016/3, Discussion,
Wiktor Rutkowski (2016/2, Articles,
Economic Inequalities vs. Economic Development and Social Well-being
This is a contribution to the discussion about the impact of economic inequalities on economic development and social well-being. The rising inequalities in income and wealth distribution, seen in many countries including the most developed ones, have reached a level, which can hardly be explained by traditional economic concepts and which cannot be accepted from the axiological point of (...)
Tomasz Panek, Jan Zwierzchowski (2016/2, Articles,
In 2010, the European Council determined 5 major aims of the strategy ‘Europe 2020’. One of those aims concerned the promotion of social integration, notably by reducing the extent of poverty. The authors of the paper propose a method of measuring the poverty which could help to identify the EU countries having the biggest numbers of the poor and which should receive the biggest financial (...)
Joanna Tyrowicz, Wojciech Hardy (2016/2, Articles,
An Attempt at Empirical Verification of the Efficiency Wage Hypothesis in Poland
The efficiency wage hypothesis suggests that wages are higher than labour productivity in labour markets where workers may shirk. The paper presents an attempt to verify empirically prevalence of efficiency wages in Poland. We utilize Labour Force Survey data for the years 1995–2010. Our identification strategy relies on differences in residuals from the Mincer wage regression between (...)
Patrycja Graca-Gelert (2016/2, Articles,
The Impact of the EU-entry Related Migration on Income Inequality in Poland
This paper attempts to investigate the direct effects of remittances related to the EU entry migration on income inequality (household equivalised disposable income) in Poland in 2008-2011. The analysis was carried out by applying two methods of the Gini coefficient decomposition by income sources. The analysis is based on household budget surveys data on income. The Gini decomposition (...)
Beata Kasprzyk (2016/2, Miscellanea,
The main aim of the paper was to construct and test a discrimination model as a tool helpful in the empirical analysis of economic well-being, as regards subjective assessments of the financial status and budget management in households. The author has developed and estimated a discrimination model (based on 2012 survey data from a South-Eastern region of Poland), which evidences signifi (...)
Piotr Rubaj (2016/2, Miscellanea,
The aim of the paper is to present various models of social policy applied in different regions of the world and to assess the chances of the development of the ‘welfare state’ policy in the conditions of a rising international economic competition. The implementation of the ‘welfare state’ policy in the Western Hemisphere gives rise to a conflict between the common expectation of generous (...)
Barbara Liberda (2016/2, Nobel Prize Laureates,
Analysing Consumption, Poverty and Well-being: Agnus Deaton – Nobel Prize in Economics in 2015
Stanisław Rudolf (2016/2, Book Reviews,
Czesław Skowronek (2016/2, Book Reviews,
Bogusław Fiedor, Bartosz Scheuer, Zbigniew Dokurno (2016/1, Articles,
The Sustainable Development Paradigm and Contemporary Macroeconomics: the Epistemological Approach
The paper is an attempt at answering the following question: whether or to what extent is it possible to include the paradigm of sustainable development into contemporary orthodox economics. In other words, it is a question about the possibility of incorporating the ecological economics and/or sustainability economics, as based on this paradigm into the mainstream macroeconomics. The (...)
Andrzej K. Koźmiński, Adam Noga, Katarzyna Piotrowska, Krzysztof Zagórski (2016/1, Articles,
In Search of Non-fragility of the Socio-economic System: Using the Synthetic BDI Index
The paper presents a new composite Balanced Development Index (BDI), named “ALK Indicator”, applied to analyse and predict socio-economic changes in Poland during 1999-2015 period. This is done because traditional measures of economic development, such as GDP growth, infl ation, state budget etc., are insuffi cient for assessing and forecasting socio-economic situation of the country (...)
Monika Kondratiuk-Nierodzińska (2016/1, Articles,
Technological Knowledge Creation and Competitiveness of Economies
The aim of the article is to analyse the dependence between the innovation activity, notably the ability to create new technological knowledge, and the competitiveness of economies. The author disusses fi rst the main factors that determine the competitiveness of economies, with special consideration of innovation capacity, and various measures applied in this respect. The empirical (...)
Elżbieta Wojnicka-Sycz (2016/1, Articles,
Innovativeness as a Growth and Development Factor in Poland: an Attempt at Empirical Verification
Innovativeness, refl ected among others in total factor productivity, is currently the key factor of economic growth and development, as well as an important determinant of thecompetitiveness of enterprises and economies. The fi rst part of the article shows the signifi cance of innovativeness as growth and development factor in economic theory and empirical research. The second part of the (...)
Krzysztof Beck, Jakub Janus (2016/1, Articles,
Similarity of Supply and Demand Shocks between Poland and Other EU Countries
The aim of this paper is to assess the correlation and relative magnitude of supply and demand shocks between Poland and other European Union (EU) countries, as well as to evaluate adjustments to economic shocks in these economies. The analysis is based on a bivariate structural vector autoregression (SVAR) with long-run restrictions derived from the aggregate demand-aggregate supply model (...)
Krzysztof Firlej (2016/1, Book Reviews,
Andrzej Czyżewski (2016/1, Book Reviews,
Monika Stanny: Spatial Differentiation of the Development of Rural Areas in Poland
Marlena Dzikowska, Marian Gorynia, Barbara Jankowska (2015/6, Articles,
Global Economic Crisis: An Attempt at Measuring the Effects on Individual Economies
The main aim of the article was to elaborate a worldwide ranking of countries showing the negative effects of the global economic crisis. In order to measure the impact of the global crisis on the individual economies, the authors have constructed a composite indicator of economic activity including fi ve macroeconomic variables: per capita GDP, exports of goods and services, unemployment (...)
Marcin Kalinowski (2015/6, Articles,
Stock Market and Economic Growth: A Cross-Country Study
The article deals with the mutual dependence between the development of the capital market and the development of the real sphere of the economy. The fi rst part of the paper includes a comprehensive review of the theoretical and empirical literature on the subject. The second part brings an empirical examination of the statistical dependence between the size and growth of the stock market (...)
Grzegorz Walerysiak (2015/6, Articles,
Monetary and Exchange Rate Policies in South American States
The article contains a comprehensive review, classifi cation, and comparative assessment of monetary and exchange rate policies performed in South American countries and their relationship to the model policy recommended by international financial organizations and based on the traditional economic theory, aimed at the realization of the adopted inflationary target, with a floating exchange (...)
Grzegorz Strupczewski, Michał Thlon (2015/6, Articles,
Risk Retention and Insurance: Testing the Behaviour of Polish Enterprises
The article describes the results of the empirical examination aimed at the identification of factors that induce enterprises to retain the risk of a loss, as a risk management strategy alternative to insurance. Empirical analysis of factors determining the choice between insurance and retention of the risk within the enterprise covered a broad, representative sample of fi rms, which makes (...)
Volatility Derivatives – A New Class of Financial Assets
The goal of this article is to introduce the two key volatility derivatives (volatility futures and variance swaps) in the context of portfolio optimization. Using data from the US stock market, the authors show that adding either long or short exposure to volatility can substantially improve portfolio effi ciency (i.e. improve its return-risk ratio). The most benefi cial strategy – in the (...)
Adam Zaremba, Przemysław Konieczka (2015/6, Miscellanea,
The Role of Dividend Yields in Portfolio Optimization: Evidence from the CEE Markets
In this paper we investigate cross-sectional patterns of rates of return related to dividend yield in the CEE stock market. We examine a broad sample of 1153 companies from 11 countries for years 2002-2014. We use sorting procedures, cross-sectional tests, and mean-variance spanning analysis, and tests of monotonic relation. The principal fi ndings are as follows. First, the high dividend (...)
Jakub Krawczyk, Szymon Filipczak (2015/6, Miscellanea,
The development of private equity finance in Poland and other CEE countries
The paper describes the development of private equity finance in Poland and in other CEE countries during the last 10 years. The first part of the paper discusses the main determinants of the development of the PE market, such as size and growth of the domestic economy, the development stage of the local capital market, legal regulations (notably as regards foreign investors), tax system (...)
Waldemar Aspadarec (2015/6, Miscellanea,
Hedge Funds: Definition and Development Trends
The paper describes the development of hedge funds throughout the world during the last 18 years, with a special consideration of the period after the outbreak of the global financial crisis. In the first part, the author discusses controversies about the definition of hedge funds and proposes his own definition. The next parts describe the development of this segment of the financial (...)
Jakub Keller, Radosław Pastusiak (2015/6, Miscellanea,
Investment Recommendations and Economic Reality: the Over-optimism Among Stock Market Analysts
The authors argue that many analytical reports published by brokerage houses, assessing the quotations of the companies registered at Warsaw Stock Exchange, tend to give too optimistic assessments of their future prices, not fully justified by fundamental variables reflecting the actual situation of those enterprises, their market prospects, and macroeconomic environment. Apart from (...)
Jerzy Osiatyński (2015/6, Book Reviews,
(2015/6, Announcements,
From the Jury of the 2015 Edward Lipiński Award of the Polish Economic Society
Urszula Markowska-Przybyła (2015/5, Articles,
Using Functional Approach in the Assessment of Social Capital Resources in Poland
The concept of social capital is widely used and sometimes even abused), though the concept itself is quite vague and understood only intuitively. Nevertheless, it is assumed to be an important factor of economic growth and development. The major obstacle in empirical research is the difficulty in identifying and measuring social capital. These difficulties have their roots in the lack of a (...)
Joanna Kisielińska, Adam Waszkowski (2015/5, Miscellanea,
The Aggregate Rating of Enterprise Financial Condition Using the Polish Bankruptcy Models
This paper presents the aggregate rating of financial distress for the selected group of Polish enterprises, using 20 bankruptcy prediction models developed by various Polish authors. The authors describe the principles of construction of models used to predict bankruptcy, pointing to a common solution which is a linear discriminant function and the logit model. Attention is also focused on (...)
Marek Tomaszewski (2015/5, Miscellanea,
Outsourcing and Innovative Activity of Enterprises in the Selected Baltic States
Outsourcing is a change from the horizontal cooperation (coopetition) between enterprises to a vertical one. That is, the company, which up to now could be considered a competitor, changes into a supplier. It is worth remembering that the company that is to become a supplier can be either created anew or be an already existing one. This article presents an empirical analysis of the relation (...)
Wojciech Hardy (2015/5, Miscellanea,
Length of the Questionnaire and the Precision of Response to Quantitative Questions in Surveys
The features of the questionnaire, such as its length, difficulty, or subjectively perceived curiosity, have a direct effect on the quality of survey data received. The author analyses the relationship between the length of the questionnaire and the precision of quantitative data obtained in a survey, using survey data on wage income distribution in the Polish households, collected by the (...)
Józef Orczyk (2015/5, Book Reviews,
Maciej Bałtowski (2015/5, Articles,
Evolution of Economics and the New Pragmatism of Grzegorz W. Kołodko
The paper refers to the article recently published in this journal by Grzegorz W. Kołodko (“Ekonomista”, 2014, no. 3) and the polemics written by Andrzej Matysiak (“Ekonomista”, 2015, no. 2). The author argues that the polemicist did not fully considered the most interesting and valuable elements of Kołodko’s contribution, e.i. a new innovative look at economics and its contemporary aims (...)
Andrzej Czyżewski, Piotr Kułyk (2015/5, Articles,
In the article we presented the modern approach of the agrarian question. One characterized changes going down in relations demand-of supply as result of the influence of the market mechanism in the agriculture conditioned the globalization. In the article we presented the concept of the agrarian question. Her original conception can be found in works of Aleksander Czajanow and Władysław (...)
Katarzyna Czernek, Paweł Marszałek (2015/5, Articles,
The Concept of Social Embeddedness and Its Usefulness in Economic Research
As the result of strong criticism of economics as a science (particularly of the ‘mainstream economics’, deeply set in the neoclassical tradition), which appeared in the last years in the context of the global financial crisis, there have been attempts to improve or modify economic theory. One important element of this change was the inclusion of many concepts taken from sociology (...)
Barbara Liberda (2015/4, Articles,
Macroeconomic Savings in Poland
This paper examines trends and structural changes of macroeconomic savings in Poland in the period between 1996 and 2012, showing the rising share of nonfi nancial corporate sector savings in domestic savings and the declining share of macro households savings. The author analyzes the determinants of nonfi nancial corporate sector savings and households savings. A puzzle of diverging trends (...)
