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Citizens’ Interest Index: What can act as a benchmark for the results of the New Public Management reforms?
117-131Views:104The aim of the study is to suggest an adequate indicator to describe comprehensively the efficiency of New Public Management (NPM) at a macro level by using the economic roots of NPM. The scientific community has not yet found a comprehensive indicator to measure the efficiency of the given school; however NPM is at the stage of its lifecycle when these researches really do need to be conducted. Both the political-theoretical and the economic roots of NPM are closely connected to public choice theory; this theory thus provides the bases of the model for creating the new indicator. In the article we do not only introduce the created composite index at an abstract level, but also present its formulation and methodological background.
Journal of Economic Literature (JEL) classifications: H83, D70, D23
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Freedom of the Markets versus Good Governance: Experiences in Central Europe
35-61Views:119The market and the state, operation and characteristics of two institutions of key importance in the modern mixed economies, are investigated for the former socialist countries in this study. After two decades it can be seen more clearly what system has been established in the region, how it operates, and what its characteristics are. In the first part of the with the help of international comparisons we examine how free the market is, how good the rules are, and how much they help, or hinder, the fulfilment of its function. From an other aspect we compare the scope of the good governance and the size, the freedom and efficiency of the state. According to the evidence of the international studies examined, the former socialist countries established the forms of the market institutional system relatively quickly, but the operation and quality of these lagged significantly behind those of the developed countries. Also important conclusion of the study is that by the first decade of the millennium the characteristics of the former socialist countries are increasingly diverging from one another. Both the characteristics of the earlier socialism, and the more distant historical past which can be caught in the act within it, had and have an effect on the economic and social systems now established in Eastern and Central Europe.
Journal of Economic Literature (JEL) codes: H1, P17, P27, P35
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Possible solutions of the purchasing power parity puzzle, improvements of the theoretical model
61-78.Views:136Purchasing power parity (PPP) is one of the most fundamental theories in international economics. However, its empirical validity is still controversial, an issue referred to in the literature as the purchasing power parity puzzle. This paper summarizes the different explanations for the empirical failures of the PPP, and proposes steps for improvements in the theory by focusing on the importance of using appropriate empirical methodology when confirming or rejecting the PPP hypothesis.
Journal of Economic Literature (JEL) codes: F31, F41
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Examining the relationship between gambling and crime in Hungary
48-61Views:437We examined the connection between gambling and crime with the participation of 175 prisoners from four Hungarian prisons. We used the South Oaks Gambling Screen test to measure gambling behaviour before a prison sentence. We compared our results to our previous research findings of 2009 and 2014. From our 10-year-long perspective, the number of problematic gamblers has reduced in the Hungarian penal system in the past years, but the dilemma is still essential. Feminization, the appearance of gambling-addict women in a significant number, is also a trend we would like to pay attention to. We found 28 per cent of problematic gamblers in the prison population, but only less than half of them said that the reason for their conviction is in connection with gambling. Furthermore, gambling addiction is associated with other addictions in many cases.
Journal of Economic Literature (JEL) codes: I12, K14
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The improvement and the new manifestation of the Veblenian conspicuous consumption theory
23-35Views:370This paper focuses on how the Veblenian conspicuous consumption theory has been developed further by the theorists of modern economics. The connection between status, status goods and conspicuous consumption is underlined in the discussion. It is emphasized that the price has a multiple role, however, the hypothesized positive relation between price and quantity is not necessarily valid. The wide-ranging motivations and consequences of conspicuous consumption are also analyzed. Finally, the new features of conspicuous consumption are discussed, that is, instead of wasting money on goods, cultural capital and taste have become the core of conspicuous consumption, and instead of focusing on wealth, the contexts of income have become relevant.
Journal of Economic Literature (JEL) Codes: D11, Z13
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Regulatory Coherence and Economic Growth
33-54Views:138The paper is aimed at examining differences in market regulation across countries. Its starting point is the puzzle that poor countries apply more regulatory measures than rich ones do, although it has been empirically shown that those countries that regulate less grow faster. To explain this contradiction, the paper introduces the concept of regulatory coherence, and tries to explain the differences in this concept, together with the differences in the general level of regulation. The main argument is that regulatory coherence as well as the general level of regulation is dependent on the external, broad institutional system, because this affects the incentives of the regulators. The paper tries to support this theiretical argument empirically by a cluster analysis.
Journal of Economic Literature (JEL) classification: B53, M13, L51
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Growth theory from an Austiran institutional perspective
157-174Views:100Perhaps the one fundamental question of growth theory is why some countries are poor while others are rich. The paper identifies two main lines of research approaching this question, by applying the social analysis of Williamson, and points out that both approaches give an asymmetric answer. The paper applies a critique, which was formulated in the theory of the firm, and compares it with a transaction cost approach. According to this critique, the one approach to economic growth lays too much emphasis on technology, while the other neglects the technological side and emphasizes only the transaction costs and incentives. This paper argues that a new approach, based on the insights of modern Austrian economics, is able to integrate these two sides.
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Financial Crisis, Economic Policy and Economics
19-34Views:123Concerning the financial crisis in 2007-2009 many politicians and economists, in addition
to representatives of other disciplines have asked: why could it not have been avoided,
why could it not have been forecast? The present paper provides a new answer to these
questions. The main argument is that empirical economic policy reached a deadlock when
economists acknowledged the equilibrium models based on efficient market theory. The
static equilibrium paradigm which appeared in the middle of last century has strongly
prevailed to the present day, leaving aside Kornai’s (1971) or Benassy’s (1982) or Goodwin’s
(1991) warnings. Since the economy is never in equilibrium the simultaneous equations
describing it may not provide any guide for politicians; what they should do and how they
should do it in a time of economic crisis. The present author’s newest book (Móczár, 2008),
besides the dynamic equilibrium, also sketches a new paradigm, i.e., non equilibrium
modelling, instead of the orthodox equilibrium paradigm, which allows us to treat bubbles,
to regulate money markets etc. Its necessity is outlined here.JEL classification: E00, E