Jerzy Osiatyński (2015/4, Articles,
Kalecki and “the Golden Rule of Accumulation”
The concept of the “golden rule of accumulation” appeared in economic debates in mid-1950s, has been analytically developed and popularized by Edmund Phelps and much discussed in the early 1960s, but it is rooted in Harrod-Domar growth models. The central proposition of the rule is that among a continuum of economies each of which represents ever greater capital-output ratio, there is only (...)
Karolina Konopczak, Aleksander Welfe (2015/4, Articles,
The Balassa-Samuelson Effect and the Mechanisms of Its Absorption
The Balassa-Samuelson effect and the effectiveness of the potential channels of its absorption require deeper research, especially with regard to the catching-up prospective members of the euro area. The analysis presented in the paper allows to assess the magnitude of infl ationary pressure resulting from the real convergence process and, hence, the risk of inadequacy of the common (...)
Piotr Masiukiewicz, Paweł Dec (2015/4, Articles,
Behavioral Aspects of Price Bubbles and the Ways of Their Disactivation
Speculative price bubbles in the assets markets were at the roots of many financial crises, including the last global financial and economic crisis. The aim of paper is to show the role of behavioural factors in the creation of a price bubble and the instruments necessary for its avoiding and disactivation. The authors analyse the mechanism of the formation of speculative bubbles and their (...)
Stanisław Urbański, Jacek Leśkow (2015/4, Miscellanea,
This paper presents the use of bootstrap method to assess the multifactor-effi ciency of Fama-French portfolios formed on the Warsaw Stock Exchange. The presented methods estimate the nature of return changes infl uenced by the Fama-French factors. The risk and risk premium vectors are determined for full-sample observations (1995–2010) and two sub-periods. Using of the Fama-French model to (...)
Radim Gottwald (2015/4, Miscellanea,
The Prediction of the USD/EUR Spot Exchange Rate on the Basis of the Forward Exchange Rates
The aim of the paper is to assess the extent to which the future spot exchange rates can be predicted on the basis of the present forward exchange rates. The analysis refers to the prediction of the spot exchange rate USD/EUR on the basis of the forward exchange rates over the period from 2005 to 2013. Both graphical and regression analyses are used to examine the relationship between daily (...)
Janusz Sawicki (2015/3, Articles,
The Game About the Economic and Monetary Union: Where Is the EMU Driving At?
The results of econometric estimation indicate that in the last few years the sensitivity of the exchange rates of the CEE-4 countries (Czech Republic, Poland, Romania and Hungary) to domestic business cycles decreased towards a relatively high influence of the global factors. It indicates that the cost of losing the monetary autonomy after the euro adoption in those countries may be lower (...)
Arkadiusz Świadek (2015/3, Articles,
Business Cycle and Innovation Activity in Polish Industrial Enterprises
The paper includes the analysis of the impact of various phases of business cycle on innovation activity of Polish industrial enterprises. The analysis is based on the probability calculus (probit models), using data collected in a survey made in a large sample of enterprises in the years 2007–2012, considering 18 dimensions (attributes) of innovation activity. The estimated models suggest (...)
Jakub Borowski, Krystian Jaworski (2015/3, Articles,
The results of econometric estimation indicate that in the last few years the sensitivity of the exchange rates of the CEE-4 countries (Czech Republic, Poland, Romania and Hungary) to domestic business cycles decreased towards a relatively high influence of the global factors. It indicates that the cost of losing the monetary autonomy after the euro adoption in those countries may be lower (...)
Łukasz Skowron, Stanisław Skowron, Marcin Gąsior (2015/3, Miscellanea,
The paper presents the results of surveys conducted among the business environments of the border area of Poland and Ukraine concerning their mutual opinions about their neighbour’s market. Senior managers and entrepreneurs from Polish companies located in Lublin Voivodeship provided their assessment of the Ukrainian market (413 respondents); by analogy, their Ukrainian counterparts from (...)
Justyna Witkowska, Aušrinė Lakštutienė (2015/3, Miscellanea,
Insurance Market in Poland and Lithuania: A Comparative Analysis
The paper presents on a comparative basis the development of the insurance market in Poland and Lithuania over the period 2001–2011. The analyses employs main indicators of the insurance activity, such as: the number of insurers, the number of insurance policies and their prices, sum total of insurance premiums, sum total of insurance compensations and benefits etc., and various relative (...)
Zdzisław Sadowski (2015/3, Conferences and seminars,
Evolution of the Market Economy
(2015/3, Conferences and seminars,
Grzegorz Tchorek (2015/3, Book Reviews,
Crisis and Stabilization Policy in the European Union, red. Piotr Albiński
Grzegorz Ślusarz (2015/3, Book Reviews,
Marek A. Dąbrowski (2015/2, Articles,
This paper examines the role of foreign exchange reserves in crisis mitigation and considers the question whether large stocks of reserves contributed to resilience to fi nancial crisis of 2008–2009. In theoretical part net benefi ts of reserves accumulation are discussed and macroeconomic model of optimal reserves is presented. The optimal level of reserves for emerging market economies in (...)
Ilhan Ozturk, Ali Acaravci, Seyfettin Artan (2015/2, Articles,
The Casual Relationship Between Knowledge Spillovers and Economic Growth: The Turkish Case
This study has pointed out the long run determinants of the foreign knowledge and it spillovers effects, which come from capital goods imports. For this purpose, we explored both short-run and long-run causal relationships between foreign knowledge spillovers and its main determinants for Turkish economy over the 1992:Q1–2007:Q3 period. Results from ARDL bounds testing approach of (...)
Elżbieta Rychłowska-Musiał (2015/2, Articles,
Firm’s Debt Priority Structure: Implications for the Enterprise Value
The choice of the capital structure of the enterprise and optimum debt composition represents one of the central problems in enterprise fi nance. The article analyzes the problem of debt structure from the point of view of the priority of its repayment. The reference frame is the value of the enterprise for its owners and the cost of issuing new debt. Shaping the structure of company’s (...)
Maciej Szymczak (2015/2, Articles,
Data, Information, and Knowledge in the Supply Chain
The paper discusses information fl ows within the supply chains, including the fl ows of data, information, and knowledge. The aim of the paper is to characterize the demand of enterprises with respect to data, information, and knowledge, as well as to analyze the ways and conditions of data processing and know-how development in the supply chains. The empirical analysis is based on the (...)
Stanisław Cichocki, Aleksandra Wrzosek (2015/2, Miscellanea,
Each person must take a decision about continuing her or his education or entering labour market at some moment. The decision to continue studies is connected with the increased chance to get a job and with a higher expected pay. However, empirical knowledge of the factors underlying wage expectations is slight. The research presented in the paper is based on a poll made among students of (...)
Barbara Pogonowska (2015/2, Book Reviews,
Stanisław Rudolf (2015/2, Book Reviews,
Marcin Woźniak (2015/1, Articles,
The paper attempts at the evaluation of the effects of the active labour market programs (ALMP) in Poland. The analysis covers the period between the 1st quarter of 2006 and the 4th quarter of 2012. In order to assess the effects of the ALMP on employment and unemployment, the author has estimated the matching function and analysed the impact of schooling and traineeship programs on pairing (...)
Sławomir Kuźmar, Michał Pilc (2015/1, Articles,
The Impact of Labor Market Institutions on Labor Market Performance in Transition Countries
The goal of this study is to analyze the infl uence of labor market institutions on labor market performance in 25 post-socialist countries during the transition period and to determine whether this infl uence was the same as in the EU-15 countries. The collected data indicate that labor market institutions in transition countries (especially in CIS) ensure rather higher level of fl (...)
Bartłomiej Rokicki (2015/1, Articles,
Regional PPP Deflators for Poland and Their Use
The aim of the paper is to present the methodology to calculate regional PPP deflators and their use in the analysis of the regional differentiation of income or wage levels. The regional income dispersion is one of the key aspects in the discussion about an active regional policy, both on the country level and in the framework of the common regional policy of the EU. In the case of Poland (...)
Michał Burzyński (2015/1, Articles,
The Impact of Migration on Welfare in the OECD Countries
The paper presents the quantifi cation of the consequences of migration for the welfare of people living in the OECD countries. The results are obtained by simulating migration shocks using a general equilibrium model with endogenous wages and prices. Assuming imperfect substitution between low and high-skilled workers, as well as natives and foreigners, we get that actual immigration (...)
Łukasz Piętak (2015/1, Miscellanea,
Economic Polarization in Spain, 1955–2013
The aim of this paper is to examine the process of economic polarization in Spain in the years 1955–2013. The paper consists of two parts. The first part (sections 1 and 2) is methodological. It explains the differences between the measures of polarization and inequality, and the methodology of polarization measure, with particular emphasis on measures elaborated by J. Esteban and D. Ray (...)
Adam Noga (2015/1, Nobel Prize Laureates,
Modelling Strategic Behaviour in the Economy: Jean Tirole – Nobel Prize in Economics, 2014
In the paper the author is trying to show the contribution of Jean Tirole to the modern economic theory. He focuses on the Nobel Laureate contribution to the theory of: fi rms, regulations, market structures and competition, the internet, fi nancial markets and macroeconomic policy. Particular attention is given to the “liberal concept of regulation” of the market in terms of J.J. Laffont (...)
Danuta Rucińska (2014/6, In memoriam,
Witold Andruszkiewicz (1917–2014)
Adam Lipowski (2014/6, Articles,
Is a Non-arbitrary Active Macroeconomic Policy Possible in a Service Economy?
The paper deals with the active macroeconomic policy (AMP) (fi scal and monetary), both supply – and demand-oriented. The primary aim of the supply-side policy is to stimulate the growth of the productive capacity of the economy while the aim of the demandside policy is full utilization of this capacity. The AMP is non-arbitrary if its aim can be adequately defi ned, including the sectoral (...)
Michał Konopczyński (2014/6, Articles,
The Effect of Taxation and Human Capital on Economic Growth in Poland
The paper deals with the active macroeconomic policy (AMP) (fi scal and monetary), both supply – and demand-oriented. The primary aim of the supply-side policy is to stimulate the growth of the productive capacity of the economy while the aim of the demandside policy is full utilization of this capacity. The AMP is non-arbitrary if its aim can be adequately defi ned, including the sectoral (...)
Jakub Kronenberg (2014/6, Articles,
Shale Gas in Poland and the Natural Resource Curse
The resource curse hypothesis postulates that, often, countries rich in natural resources are not able to fully exploit the economic potential of these resources. It has been observed that the more abundantly a country is endowed with resources, the greater is the likelihood of slow (or even negative) GDP growth rate in that country. The curse of natural resources can have different (...)
Irena Szarowská (2014/6, Articles,
This article deals with development and trends of government expenditure in the core European Union member states (EU15) in the period 1995-2010. The aim is to provide direct empirical evidence on cyclicality and the long-term and short-term relationship between government expenditure and GDP. Adjusted annual Eurostat data of GDP and government expenditure in compliance with the COFOG (...)
Andrzej Czyżewski (2014/6, Book Reviews,
Karolina Pawlak, International Competitive Capacity of the Agroindustrial Sector in the EU Countries
Józef Stanisław Zegar (2014/6, Book Reviews,
Marian Gorynia, Piotr Trąpczyński (2014/5, Articles,
Determinants of the Effectiveness of Foreign Direct Investments – A Review Article
The aim of the paper is to identify key determinants of the effectiveness of foreign direct investments as an advanced form of foreign expansion of enterprises. The authors give a comparative review of the findings of various empirical studies made hitherto, which were devoted to the analysis of the results achieved by foreign subsidiaries created by FDI. They distinguish four group of (...)
Dorota Wawrzyniak (2014/5, Articles,
The author tries to assess the impact of the differences in the corporate tax rates among the EU countries on the localization of FDI, depending on the investment climate existing in the host country. One can assume that the sensitivity of foreign investment flows to tax differentials would increase with the improvement of investment climate in the given country. The research has been made (...)
Wiesława Lizińska, Renata Marks-Bielska (2014/5, Articles,
Inflow of Foreign Direct Investment and Economic Development in Poland
With progressing economic globalization, increasing attention is attached in theories of economic growth to relationships with the world economy and the economic growth and development in particular countries. One of the elements involved in such relationships and the consequent impact on the economy of a host country is the international capital flow in the form of direct foreign (...)
Anna Tobolska (2014/5, Articles,
Foreign Direct Investments in Poland’s Industry: Sectoral and Spatial Structure
This paper seeks to analyse the sectoral and spatial structure of the inflow of foreign direct investment (FDI) to industry in Poland and to determine the extent of internationalisation of this sphere of the economy. Those issues are significant not only in cognitive terms, but they can also have implications for the country’s economy, in particular for its economic policy. In the first (...)
Mariusz Zieliński, Izabela Jonek-Kowalska (2014/5, Miscellanea,
Reactions of the Labour Market on Business Cycles in Major EU Countries
(2014/5, Announcements,
From the Jury of the 2014 Edward Lipiński Award of the Polish Economic Society
Witold Małecki (2014/4, Articles,
Changes in the Banking Sector and Their Consequences
Banks have played a major and not exactly honourable role in the global economic and financial crisis. Not only were banks one of the sources of this crisis but they also contributed to the diffusion of impulses for the crisis. The paper presents the evolution that banks have undergone in the last 30-40 years. The simple traditional model consisting in banks using deposits placed by (...)
Paweł Smaga (2014/4, Articles,
The Optimal Design of the First Pillar of the Banking Union
The article aims to answer the following research questions: (1) what are the goals of the banking union and is it able to achieve them? (2) what ‘structural birth defects’ of the SSM may limit its effective functioning? (3) how the creation of the banking union will influence the European safety net? Deductive method and literature review are used. The reasons for the creation of the (...)
Aneta Hryckiewicz, Małgorzata Pawłowska (2014/4, Articles,
Changes in the Financial Supervision and Their Impact on the Financial System in the EU Countries
The aim of the paper is to assess various models of financial supervision existing in the world, trying to answer the question whether current changes in the shape of the supervision over financial markets can improve the effectiveness of the oversight and reduce the consequences of future crises. The paper brings two interesting conclusions. First, there is no single optimal model of (...)
Jan Czekaj, Michał Grotowski (2014/4, Miscellanea,
Leszek Czapiewski, Tomasz Jewartowski, Michał Kałdoński, Jacek Mizerka (2014/4, Miscellanea,
Benedykt Puczkowski, Anna Rutkowska-Ziarko, Alicja Cichocka (2014/4, Miscellanea,
Waldemar Frąckowiak, Adam Zaremba (2014/4, Nobel Prize Laureates,
Marek Góra, Ryszard Rapacki (2014/4, Book Reviews,
Marek Góra (2014/4, Book Reviews,
Public Interest and Group Interests in the Polish Legislation
The paper presents the results of the research on the implementation of group interests in the legislative process in Poland, made on a sample of 1365 laws passed in 1990-2011. Two mutually related questions are analyzed: the state of the Polish legislation and the impact of various interest groups on the shape of law. The results of the research do not give a direct insight in the process (...)
Dawid Piątek, Katarzyna Szarzec, Michał Pilc (2014/3, Articles,
Economic Freedom and Democracy and Economic Growth in Transition Countries
The objective of this paper is to analyse the relationship between political freedom (democracy) and economic freedom and economic growth in transition countries. The paper is organized as follows: 1) literature review about relationship between political and economic freedom and economic growth in developed and transition countries; 2) the description of democracy and economic freedom in (...)
Piotr Misztal (2014/3, Articles,
The Phenomenon of Inflation Persistence (Inertia) in Poland
The purpose of this study is to analyze the phenomenon of inflation persistence (inertia) in Poland. Inflation persistence is defined as a strong positive relationship between inflation in the current period and prior periods. This causes difficulties for monetary authorities to reduce inflation after its acceleration, and the necessary adjustments last longer and cause greater volatility (...)
Marian Gorynia, Tadeusz Kowalski (2014/3, Discussions and polemics,
A Response to the Polemicist’s Remarks
Katarzyna A. Nawrot, Tomasz Rynarzewski (2014/3, Book Reviews,
Zdzisław Sadowski (2014/2, Articles,
Economic Development and Poverty
The increasing level of inequality in income distribution observable in world economic development is a serious threat for the future. What can be expected is gradual deterioration of average living conditions. One serious cause is population growth which is remembered but not discussed here. Attention is focused on the other active factor which is financialisation of the economic system (...)
Grzegorz W. Kołodko (2014/2, Articles,
The New Pragmatism, or Economics and Politics for the Future
Not only is economics a means of interpreting the past and analysing the present, but it must become an instrument that can be used to read and shape the future. On the one hand, it should show the development of inevitable future socio-economic processes, with their links to culture and technology, politics and the environment, for which we need to be properly prepared well in advance. On (...)
Marek Belka (2014/2, Articles,
Why Only Discover? Lessons from the Current Crisis for Economics and Economic Policy-Making
The sources of the current crisis are very diverse and quite complex in nature, but they certainly include both gaps in economic theory and mistakes in macroeconomic and regulatory policy. This diagnosis gives rise to postulates for extending and modifying the economic theory as well as introducing changes in the institutional structure and strategies of central banks. As far as the second (...)
Andrzej Wojtyna (2014/2, Articles,
Is Crisis in Economics Deeper than in the Economy?
At the early stage of the present crisis mainstream economics started to be widely criticized both by external commentators and by academic economists themselves. One could then expect that following this criticism, a radical change in the way research in economics is conducted and in the balance of power between main schools of thought would occur. However, as the later stages of the world (...)
Marek Ratajczak (2014/2, Articles,
Economics and Economic Education in the Era of Financialisation of the Economy
The crisis that started with the collapse of Lehman Brothers in September 2008 led, to a revival of the debate concerning the situation in economics as a science and as a field of education. Many participants of that debate have started to equate the economic crisis with a crisis of economics. The paper is a Résumé of the author’s views on and interests in certain aspects of the crisis (...)
Elżbieta Mączyńska, Piotr Pysz (2014/2, Articles,
Liberalism, Neoliberalism and Ordoliberalism
The key to distinguishing between classical liberalism, neoliberalism, and ordoliberalism is their attitude to the freedom of the individual. In 1938, Walter Lippmann put forth the thesis that the main cause underlying all failures of liberal thought was its focus on expanding the scope of the individual freedom in the market. This was accompanied by a lack of understanding of the need to (...)
Jerzy Hausner (2014/2, Articles,
The Global Crisis: The Need for a New Economic Policy
The global economic crisis has led to a revision of a number of tenets of the neo-classical economic theory. Many heterodox elements are gradually becoming part of mainstream economics. At the same time, economic theories are drawing more extensively on the achievements of other social sciences. So far, this revision in the area of theory has had few implications for economic policy. If (...)
Jerzy Osiatyński (2014/2, Articles,
Is Meeting the Convergence Criteria from Maastricht Always Beneficial for the Economy?
Until the world financial crisis of 2007–2008, the convergence criteria contained in the Maastricht Treaty have been commonly considered beneficial for countries that persistently observed them, although there is no economic theory from which those criteria and their specific numerical values could be derived from. Also in Poland an overwhelming majority of economists, policy makers and (...)
Marian Gorynia (2014/2, Articles,
The paper gives the analysis of the changing position of Poland’s economy in the global economy and the EU economy in the period of 2003–2012. The first part of the paper gives the analysis of the growth of GDP, exports and imports, and inward and outward flows of foreign direct investments against the background of the changes of the same variables. The second part presents the (...)
Andrzej K. Koźmiński (2014/2, Articles,
Management Development in Transition Economies
This paper examines impact of quality of management on growth in transition economies. Author refers to the World Management Survey results. Scores obtained by Poland in this study are explained. Sequential model of management development in transition economies is presented and explained. Cultural changes accompanying this process are examined more closely. Particular importance is (...)
Janina Godłów-Legiędź (2014/1, Articles,
Credit Rationing: New Keynesian and Post-Keynesian Approach
In opposition to the negative connotations attached to the term, social engineering in economics, this article tries to call attention to the approach to engineering as a paradigm for scientific research, as recommended by S. L. Goldman. Goldman makes clear that methodological controversy in economics around the concept of rationalism may apply to all sciences. The history of economics and (...)
Izabela Bludnik (2014/1, Articles,
Economics and Social Engineering from the Perspective of the Crisis
Both New Keynesianism and Post-Keynesianism have been studying for years a problem of credit rationing implying that not all of the private agents’ demand for money is satisfied by the market. Each of them has its original contribution to the explanation of the behavior observed in the financial markets. Simultaneously, however, they are based on different analytical assumptions. New (...)
Inflation in a Model with Endogenous Frequency of Price Changes
The key element in the contemporary DSGE models is the mechanism of nominal rigidity. Usually, the simple model developed by Calvo (1983) is used, which assumes purely random price changes. This approach does not explain the sources of price rigidity, and the condition of the economy does not affect the frequency of price updating. The paper presents an alternative model of price rigidity (...)
Sławomir Juszczyk, Rafał Balina (2014/1, Articles,
Predicting the Threat of Bankruptcy in Enterprises of Some Selected Branches
The aim of the paper is to assess the suitability of various discrimination models developed by Polish and foreign authors for the assessment of bankruptcy threat in enterprises. The analysis included a sample of 180 Polish enterprises acting in three branches: wholesale trade in food, beverages and tobacco products, building construction works, and road transports of goods. The research (...)
Mieczysław Kowerski (2014/1, Book Reviews,
Marek Góra, Joanna Rutecka (2013/6, Articles,
Flexible Pension System Aiming at Needs of Its Participants
Population ageing inevitably leads to deep changes in universal pension systems as well as in additional saving programmes. Raising retirement age together with relatively fast skills depreciation cause differentiation of pension system participants’ needs and their changes through the individual life span. The specific needs become increasingly important for system participants, which (...)
Filip Chybalski (2013/6, Articles,
Pension Decisions in Economics: Implications for the Polish Pension System
The aim of the article is to systematize the results of the theoretical and empirical research in economics in the field of pension decisions and to assess the implications of that research for the Polish pension system and its reforms. The main premise to take up this problem is the fact that this important issue is largely neglected or marginalized in the public and academic debate (...)
Stanisława Golinowska (2013/6, Articles,
Controversy about Health Care and Health Care Reforms
The article discusses the main dilemmas of the debate on the role of market and state in providing health care. The discussion is held in the context of the health reform package introduced in Poland in 2010-2011, which increased the share of private sector and commercial rules in health care institutions. The author recalls theoretical arguments about market and state failures in providing (...)
Leszek Morawski, Olga Pilipczuk (2013/6, Articles,
Motherhood and Wage Rates for Women in Poland
A low fertility and low participation rates of women in the Polish labor market justify the interest about the wage cost of motherhood. Using panel data from the European Survey of Income and Living Conditions in Poland for the period of 2005-2008, the authors estimate that the wage cost of the first child in the family (measured as the part of potential earnings lost by the mother (...)
Lilianna Jodkowska (2013/6, Miscellanea,
Forms of Female Discrimination in the German Labor Market
Andrzej Czyżewski (2013/6, Essays,
A New Paradigm of Agricultural Development
Eulalia Skawińska (2013/6, Book Reviews,
Michał Gradzewicz, Jakub Growiec, Robert Wyszyński (2013/5, Articles,
The Inefficiency of Employment Allocation in the Business Cycle in Poland
The authors have calculated the cyclical component of the inefficiency gap regarding the allocation of employment in the Polish economy in the period 1995 Q1–2011 Q2 and decomposed the inefficiency gap into its component elements related to wage and price markups. Inefficiency gap was found to be strongly procyclical while both markups appeared to be anticyclical. The fluctuations in the (...)
Piotr Ciżkowicz, Andrzej Rzońca (2013/5, Articles,
The paper shows that the basic causes of the recent global financial crisis, e.i. low interest rates in major developed economies combined with surplus savings in the developing countries, may be linked with the deficiencies inherent in the international monetary system. The authors argue that these deficiencies have amplified as the result of the crisis. This conclusion serves to project (...)
Eugeniusz Najlepszy (2013/5, Articles,
Escalation of the External Disequilibrium of Indebted Countries under Global Capital Mobility
The paper includes an analysis of some factors conducing to the rise in the external disequilibrium of domestic economy, such as: debt crisis, fluctuation in capital flows, and the decreasing predictability of international solvency. None of these factors considered separately can explain well the causes of the rising external indebtness. Only an integrated analysis of all those (...)
Michał Brzozowski, Joanna Siwińska-Gorzelak (2013/5, Articles,
Fiscal Imbalances, Fiscal Rules and Sovereign Bond Yields
The impact of fiscal imbalances on sovereign bond yields is an issue that has received considerable attention from both researchers and policymakers. While the results of various studies are not uniform, the majority of more recent works show that deteriorating fiscal imbalances tend to increase bond yields. An issue that has received much less attention is the impact of fiscal imbalances (...)
Marian Gorynia (2013/5, Book Reviews,
Jan Rymarczyk, Biznes międzynarodowy (International Business)
Andrzej Kupich (2013/5, Book Reviews,
(2013/5, Announcements,
From the Jury of the 2013 Edward Lipiński Award of the Polish Economic Society
Marian Gorynia, Tadeusz Kowalski (2013/4, Articles,
Economics and its categorization vs. challenges of contemporary economy
As in most other areas of human activity, science experiences specialization stemming from historical processes. The evolution of actual research has naturally created various domains, disciplines, sub-disciplines, and within them, even more specific specializations have emerged. This is an outcome of the rationalization and economization of research itself. Specialization is necessary (...)
Marcin Krawczyk (2013/4, Articles,
Fiscal and Monetary Policies in a Liquidity Trap
The article deals with the problem of the effectiveness of expansionary fiscal and monetary policies in boosting economic activity in the economy that got stuck in the Keynesian liquidity trap. The liquidity trap is considered to be a dangerous phenomenon because it is accompanied by deflationary expectations and recession. An expansionary fiscal and monetary policy aimed at boosting (...)
Piotr Pysz (2013/4, Articles,
What can be learnt from the ordoliberal thought?
The assumption of this article is that the current crisis of the world economy reflects the crisis of economic science. The article is aimed at searching for answers to the question of what can economic science, jointly responsible for the world crisis, learn from the ordoliberal school of economic thought, which remains on the edges of its neoclassical mainstream. The order of arguments is (...)
Michał G. Woźniak (2013/4, Essays,
Grażyna Kozuń-Cieślak (2013/3, Articles,
The Effectiveness of Public Investment in Human Capital
Human capital is one of the major factors responsible for economic development; investments made in the human capital add to the wealth of nations, accelerating civilization progress and increasing international competitiveness. The aim of the article is to assess the effectiveness of public investments in human capital in the EU member countries using the linear programming method called (...)
Marlena Dzikowska (2013/3, Articles,
The Value Chain Module Relocation and Company Competitveness
The article focuses on the relocation of the company’s value chain modules. Relocation is defined as a process of moving some or all of the tasks performed by an economic entity to a vendor operating in the same country or abroad, who is or is not related by ownership structures to the relocating company. In the paper this issue is analyzed from the perspective of company competitiveness (...)
Magdalena Florek (2013/3, Miscellanea,
Brand Equity and the Development of Local Communities
Krzysztof Ziółkowski (2013/3, Miscellanea,
The Determinants of the Polish Exports to Germany
Eliza Frejtag-Mika (2013/3, Book Reviews,
Social Capital in the Regional Development), ed. Eulalia Skawińska
Bogusław Fiedor (2013/2, Articles,
Market Failures and State Failures: Market Regulation vs. Public Regulation
The paper begins with the formulation of institutional dichotomy: imperfect market versus imperfect state and, subsequently, with the assumption of the common interdependence between market failures and state failures, as well as the related correlation between market and public regulation. In accordance with the fundamental neoclassical premise, the aim of the latter is not to replace the (...)
Marian Gorynia, Katarzyna Mroczek (2013/2, Articles,
Transaction Costs as Determinant of the Foreign Expansion of the Enterprise
The authors discuss the possibilities of applying the theory of transaction costs (a part of institutional economics) to the choice of the form of foreign expansion of the enterprise. The main aim of the article is to present the concepts describing the relationship between the transaction costs and the forms of foreign expansion of the enterprise, including their critical assessment. The (...)
Michał Jurek (2013/2, Articles,
The article aims to analyze what macroeconomic circumstances support the maintenance of stable exchange rate of CEE countries currencies against the euro. In order to achieve this target, the author presents the evolution of the exchange rate regimes in CEE countries in the period of 1999-2011, as well as the results of logit analysis used in order to reveal what macroeconomic features (...)
Ismet Göçer, Mehmet Mercan, Osman Peker (2013/2, Miscellanea,
The Effects of Exchange Rates Changes on the External Trade Balance
Sami Fethi, Salih Turan Katircioglu, Siroos Khademalomoom (2013/2, Miscellanea,
The Determinants of the Real Exchange Rate: the Case of New Zealand
Zbigniew Madej (2013/2, Essays,
Reflections on the book Freefall by Joseph E. Stiglitz
Robert Golański (2013/2, Nobel Prize Laureates,
Stanisław Rudolf (2013/2, Book Reviews,
Kazimierz Łaski, Jerzy Osiatyński (2013/1, Articles,
Consolidation of Public Finance and the Euro Crisis
The authors see the roots of the present euro-zone crisis in three pillars of market fundamentalism on which the construction of the European Economic and Monetary Union is founded: 1) separation of a common monetary policy from national fiscal policies of individual member countries; 2) the goal of government budget equilibrium which is believed to provide macroeconomic stability of each (...)
Aneta Hryckiewicz (2013/1, Articles,
Government Interventions in the Banking Sector and the Stability of the Financial Sector
The systemic banking crises placed enormous pressure on national governments to intervene. However, these actions are justified if they contribute to economic recovery without subsequently increasing significant risk in the banking sector. The recent estimations from the mortgage crisis 2007-2010 document that government interventions may reach nearly 100 trillion US dollars in the world (...)
Urszula Ziarko-Siwek (2013/1, Articles,
Announcement Effect as the Reflection of the Transparency of Monetary Policy
The paper presents the results of the research on the announcement effect of the decisions taken by the Monetary Policy Council about the change or no-change of the reference interest rate on the market interest rates seen in the Polish money market. The analysis covers the period of 1999-2011, when the BCI strategy was implemented and a new information policy was started to improve the (...)
Tomasz Berent (2013/1, Articles,
Financial Leverage: The Case Against DFL
The degree of financial leverage, DFL, is a widely used index that is supposed to capture the size of financial leverage risk: when greater than one, it points to the more than proportional relative change in net profit compared to the corresponding relative change in operating profit. The paper debates DFL’s numerous shortcomings some of which come from the lack of definitional rigour (...)
Katarzyna Byrka-Kita, Mateusz Czerwiński (2013/1, Miscellanea,
Control Premium in the Polish Capital Market
Robert Stojanov, Wadim Strielkowski, Karolina Kowalska (2013/1, Miscellanea,
Migrants Remittances, Official Development Aid, and Economic Growth in the Developing Countries
Sławomir I. Bukowski (2013/1, Book Reviews,
Michał Konopczyński (2012/6, Articles,
The Effect of Taxation on Economic Growth
Using the AK growth model, the author analyses the effect of taxes on long term economic growth, assuming that all government expenditure is spent on public consumption. The author shows that in order to attain the highest possible growth rate, one has to eliminate all the taxes, both income tax and consumption taxes. He proves mathematically that indirect taxes are less detrimental to (...)
Łukasz Goczek (2012/6, Articles,
Instability of fiscal policy, financial development, and economic growth
The article presents a review of research on the influence of fiscal policy instability on economic growth in the long run. Based on the findings from theoretical research an empirical model is estimated aimed to assess the impact of the fiscal policy instability on economic growth on the basis of a quantitative analysis. First, in order to estimate the measures of the volatility of fiscal (...)
Waldemar Florczak (2012/6, Articles,
The research deals with operationalization of main macro-level theories of crime. Basing on annual data concerning property crimes in Poland in the years 1970–2008, and employing general to specific strategy of modeling, seven structural models were estimated whose specifications rest on the following theories of crime: social disorganization theory, anomie, social conflict, routine (...)
Dorota Janiszewska (2012/6, Articles,
Ordoliberal Conceptions of Capitalism Reform after the Great Depression of 1929–1933
As the most common response to the Great Depression of 1929–1933, consideration is usually given to the ideas of John M. Keynes and the New Deal applied in the United States by president Franklin D. Roosevelt. In Germany, the intellectual response was ordoliberalism, which was looking for an alternative ‘third way’ between a laissez-faire capitalism and a centrally controlled collective (...)
Eulalia Skawińska, Romuald I. Zalewski, Tomasz Brzęczek (2012/6, Articles,
Methodology of Social Capital Research and Its Empirical Testing
The paper tackles the challenging research problem of measuring social capital as well as its increase and structure. It sets out by demonstrating the significance of the research problem, the definition of social capital and formulating research objectives and hypotheses. The theoretical part proposes research methods and a unique approach to formulating and operationalizing the notion of (...)
Stanisław Lis, Mateusz Rosołowski (2012/6, Miscellanea,
European Economic Systems: Welfare vs. Efficiency
Małgorzata Szreder, Krzysztof Kalisiak, Kaja Białowąs, Tomasz Szapiro (2012/5, Articles,
Wage Premium from Higher Education by Field of Study
The aim of the article is to propose and econometrically verify a new method of modelling educational decisions regarding the choice of educational tracks. The analysis of potential benefits from education is extended beyond the traditional approach by taking into consideration, apart from wage premium, also non-financial factors, e.g. social status or the lifestyle combined with the job (...)
Tomasz Gajderowicz, Gabriela Grotkowska, Leszek Wincenciak (2012/5, Articles,
Wage Premium from Higher Education by Occupational Groups
The paper contains the analysis of the changing wage premium from higher education in Poland over the period of 1995–2009 in the context of changes in the educational structure of population and the general situation in the labour market. The authors have estimated relative wages of persons with higher education and the wage premium from higher education by broad occupational groups and (...)
Paweł Bukowski, Martyna Kobus (2012/5, Articles,
Educational Equality of Opportunity in Poland
Education is considered one of the best means in improving equality of opportunity. Based on the PISA 2003 database we evaluate educational equality of opportunity in Poland. Equality of opportunity holds if given eort (learning time) it is impossible to rank distributions of outcomes (performance in mathematics) according to circumstances (parental education level). We nd that the (...)
Iga Magda, Anna Ruzik-Sierdzińska (2012/5, Miscellanea,
Situation of the Old in the Polish Labour Market
Joanna Franaszek (2012/5, Miscellanea,
Pension Systems and Reproductiveness
Krzysztof Opolski (2012/5, Book Reviews,
Christopher A. Pissarides, Teoria bezrobocia w stanie Równowagi (Equilbrium Unemployment Theory)
(2012/5, Announcements,
Marian Gorynia (2012/4, Articles,
The Evolution of Poland’s Position in the World Economy
The aim of this paper is to identify and evaluate major changes and trends in the significance of the Polish economy in the world economy in the years 1990–2010. In particular, the author tries to make a rough assessment of the changes in the role Poland plays in the international economic cooperation, in terms of foreign trade and foreign direct investment. The rise in the degree of (...)
Katarzyna Śledziewska, Bartosz Witkowski (2012/4, Articles,
Economic Crisis and World Trade
T he world economic crisis has caused significant changes in the world trade. The authors attempt to assess the change in the impact of main determinants of international trade during the crisis of 2009 and shortly after the crisis. In order to assess the impact of the main determinants of trade, notably GDP, per capita GDP, and geographical distance, a gravity model was estimated, based on (...)
Andrzej Sopoćko (2012/4, Articles,
Financial Game: The Addiction of the Rich World
Current money streams have been raised on an unexpected scale and the financial market became free, in its core part, from the frames created by the monetary authorities. The global financial game system has appeared, with very low sensibility on the regulation coming outside. Former efficiency of interest rates and monetary base operations belongs already to the past. What is worse, the (...)
Joanna Prystrom (2012/4, Miscellanea,
National Innovation System as the Factor of Economic Development: the Case of Sweden
Andrzej Buszko, Mykola Vashchenko (2012/4, Miscellanea,
Foreign Direct Investment in Ukraine: the Role of Institutional Factors
Wiesława Przybylska-Kapuścińska (2012/4, Book Reviews,
Michał Brzoza-Brzezina, Poland’s Monetary Policy: Theoretical and Empirical Research
Maciej Bałtowski (2012/4, Book Reviews,
Liberal Premises of Economic Transformation in Poland, eds. Wacław Jarmołowicz, Katarzyna Szarzec
Małgorzata Janicka (2012/4, Book Reviews,
Sławomir I. Bukowski, International Integration of Financial Markets
Marek Ratajczak (2012/3, Articles,
Financialisation of the Economy
Although financialisation is a well known idea in the foreign literature, it is still unrecognised in Poland. The aim of the paper is to clarify the concept of financialisation and discuss some relevant fields of interest. The article presents the notion of financialisation in a narrow sense identified with increasing significance of financial actions in non-financial agents’ economic (...)
Helena Gaspars-Wieloch (2012/3, Articles,
Limited Efficiency of Optimization Methods in Solving Economic Decision Problems
The author illustrates by means of numerical examples some economic decision problems (the choice of investment projects, the choice of optimum product mix, preparation of rankings for different objects based on incomparable criteria by means of standardized measures, the time-cost project analysis, the asset portfolio construction) for which the results generated by theoretically (...)
Katarzyna Piłat (2012/3, Articles,
The Index of Optimum Currency Area for the Polish Economy
The theory of the optimum currency areas (OCA) is an important reference point in the analysis of monetary unions. The article presents the analysis of the synthetic OCA index based on the concept developed by Bayoumi and Eichengreen (1998), aimed to assess the conformity of several EU economies not yet included in the euro area with the requirements of the OCA theory as regards their (...)
Sławomir I. Bukowski (2012/3, Miscellanea,
The Degree of Financial Markets Integration in the Euro Area
Władysława Łuczka-Bakuła (2012/3, Book Reviews,
Andrzej Czyżewski, Sebastian Stępień (2012/2, Articles,
The article presents various views on the future shape of the Common Agricultural Policy (CAP) after 2013 in the framework of different reform scenarios under negotiation and the official standpoint of the European Commission. In this context, the area of possible compromise is depicted as regards the possible policy changes in the period 2014-2020. The probable changes in the CAP are also (...)
Mikołaj Herbst, Piotr Wójcik (2012/2, Articles,
T his paper is aimed at investigating the presence of sigma and beta convergence regarding per capita GDP levels between the Polish subregions over the period 1995–2006. We verify the existence of absolute convergence, as well as convergence conditioned on the stock of physical capital, human capital, and the size of the central city, being emphasised in the literature as important factors (...)
Justyna Światowiec-Szczepańska (2012/2, Articles,
Economic Rent and Firm’s Competitive Advantage
A firm’s competitive advantage, which involves achieving above-average profitability, refers to economic rent, a concept developed by economic theory. Investigating competitive advantage from the viewpoint of rent seeking seems to be a special instance of the convergence of management sciences and economics at microeconomic level. The concept of economic rent may serve as a key which helps (...)
Sławomir Wyciślak (2012/2, Miscellanea,
The Contagion Effect in the Mechanism of Crisis Propagation
Jan M. Fijor (2012/2, Essays,
Piotr Pysz (2012/2, Book Reviews,
Witold Małachowski, Social Market Economy of Contemporary Germany
Joanna Kotowicz-Jawor (2012/2, Book Reviews,
Marian Gorynia (2012/2, Book Reviews,
Łukasz Hardt (2012/1, Articles,
The Problem of the Realisticness of Assumptions in Economic Theory
The article poses the question of whether realistic economic models must be based on realistic assumptions. The first section clarifies the understanding of the role and nature of the assumptions in economic theory, as well as the importance of the notion of their realisticness. Next, we refer to the Friedman’s 1953 paper ‘The Methodology of Positive Economics’ and we interpret it from the (...)
Michał Konopczyński (2012/1, Articles,
European Monetary Union experiences slow convergence of nominal price levels. This paper provides a theoretical view on this process. We construct a simple, mathematical model which imitates the influence of price divergence on the balance of trade of EMU countries. With our simple model, illustrated with graphs, we obtain an intuitive insight into the process of price convergence, and how (...)
Elżbieta Kowalczyk (2012/1, Articles,
The Influence of Employees’ Traits and Skills on Their Functioning in the Labour Market
The article presents a theoretical and empirical analysis of the relationship between traits and skills of employees and their functioning in the labour market as reflected in their sense of locus of control, system of job’s values (meritocratic vs. etatistics), attitude towards the labor market (cognitive and emotional), and their competence in labour law (its perception and knowledge (...)
Anna Gardocka-Jałowiec (2012/1, Articles,
R&D Expenditures and the Innovativeness of the Polish Economy
With the adoption of the Lisbon Strategy of 2000, Poland faced an ambitious task of stimulating research and development activities, which are undoubtedly the base of any innovative and competitive economy. The assumptions of the Lisbon Strategy, which were to be carried out by 2010, appeared to be too ambitious for Poland, as well as most other EU states. Now, with the adoption of the new (...)
Stanisław Rudolf (2012/1, Book Reviews,
Bożena Borkowska, Regulation of a Natural Monopoly: Theory and Practice
Marcin Krawczyk (2011/6, Articles,
The Expected Level of the Interest Rate and the Demand for Money
The paper contains a theoretical analysis of the demand for money. The author defines the individual demand function and the aggregate demand function based on it, depending on the market interest rate, and he discusses the ability of the central bank to influence its level. The analysis is based on the concept of portfolio choice developed by Tobin, supplemented by the modified Keynesian (...)
Elżbieta Rychłowska-Musiał (2011/6, Articles,
Market Competition and the Strategy of Implementing and Financing an Investment Project
Decision when to invest has an important significance for its success. Waiting before making irreversible investment can be the source of financial profits but it can also increase the risk for the firm of being eliminated from the market by a competitor. The author examines the situation of a firm operating in a competitive market. The firm ought to determine an optimal time to realize a (...)
Leszek Morawski, Michał Myck (2011/6, Articles,
Distributional Effects of the Child Tax Credit in Poland and Its Potential Reforms
distributional implications from the original policy proposals. While initially designed as an instrument addressed to low income working families, the tax credit was implemented without any upper earnings limit, and its generosity was substantially extended in 2007 implying an annual budgetary cost of about 0.5% of the GDP. The current design of the credit grants largest income gains in (...)
Paweł Siarka (2011/6, Miscellanea,
Back-testing Procedure as the Method of Validation of Credit Risk Models
Jan Rymarczyk (2011/6, Book Reviews,
(2011/6, Announcements,
From the Jury of the 2011 Edward Lipiński Award of the Polish Economic Society
Jerzy Osiatyński (2011/5, Articles,
Preconditions of Poland’s Entry to the Euro Area
A ssuming that the European Economic and Monetary Union survives its current financial crisis, the author tries to answer the question what conditions Poland should meet prior to entering the eurozone that would enable it to maintain and strengthen its competitive position after the entry to the euro area. The ability of any free trade zone member country to sustain its competitive position (...)
Piotr Ciżkowicz, Andrzej Rzońca (2011/5, Articles,
Why Shouldn’t Central Banks Raise Their Inflation Targets?
O . Blanchard et al. [2010] proposed that, in the current economic situation central banks increase their inflation targets from 2% to about 4%. This should provide the room for further reductions of interest rates in the case of a possible next financial crisis (or another strong shock). The authors give a critical assessment of that proposal. They recall, first of all, two arguments (...)
Piotr Misztal (2011/5, Articles,
Commodity Export Concentration and Economic Growth in the EU Member Countries
The main aim of the paper is to analyze the relationship between commodity export concentration and economic growth in the EU member countries in the period 1995-2009. The article consists of two parts. The first part includes the theoretical explanation of the relationship between the degree of export concentration (diversification) and economic growth, taking into account the main (...)
Stanisław Urbański (2011/5, Articles,
Cross-Section Changes of Rates of Return on the Shares Traded on the Warsaw Stock Exchange
The paper presents an econometric CAPM model, which describes changes of rates of return on the shares traded on the Warsaw Stock Exchange. It analyses the components of systematic risk and risk premium vectors in the years preceding Poland’s accession to the European Union. The algorithm used for the description of rates of return combines hitherto Fama and French research and results from (...)
The potential accession to the euro zone is a very current issue for Poland. Its importance is increased by the consequences of the recent economic crisis that can be seen in the global economy and particularly in the economies of EU member states. The article presents some findings of studies carried out within the research project “Influence of the accession of Poland to the euro zone on (...)
The Long-term Effect of EURO 2012 on Poland’s Economy
The paper presents the assumptions and results of the forecast prepared by a research team concerning the impact of the UE FA European Football Championship EURO 2012 on the growth of the Polish economy in the period 2008–2010. The simulation of the possible macroeconomic effects of the championship on Poland’s economy, including three forecast variants, has been derived using a dynamic (...)
Robert W. Włodarczyk (2011/4, Articles,
Differences in the Sectoral Structure of Working Population in the Euro Area
The article brings a statistical analysis of differences seen in the sectoral structure of working population between the NUTS 2 regions of the euro area in the period 1999–2008, including the analysis of changes in the structure over time. The analysis is based on statistical data from the Eurostat data bank on the working population aged above 15 years. Data processing and calculations (...)
Jacek Białek, Adam Oleksiuk (2011/4, Miscellanea,
Changes in Transport Infrastructure in Poland: Regional Cross-Section Analysis
Urszula Płowiec (2011/4, Essays,
Poland in the European Union: Some Reflections about the Future
Paweł Baranowski (2011/3, Articles,
The paper presents an analysis of the effects of monetary shocks on inflation and output in Poland. The analysis is based on a hybrid neo-Keynesian model with standard Taylor rule and with forward looking rule. The author considers the effects of both the expected and unexpected tightening of monetary policy. The results of the analysis show that: (a) the reactions of inflation and of the (...)
Tomasz Berent (2011/3, Articles,
Financial Leverage Risk: A New Methodological Approach
Financial leverage or gearing belongs to the most common concepts widely used both in the theory of finance and in business practice. Unfortunately, this concept is not unambiguously defined. There are many methods of measuring the leverage, some of them being contradictory to each other. The paper gives a brief review of the literature on the subject, which shows the conceptual chaos (...)
Joanna Tyrowicz, Joanna Nestorowicz (2011/3, Articles,
Age and Entrepreneurship During Transition
Studies of self-employment determinants comprise the effects of business cycle, changing social structures or legal framework, industrial organization regulations and government policies. The paper contributes to the empirical literature by analyzing the effects of trends and cyclical fluctuation on the development of self-employment in a transition economy. The authors estimate (...)
Wiesław Rehan (2011/3, Book Reviews,
Piotr Masiukiewicz, Bank Revitalization Management
Zbigniew Madej (2011/2, Articles,
Paradigms and the Mainstream of Economics
In the author’s view, there is still no common, uniform paradigm in economics. The current mainstream of economic theory could be the framework for the creation of the common paradigm, but its geographic coverage would be limited to the West, including post-socialist countries of Central and Eastern Europe, which transform their economic systems according to the western model of capitalism (...)
Piotr Misztal (2011/2, Articles,
Interdependence Between Budget and Current Account Deficits in Poland, 1999–2009
The basic aim of the article is theoretical and empirical analysis of the causal relationship between budget and current account deficits in Poland in the period 1999-2009. In the paper were used methods based on the literature study of international economics and international finance as well as econometric methods (Vector Error Correction Model - VECM). The results of investigation (...)
Natalia Nehrebecka (2011/2, Articles,
The paper presents an analysis, based on panel survey data for Poland for the years 1997–2000, of the transfers of persons aged 20-65 to full-employment status. The analysis is made using two-equation and three-equation probit model with endogenous switching. It focuses on the probability of entry to full-employment status. The results of the analysis indicate that the status of a given (...)
Grzegorz W. Kołodko (2011/2, Essays,
Marek Ratajczak (2011/2, Book Reviews,
Janina Godłów-Legiędź, Contemporary Economics. Towards a New Paradigm?
Andrzej Czyżewski, Sebastian Stępień (2011/1, Articles,
Common Agricultural Policy of the EU After 2013 and the Interests of the Polish Agriculture
The paper presents some proposals as to the changes of the Common Agricultural Policy of the European Union (CAP) in the context of the development needs of Poland’s agriculture. The ultimate decisions of the European Commission on the subject are to be taken in July 2011, just at the beginning of the Polish presidency in the EU. It is important that new regulations are conducive to the (...)
Eugeniusz Kwiatkowski (2011/1, Articles,
Global Crisis and Labour Market in Poland and Other Countries of the Vyshehrad Group
The paper analyses the changes that appeared in labour markets in Poland and in other countries of the Vyshehrad during the global crisis of 2007–2009. Special consideration is given to the evolution of employment and unemployment. The analysis tries to assess the impact of global crisis on employment and unemployment and to explain the different reation of labour markets in the individual (...)
Jan Fałkowski (2011/1, Articles,
Competition Between Political Parties and Economic Policy
The paper is an attempt to reconstruct and systemise the views of economists on the relationships between the intensity of competition between political parties and economic policy performed by the government. In the first part, in the context of concepts and findings of new institutional economics and new political economy, the author describes the reasons why political competition has (...)
Michał G. Woźniak (2011/1, Essays,
Dominik Buttler, Józef Orczyk, Jan Szambelańczyk (2011/1, Nobel Prize Laureates,
Search and Matching Processes in the Labour Market. Nobel Prizes in Economics 2010
Krzysztof Nowak (2011/1, Nobel Prize Laureates,
Anna Chmielak (2011/1, Book Reviews,
Ordo Ideas and Market Economy, eds. Elżbieta Mączyńska, Piotr Pysz
Józef S. Zegar (2010/6, Articles,
Economics and the Agrarian Question
The agrarian question has been a major topic of interest for economists for more than 100 years. It now becomes again a subject of debate in both developed and developing countries. The reasons for the resurgence of interest in the issue, however, are different in both these cases. In the first case, it follows from the fact that the industrial approach to agriculture resulted in (...)
Kazimierz Łaski, Jerzy Osiatyński, Jolanta Zięba (2010/6, Articles,
Factors of GDP Growth in Poland and the Czech Republic in 2009
First, the concept of public expenditure multiplier is redefined to allow for import intensity of exports, and its value is estimated for Poland and the Czech Republic in 2008–2009. Next, on the basis of effective demand model of economic dynamics, there follows a comparative analysis of GDP dynamics in the two countries in 2008-09 and of the factors that in 2009 made the rate of GDP growth (...)
Oded Stark (2010/6, Articles,
Policy Repercussions of “The New Economics of the Brain Drain”
In this paper I delineate novel policy repercussions suggested by my research on “The New Economics of the Brain Drain”. In section 1, I provide a succinct account of the model that inspires the derivation of several new policy implications. In sections 2 through 5, I present the policy implications. I address the following questions: When and how can migration to a country substitute for (...)
Jan Brzozowski (2010/6, Articles,
Brain Waste Among Skilled Expatriates and Investment in Human Capital
This paper describes how the brain waste, i.e. situation when skilled immigrants work in menial jobs, affects the economy of the sending country. Special emphasis has been put on the relationship between investment in education and the probability of emigration. The theoretical model presented in the paper shows that the prospect of brain waste tends to reduce the return to investment in (...)
(2010/6, Announcements,
From the Jury of the 2010 Edward Lipiński Award of the Polish Economic Society
Dariusz Rosati (2010/5, Articles,
Fiscal Management System of the Eurozone – Directions of Change
The financial crisis in Greece in 2010 has clearly demonstrated that the system of economic governance in the Economic and Monetary Union of the EU, including fiscal rules and mechanisms of multilateral surveillance and control, is largely inefficient and does not ensure sufficient fiscal discipline. The article discusses the main weaknesses of the existing fiscal framework of the EMU and (...)
Urszula Płowiec (2010/5, Articles,
On the Innovative Strength of Poland in the 2020 Perspective
What the rich countries primarily need to maintain their growth and welfare is stimulation of development by technological innovations. In the case of the less developed ones acceleration of development is much more difficult and needs a holistic and long-term approach. This is shown by what was achieved in economic theory of the institutional and neo (...)
Michał Majsterek, Aleksander Welfe (2010/5, Articles,
Long-Run Price-Wage Relationships and the Role of the Tax System
The enterpreneurial decisions concerning employment are influenced by total labor costs, while labor supply depends on net wages. Analysis of these processes must therefore reflect both direct and indirect taxes and social insurance contributions. Moreover, proper explanation of inflationary phenomena requires a distinction between the producer price index (PPI) and the consumers` price (...)
Sławomir Juszczyk (2010/5, Articles,
Predicting Insolvency of Forwarding Enterprises
The aim of the paper is verification of the relevance of existing models for predicting insolvency of forwarding enterprises in the present economic conditions. It is shown that the existing insolvency prediction models have lost some of their forecasting utility. Therefore the author constructed a new discriminate analysis model for forwarding enterprises active in the present economic (...)
Sławomir I. Bukowski (2010/5, Miscellanea,
The Level of Integration of Stock Exchange in Poland with That of the Eurozone
Jerzy Tomala (2010/5, Book Reviews,
Aleksander Jakimowicz, Sources of Instability of Market Structures
Bogusław Fiedor (2010/4, Articles,
Economic Crisis versus Crisis of Economic Science
The paper starts with the issue why crisis phenomena in the economy, both in its real and regulatory sphere, should not be identified with a crisis of economic science in cognitive and predictive terms. This is followed by presenting the idea of understanding the „normal” way of development of economic science as a from of migration of ideas in which a significant role is played by (...)
Danuta Gotz-Kozierkiewicz (2010/4, Articles,
Crisis of the Informative Function of Money
Purchasing power and the interest rate, the two major measures of money value over the time, determine the informative function of money. These measures are of key importance for the relationship of finance and real economy. Contemporary financial markets have been absorbing the changing interest rate of the central bank without readable ex ante effects on changes in demand for real goods (...)
Edyta Mazurek, Marek Kośny (2010/4, Articles,
Comparison of Tax Reductions on Children
Contemporary personal income tax systems incorporate diversity of tax instruments. Besides basic instruments, defining the tax schedule – tax scale, tax free amount and so on, very popular are tax exemptions and tax credits. Usage of these two instruments is justified with tax equity postulates and they are usually treated as almost identical in effect. However, Lambert and Yitzhaki [1997 (...)
Jan Polowczyk (2010/4, Articles,
Elements of Behavioral Economics in the Works of Adam Smith
One of the most significant developments in economics over the last decades has been the growth of behavioral economics. It is not a unified theory, but rather a collection of ideas in opposition to the traditional economics (so called mainstream economics, neoclassical or ortodox). The purpose of the paper is to present Adam Smith’s theory against a background of different concepts of (...)
Ryszard Rapacki, Mariusz Próchniak (2010/4, Miscellanea,
Marta Götz (2010/4, Miscellanea,
Region Specific Income Differentiation in Poland and Germany
Wacław Stankiewicz (2010/4, Nobel Prize Laureates,
Institutionalists on Management. Nobel Price in 2009
Andrzej Matysiak (2010/4, Discussions and polemics,
Maciej Bałtowski (2010/4, Discussions and polemics,
Włodzimierz Szpringer (2010/3, Articles,
Economic Theories in Regulating Competition
Competition policy needs taking into account the more economic approach to competition law, in particular with regard to IT and electronic communications, to deal with the problem of determining the dynamics of innovation. The challenging issues are those of applying Art.102 of the Treaty to, e.g.: essential facilities, imposing compulsory licenses, defining the collective market (...)
Michał Jurek (2010/3, Articles,
Limitation of the Autonomy of Monetary Policy in Financial Integration
The aim of the paper is to analyze the possibilities of overcoming the asymmetric shocks under fully fixed and fully floating exchange rate regimes, taking into consideration increasing financial integration which results in mounting capital flows. The analysis is based on the use of the Mundell-Fleming model within the framework of the theory of Optimum Currency Areas. The main conclusion (...)
Aleksandra Parteka, Joanna Wolszczak-Derlacz (2010/3, Articles,
Wage Convergence in the European Union (1995–2005)
This paper presents empirical analysis of relative wage convergence in the group of 20 countries of enlarged EU (five New Member States: Czech Republic, Poland, Slovakia, Slovenia, Hungary plus former EU15 economies) within the period 1995-2005. The study is based on recently released sector level data (12 manufacturing sectors) which allows us to analyze the convergence process concerning (...)
Ewa Gałecka-Burdziak (2010/3, Miscellanea,
The article describes the development experience of India since its nascency as a dem ocratic state in 1947. The early adopted economic system of the so-called “Indian socialism”, which included both elements of a free market and of central planning, failed to bring the expected results. The Indian economy experienced slow growth. and India’s share in the Asian and world economy was (...)
Leokadia Oręziak (2010/3, Book Reviews,
John C. Bogle, Enough. Real Measures of Wealth, Business and Life
Andrzej Sławiński (2010/2, Articles,
The impact of the global banking crisis on central banking
The scale of the recent global banking crisis was for central banks unexpected, because banks took losses in the new fields of their activities that were not effectively supervised. Additionally, banks themselves were not aware of the scale of their potential losses as they did not create effective information systems to measure their risks. The severity of the global recession resulted (...)
Danuta Gotz-Kozierkiewicz (2010/2, Articles,
Monetary policy and Goodhart’s law
The real picture of monetary policy in contemporary economy shows that the functioning of commercial banks is inconsistent with the textbook model. According to the Goodhart’s law, banks have been finding solutions effective in protecting their income notwithstanding the intentions of the monetary authority. Such motivations also caused an increasing involvement of the banks in the use of (...)
Joanna Siwińska-Gorzelak (2010/2, Articles,
Volatility of public expenditure and long run growth
The impact of public expenditures’ volatility on the long run growth rate of GDP is a topic not often discussed in the literature. But the results of available research works uniformly indicate that such volatility is detrimental to long run growth.
The main objective of this paper is to reassess this empirical link. Its main novelty consists in that, besides using cross section data, it (...)
Andrzej Czyżewski, Piotr Kułyk (2010/2, Articles,
In the paper we present the role of dominating economic policy options and the macroeconomic environment in creating the economic situation of agriculture. The methodological assumptions and measurement methods of the changing economic policy options are first discussed. The empirical research results confirm the thesis that transformations which occur in the farming sector should be viewed (...)
Małgorzata Doman, Ryszard Doman (2010/2, Miscellanea,
Relations in the Global Financial Market During the Crisis
Bazyli Czyżewski (2010/2, Miscellanea,
Controversies Concerning the Rent of Land From Classical Economics to Modern Times
Maciej Bałtowski (2010/2, Book Reviews,
Łukasz Hardt (2010/1, Articles,
The Role of Transaction Cost Economics in the Growing Plurality of Modern Economics
The article describes the process of the growing plurality of modern economics. It is argued that one of the main stimuli of that change was the growing popularity of transaction cost economics which eased the entry into mainstream economics of what previously had been present only in heterodox economics. After providing a definition of theoretical plurality it is shown that the number of (...)
Elżbieta Rychłowska-Musiał (2010/1, Articles,
Overinvestment and the Agency Costs of Debt Financing
The article describes the process of the growing plurality of modern economics. It is argued that one of the main stimuli of that change was the growing popularity of transaction cost economics which eased the entry into mainstream economics of what previously had been present only in heterodox economics. After providing a definition of theoretical plurality it is shown that the number of (...)
Piotr Misztal (2010/1, Articles,
Main Determinants of the Trade Balance in Poland
The paper deals with short- and long-run relationship between trade balance and exchange rate, national income and money supply in the Poland. The elasticity, absorption and monetary approaches to the balance of payments of Poland are verified by using the Vector Autoregression Model (VAR). The results of this investigation show that national income and money supply played crucial role as (...)
Aleksander Jakimowicz (2010/1, Book Reviews,
George Soros, The New Paradigm for Financial Markets: The Credit Crisis of 2008 and What It Means
Marian Gorynia, Tadeusz Kowalski (2010/1, Book Reviews,
Economic Growth in the Countries in Transition: Convergence or Divergence? Ed. by Ryszard Rapacki
Czesław Skowronek (2010/1, Book Reviews,
Przemysław Borkowski, Risk in Business Activity
Bogusław Guzik (2009/6, Articles,
Investment and the rate of unemployment in the voivodships of Poland
The article presents an analysis of the relationship between the rate of unemployment and investment outlays not, as usual, on a country basis, but for individual voivodships (administrative regions of Poland). This approach made it possible to find some specific features of the influence of investment on unemployment in a variety of cases. Several types of models were evaluated in (...)
Adam P. Balcerzak (2009/6, Articles,
Effectiveness of the institutional system related to the potential of the knowledge based economy
The aim of this paper is to analyze the relationship between utilization of the potential of new global knowledge based economy and the level of effectiveness of the institutional system in highly developed countries. The empirical study was based on the idea that concentration of government action on long term systemic arrangements leading to an effective institutional order creates (...)
Maciej K. Dudek (2009/6, Articles,
Euro from the viewpoint of selected economic theories
The objective of the paper is to present some arguments stemming from economic theories which tend to be overlooked in the debate on adoption of the common currency. The paper focuses on the issues of welfare and efficiency. In particular, the article is devoted to an analysis of the origins of transaction costs, the role of stabilization policies, market completeness and informational (...)
Izabela Bludnik (2009/6, Articles,
Reductionism in new keynesian models
The research program of New Keynesianism as born in early 1970s was dominated by the search for microeconomic explanations of persistent business fluctuations. For this purpose New Keynesians applied reductionism characteristic of the model of perfect competition. Simultaneously, New Keynesian models reveal different systemic imperfections contradictory to the idea of representative agent (...)
Dariusz Rosati (2009/6, Book Reviews,
Andrzej K. Koźmiński, How It All Happened. Essays in Political Economy of Transition
(2009/6, Announcements,
Marcin Krawczyk (2009/5, Articles,
Budget deficit and economic activity
In economic theory the budget deficit policy is a controversial issue and economists dispute over its potency to stimulate the economy.
In the case of deficit which results from increased budgetary expenditure the discussion concentrates on such issues as how lasting are the changes in employment, output and prices caused by deficit spending and to what extent the crowding-out effect would (...)
Jerzy Żyżyński (2009/5, Articles,
Access to the Eurozone – from illusions to realities
The author deals with the question of unpreparedness of the Polish economy to joining the Eurozone. He shows the levels of divergence in income distribution, in the development of the bank sector in terms of its assets related to GDP, and in the financial weakness of the public sector. He discusses the possible effects of the change of currency for the public, showing the results of (...)
Henryk Domański, Artur Pokropek (2009/5, Articles,
Regional differentiation of the relationship between the level of education and income
In previous studies on market transition in post-communist societies the link was missing between macro-level regional differences and individuals’ incomes. This analysis, based on the Polish national sample from 2006, is aimed at casting light on regional variation in the influence of education on income levels. Building a conceptual framework based on the theory of human capital we (...)
Zbigniew Madej (2009/5, Essays,
Józef Orczyk (2009/5, Book Reviews,
Zdzisław Sadowski (2009/4, In memoriam,
Andrzej Czyżewski, Sebastian Stępień (2009/4, Articles,
Changes in the Mechanism of the Common Agricultural Policy and the Polish Expectations
The main aim of this paper is to present the concepts of the EU agricultural basic support mechanisms directions’ changes accepted within “Health Check” review and their evaluation in view of the EU agricultural markets stabilisation. The focus is on those aspects of medium-term review which in the authors’ view are crucial to further EU agricultural development. It is concluded that the EU (...)
Piotr Misztal (2009/4, Articles,
Exchange Rate Changes and Price Adjustments in Poland
The aim of the article is to present the influence of exchange rate changes on the price dynamics in Poland. Knowledge of the exchange rate pass-through to prices permits assessment of how exchange rates affect inflation and monetary policy. The phenomenon was found of an incomplete exchange rate pass-through to import, producer and consumer prices in Poland, in the short- and long-run (...)
Waldemar Florczak (2009/4, Articles,
Crime and Punishment. An Attempt to Quantify Macroeconomic Determinants of Crime in Poland
Identification and quantification – on a macro-level – of factors determining crime in Poland in the years 1970–2005 was carried out in the article, with an emphasis given to the deterrence effect. The narration is illustrated with appropriate examples, with Poland being a benchmark. At the stage of equations’ specification – which was supported by referring to recognized theories of crime (...)
Maja Szymura-Tyc (2009/4, Book Reviews,
Joanna Wiśniewska (2009/4, Book Reviews,
Søren Kjeldsen-Kragh, The Role of Agriculture in Economic Development. The Lessons of History
Urszula Płowiec (2009/4, Polemics,
Jerzy Wilkin (2009/3, Articles,
May Economics be Beautiful? Deliberations on the Subject and Methods of Economics
This paper presents an attempt to look at the evolution of contemporary economics using the category of beauty. Many scientists from different research areas such as physics, mathematics and humanities can relate to this category but economists seldom do. In this study links between beauty and economics have been discussed in relation to three areas of analysis: mission and social roles of (...)
Dariusz Rosati (2009/3, Articles,
Causes and Mechanism of the Financial Crisis in USA
The purpose of the article is to explain the causes and the mechanism of the financial crisis in the United States, which was triggered by the crash on the subprime mortgage credit market in the mid-2007. The starting point of the analysis is the standard partial equilibrium model of the mortgage credit market and the identification of the main factors determining the demand for, and supply (...)
Grzegorz W. Kołodko (2009/3, Articles,
Grand Transformation 1989–2029. Conditions and Constraints, Path for the Future
Over 1.8 billion people – from Central Europe to East Asia – have been involved in lasting already a generation great systemic transformation to market economy, civic society and democracy. The process has evolved both, by chance and by design, and has brought mixed fruits. Diversification of the current situation is a result of legacy form the past and the strategies and policies executed (...)
Witold Kwaśnicki (2009/3, Miscellanea,
Cornucopians and Neo-malthusians – Two Visions of Development
Jerzy Żyżyński (2009/2, Articles,
Neo-liberalism – A Structural Source of the Crisis and the Search for Remedial Measures
Bożena Adamczyk-Kloczkowska, Michał Wojna (2009/2, Miscellanea,
Shortage Function as a Controlling Mechanism of Public System of Health Protection in Poland
Marek A. Dąbrowski (2009/2, Miscellanea,
Przemysław Deszczyński (2009/2, Book Reviews,
Włodzimierz Rembisz (2009/2, Book Reviews,
Aleksander Jakimowicz (2009/1, Articles,
On Certain Implications of Non-linearity in Keynesianism
Following Kurt Gödel’s incompleteness theorem it should be observed that Keynesianism cannot be fully explained on economic grounds alone. A justified assessment of validity of any model requires that it should be referenced in a wider context. A natural framework for such assessments is provided by the general system’s theory. When logical homologies that link separate bodies of science (...)
Tatiana Fic (2009/1, Articles,
Business Cycle in the Economy of Poland. Observations Derived from Markov Chains
The article concentrates on the attempt to identify phases, turning points and the character of business cycle observed in Poland during 1995–2005. The switch-on and -off Markov models suggested by Hamilton (1989) have been applied. The obtained results indicate that during slowdown periods growth rate amounted to 2%, while during business prosperity the economy grew at the rate of 5.5% per (...)
Barbara Jankowska (2009/1, Articles,
Emergence of cooperative linkages among competitors quite often accompanies rivalries and the operation of price mechanism. This particular type of relations among the actors taking part in market game is termed coopetition. In the article the processes of coopetition are described as instruments that control the behavior of firms. In particular, factors that influence the results of (...)
Ewa Aksman (2009/1, Miscellanea,
Bogusław Fiedor (2009/1, Book Reviews,
Urszula Płowiec (2008/6, Articles,
Innovativeness of Poland’s Economy and the National Strategy of Development
If Poland is to successfully face the challenges of globalization she should set out to build the society and the economy based on knowledge. The yardstick that measures advances in this field is constituted by the summary innovativeness index. Poland, however, among economies of UE occupies distant 23rd place. Poland’s Development Strategy and related to it Operational Programs for 2007 (...)
Andrzej Cieślik (2008/6, Articles,
How International Corporations Influence Poland’s Foreign Trade
The article aims at elucidating the role of international corporations in the fragmentation of manufacturing processes in Poland through the influence the former exert on the scale of bilateral trade of Poland with the economies of OECD. A theoretical model assuming full specialization of a vertically integrated corporation is used in the empirical analysis. The obtained results do not (...)
Tomasz Zalega (2008/6, Articles,
Households Earning Uncertain Incomes in the Light of Consumption Theories
Consumption in households that earn uncertain incomes, seen in the light of traditional and contemporary, strictly economic consumption theories is presented in the article. Empirical models that belong to the domain of consumer behavior studies were not included. Empirical data on 2000–2006 were supplied by Poland’s Statistical Office and describe consumption in households comprising (...)
Arkadiusz Babczuk (2008/6, Articles,
Deficit and Public Debt in the Light of Pre-Keynesian Thought
Managers of public finances and thinkers were interested in public debt long time before economic theory started to be formulated. Initially negative attitude to public debt was a consequence of theological criticism of financial usury. For the first time public debt as instrument of public finance management was accepted by mercantilists. In first half of XIX century most economists (...)
Eugeniusz Najlepszy (2008/6, Miscellanea,
Stability Conditions of External Equilibrium in Developing Economies
Stanisław Urbański (2008/6, Miscellanea,
Returns Generated by Investments on Warsaw Stock Exchange and Market Indices
Krystyna Piotrowska-Marczak (2008/6, Book Reviews,
Financial System in Poland, edited by Bogusław Pietrzak, Zbigniew Polański, Barbara Woźniak
Dorota Czykier-Wierzba (2008/6, Book Reviews,
Roman Sobiecki: Globalization and the Functions of Poland’s Agriculture
Barbara Polszakiewicz (2008/6, Book Reviews,
Foundations of Macroeconomics, edited by Wacław Jarmołowicz
(2008/6, Announcements,
Jacek Wallusch (2008/5, Articles,
Evolution of the Neokeynesian Phillips Curve
The author analyzes the evolution of the concept of neokeynesian Phillips curve starting from the original version that was derived from the Calvo model (this version assumed inflation to be dependant on anticipatory expectation of inflation rate and the demand variable) up to the hybrid version that augments the basic model by the autoregressive mechanism. The analysis was taken up in (...)
Oded Stark, Łukasz Tanajewski (2008/5, Articles,
How and Why the Incomes of Others Can Shape the Supply of Overtime Work
This paper shows how the allocation of an individual’s time between overtime work and leisure is affected by comparisons with the incomes of others. It is shown that when the individual’s utility function incorporates a measure of relative deprivation, the individual’s optimal duration of overtime work is longer for any positive level of relative deprivation. Given the wage rate per hour (...)
Piotr Misztal (2008/5, Articles,
Incomplete Exchange Rate Pass-through in Foreign Trade
The main aim of the article is the examination of phenomenon of incomplete replication of differences in exchange rates to prices in foreign trade, in the light of theory and practice. An extent to which exchange rate differences are reflected in prices on the destination market of traded goods is called „exchange rate pass-through”. Incomplete exchange rates pass-through is called “pricing (...)
Józef Orczyk (2008/5, Book Reviews,
Luis Rubalcaba: The New Service Economy. Challenges and Policy Implications for Europe
Paweł Baranowski (2008/4, Articles,
Optimum Inflation Rate in Growth Modeling
Hypothesis concerning the optimum rate of inflation is verified in the article. Several theoretical studies dwelled on a similar subject, but very few have addressed the issue of empirical verification of this hypothesis within the framework of growth models. The author presents estimates of optimal inflation rate derived from a single equation econometric model that explains the growth of (...)
Jan Hagemejer, Jakub Michałek (2008/4, Articles,
The article is devoted to the analysis of potential impact of liberalization of trade in agricultural commodities (the Doha Round of WTO) on the economies of Poland and several other selected countries (Czech Republic, Slovakia, France, Brazil and the US). Three proposals on trade liberalization, submitted by European Communities, the US and G-20 (a group of developing countries) are (...)
Elżbieta Rychłowska-Musiał (2008/4, Articles,
T he article analyses relations that take place between the owner (inclusive of shareholders) of the firm and its management. This problem is known and well described in the literature of the subject, but attempts to measure the agency costs in real firms are quite rare and most frequently are conducted indirectly. We propose a new method of assessing agency costs, indicating that they (...)
Jakub Górka, Paweł Zbyrowski (2008/4, Miscellanea,
Determinants of Monetization Coefficient in the Light of Money Circulation Equation
Paweł Strawiński (2008/4, Miscellanea,
Profitableness of Studies in Poland. Model and Its Results
Anna Zielińska-Głębocka (2008/4, Book Reviews,
Maciej Miszewski (2008/4, Book Reviews,
Adam Lipowski (2008/3, Articles,
The author presents model of rivalry among firms that constitutes a new theoretical concept in microeconomics. Using this model one is able to describe causal relation between competition and the long term dynamics of competitiveness of output. This faculty is absent in the equilibrium-based models of competition. The author builds his model on two, different from traditional approaches (...)
Stanisław Lis (2008/3, Articles,
Poland’s Accession to the Eurozone – Critical Analysis
The article contains the results of theoretical and empirical analysis of approaches and hypotheses that concern costs and benefits resulting from Poland’s accession to the eurozone. Comparative analysis indicates that the bottom line results of Poland joining the Economic and Currency Union should be – in the longer run – advantageous. The path leading Poland to eurozone seems to be (...)
Jerzy Żyżyński (2008/3, Articles,
Tax Rate as a Consequence of Economic Structure
The author addresses the issue of the influence of tax rate on income and consumption level within the scale of the whole economy as well as the degree to which it defines the scale of the budget. It is shown that tax rate does not influence the overall volume of revenues. It is stipulated that tax rate should be made dependent on the structure of the economy. The article demonstrates that (...)
Ewa Gałecka (2008/3, Miscellanea,
Spanish Labor Market within the European Union
Michał G. Woźniak (2008/3, Miscellanea,
Traveling World. A Review Article
Władysław Świtalski (2008/2, Articles,
Is Quality Important for Economics?
The category of quality is treated by economics as a notion that is separated from its substance and its impact on the operation of the real economy.These deficiencies can be discerned in several important theories (competition, equlibrium, growth). Quality, and the concurrent with it innovation that aims at the improvement of quality (of goods, services, operation of social systems (...)
Waldemar Florczak (2008/2, Articles,
Human Capital in Empirics of Growth Modeling
The article surveys empirical research into the influence of human capital upon economic growth. The literature of this topic is very rich, so the survey – can hardly be exhaustive. The main criterion of selection of the reported contributions was their rank in the state of art. The survey can prove useful while investigating the role of human capital in the economic growth of Poland as it (...)
Michał Brzeziński, Marian Gorynia, Zbigniew Hockuba (2008/2, Articles,
The nature and substance of relations among economics and other social sciences is complex, The relations vary in time. Since the late 1950. social sciences (law, management, political science, sociology, anthropology, psychology, economic history, geography) had been subjected to invasive inroads by economics. Economic theories and notions were used to explain phenomena that traditionally (...)
Krzysztof Berbeka (2008/2, Miscellanea,
On the Intergenerational Discount Rate
Marcin Mucha (2008/2, Miscellanea,
Effectiveness of Capital Market and Rationality of Expectations. Analysis of Warsaw Stock Exchange
Leszek Zienkowski (2008/2, Book Reviews,
Gospodarka oparta na wiedzy, W. Welfe ed., (Knowledge-based Economy)
Witold Kwaśnicki (2008/2, Book Reviews,
Andrzej Wojtyna (2008/1, Articles,
Contemporary Economic Theory – Continuation or the Search for a New Paradigm?
The paper’s aim is to discuss the recent turmoil in economics and the way it responds to criticisms. The author argues that this response takes two parallel forms. On the one hand, advances in behavioral economics lead to a deep reconstruction of assumptions underlying a concept of homo oeconomicus. On the other hand, research carried out in the loosely defined area of “complexity economics (...)
Andrzej Sławiński (2008/1, Articles,
The Importance of Risk Factors Related to Poland’s Joining the ERM2 and the Euro Zone
Two issues related to Poland’s entry into ER M2 are analyzed in the first part of the article: 1) the factors behind zloty moderation after Poland joined the EU, and 2) how the Central Bank of Poland should conduct its monetary policy to stabilize the zloty within the ER M2 band. In the second part the main risks related to Poland’s entry into euro zone are analyzed. The main risk is seen (...)
Marian Gorynia, Tadeusz Kowalski (2008/1, Articles,
Global and Domestic Conditions Affecting the Operation of Businesses in Poland
The article aims to identify and assess the key external and internal macro conditions that influence the development of the Polish economy and companies, both, at present and in the future perespective. The first section is devoted to diagnosis of the current global macroeconomic environment. Emphasis has been put on the systemic conditions of globalization and the impact of globalization (...)
Adam Koronowski (2008/1, Articles,
Divergent Business Cycles within the Common Currency Area
Critical appraisal of the optimum currency area theory, seen as the theoretical foundation of the monetary union, opens the article. The author points to the reserved attitude of the promoters of the European Monetary Union (EMU) towards the theory of optimum currency area as containing the justification for the adoption of common monetary unit. The history of existence of EMU provides (...)
Marcin Kolasa (2008/1, Miscellanea,
Barriers to Innovation and Adoption of Technologies in the Light of the New Development Economics
Wiktor Patena (2008/1, Miscellanea,
Latvia in the Trap of Rigid Exchange Rate System
Wacław Wilczyński (2007/6, Articles,
Dilemmae of National Policies after 18 Years of Transformation
The breakthrough of 1989 has opened the way to democracy and to market economy. However the controversies concerning the shape of the future economic system last till today. The principles of economic liberalism crashed with ideas. The hopes for quick improvement of living conditions after 40 years of poverty did not help to choose the most promising economic system. After a short but very (...)
Zdzisław Sadowski (2007/6, Articles,
From the Controversies Around Transformation Toward the Strategy of Development
Assessment of the Polish transformation proved to be a controversial subject. Over a number of years it seemed clear that transformation was highly successful in introducing rather quickly a democratic liberal system together with a market economy. Lately, however, this was put in doubt, when an anti-liberal stand was adopted by the governing party and the idea of creating a state based on (...)
Tadeusz Kowalik (2007/6, Articles,
Transformation in Poland and Liberal Orientations
The successes of economic transformation in Poland were accompanied by a series of negative phenomena which emerged with greater intensity than in any other country in Central Europe and in the European Union. In terms of comparative economics, the most important features of the present socioeconomic order in Poland are the following: 1) massive and permanent unemployment; 2) slightly more (...)
Grzegorz W. Kołodko (2007/6, Articles,
Two-thirds of Success. Systemic Transformation in Poland and Lessons for the Future
Postsocialist transformation must be seen against the background of ongoing globalization. The progress toward institutional changes should be evaluated through the prism of their influence on country’s development abilities. In Poland, over eighteen years of comprehensive systemic shift, GDP has increased more than in any other postsocialist country. While judging the transformation (...)
Jerzy Hausner (2007/6, Articles,
Dilemmae and Arguments Surrounding Economic Policy
The paper offers a handful of reflections on economic policy based on personal experiences of the author who held the high-level government posts in 2001–2005. In my presentation of these reflections, I am trying to reconcile the roles of a participant and an observer. The starting point is the question: What does economic policy consist of? The question is not answered explicitly. First of (...)
Leszek Zienkowski (2007/6, Articles,
Determinants and Perspectives for Economic Growth in the Coming Years
Results of international comparisons that evaluate determinants of economic growth are presented at first. It is noted that Polish economy is located in each sphere at one of the lowest positions among referred to countries. That indicates the need for economic reforms – the most important relate to business conditions and to public finance. However the results of comparative studies (...)
Marek Belka (2007/6, Articles,
Enlargement of the European Monetary Union and the perspectives of economic development of Poland
Nowadays Poland possesses a comparative advantage arising from relatively lower production costs. However, it is apparent, that this advantage is fading away. The sources of the process lie, among others, in Poland’s exposure to manufactures from beyond the European Union, from countries that are developing more dynamically than Poland. This process is unavoidable. Moreover, our lower-cost (...)
Adam Lipowski (2007/6, Articles,
Economic Policy as an Instrument of Political Marketing
Within the general framework of the model of political marketing in economy, political parties achieving their strategic goals tend to treat the economic policy in the instrumental way. The most important is the behaviour of the ruling party that faces the threat of the loss of the power even before the next elections. In order to hold office the ruling party tries to adjust their (...)
Joanna Mackiewicz-Łyziak (2007/6, Miscellanea,
Inflation Target Strategies in Czech Republic, Poland and Hungary
Kamilla Marchewka-Bartkowiak (2007/6, Miscellanea,
Potential Debt in the Light of the Fiscal Risk Matrix
Jerzy Żyżyński (2007/6, Polemics,
Urszula Płowiec (2007/6, Book Reviews,
Michał Kalecki (2007/5, Articles,
Unknown Report Written in 1939 (What Germany Can Get Out of Poland)
The article contains a hitherto unknown report written by M. Kalecki. The report has been compiled during Kalecki’s stay in England. The circumstances surrounding the inception and discovery of the document are explained in the note authored by professor Jan Toporowski.
Jan Toporowski (2007/5, Articles,
Background Note on Report by M. Kalecki
The circumstances surrounding the inception and recent discovery of the document written by M. Kalecki are described in the background note.
Tomasz Tokarski (2007/5, Articles,
Economies of Scale in the Light of Capital Accumulation and Employment Increase
The article presents an attempt at theoretical analysis of the impact the effects of scale exert on the process of capital accumulation, growth of output and the increase in employment. Analyses are conducted within a framework of a growth model derived from an amalgamation of neoclassical model with the models of wages based on productivity. Assuming macroeconomic production function to be (...)
Waldemar Florczak (2007/5, Articles,
Micro and Macroeconomic Advantages Generated by Human Capital
The author presents microeconomic foundations of analysis of individual and societal benefits as well as of the external effects associated with human capital. This review article is based on frequent references to the results of empirical research. It had been assumed that human capital can be expressed in terms of individual’s level of education. The author proposes a coherent method of (...)
Joanna Siwińska (2007/5, Articles,
A Study on the Role of Education in Economic Development
Although theoretical models unequivocally demonstrate that education and human capital may stimulate economic development, the hitherto released results of empirical research are not equally univocal. At least a part of these results indicate that such dependency does not occur. The author attempts to once again verify the importance of education and human caital for development by means of (...)
Aleksander Łukaszewicz (2007/5, Book Reviews,
(2007/5, Announcements,
Eugeniusz Kwiatkowski, Tomasz Tokarski (2007/4, Articles,
Regional Unemployment in Poland in 1995–2005
The article aims at the presentation of description and statistical analysis of regional differentiation of unemployment in Poland in years 1995–2005. Source data were taken from the Labour Force Survey. The authors analyze the impacts of both, the sectoral employment structures as well as the value added, on the regional rates of unemployment. In addition, it is attempted to explain the (...)
Krzysztof Rybiński, Urszula Sowa (2007/4, Articles,
Article presents factors behind rapid growth of foreign exchange reserves held by central banks (in ten years reserves more than tripled, to over 5 trillion dollars in 2006). Authors present a new concept, OCHAR – Opportunity Cost of Holding Ample Reserves, which is defined as a forgone GDP growth due to too conservative reserve management by central banks. Paper presents OCHAR estimates (...)
Michał Brzoza-Brzezina, Jacek Socha (2007/4, Articles,
Downward Nominal Wage Rigidity in Poland and Its Implications for the Monetary Policy
To test the hypothesis of downward nominal wage rigidity in Poland we used data from a survey of medium and large companies. We find relatively weak support for downward wage rigidity when average total compensation in an enterprise is analysed. However, since this result may be affected by job rotation, we propose a method for eliminating its impact. We find that downward wage rigidity (...)
Michał Gradzewicz, Jan Hagemejer (2007/4, Articles,
Monopolistic Markups and Returns to Scale in Poland. Evidence from the Firms Level
This article estimates returns to scale and monopolistic markups on a large sample of Polish firms in the manufacturing and services sectors during 1996–2004. Methodology based on instrumental variables allows joint estimation of both, scale elasticities as well as markups, while the unobserved changes in firm-specific productivities are under control. Results show significant and positive (...)
Irena Woroniecka (2007/4, Miscellanea,
Central Bank’s Priorities in Interest Rate Policy
Eugeniusz Rychlewski (2007/4, Polemics,
Remarks Concerning the Review by Paweł Kozłowski (”Ekonomista” 2007, nr 3)
Zbigniew Madej (2007/3, Articles,
Does the Knowledge about Economic Policy Belong to the Body of Academic Disciplines?
The question posed in the title of this article can be answered in the positive. Firstly, this knowledge relates to a separate field of studies and commands analytical research methods. Secondly, the studies of economic policies have produced a sizable academic output written by a numerous group of authors. The field of studies is constituted by political realities in the sphere of economic (...)
Marian Gorynia, Barbara Jankowska (2007/3, Articles,
The Concept of Clusters as the Regulatory Framework of Firms’ Behaviour
The developed market economies exploit “the price mechanism” being assisted by the operation of various institutional instruments and measures which rather support and complement the regulatory role of the neoclassical price system than limit the influence of the market. A specific form of the mutual interplay of competitive and cooperative relations is the concept of clusters. The article (...)
Piotr Pysz (2007/3, Articles,
Walter Eucken’s Idea of the Ordoliberal Economic Policy
Walter Eucken asserted that Adam Smith’s invisible hand should necessarily be supported by the economic policy aiming at the creation of competitive order in the economy. This article presents the theoretical foundations of the ordoliberal concept of such a policy. The said concept stresses, at the same time, the requirement that individuals enjoy life freedoms in concordance with the (...)
Ewelina Zarzycka (2007/3, Miscellanea,
Joanna Dębicka, Edyta Mazurek (2007/3, Miscellanea,
The Duration of Temporary Unemployment on Labour Market in Poland
Piotr Pysz (2007/3, Book Reviews,
Zdzisław Sadowski: In the Search of Development Path. Thoughts on the Future of the World and Poland
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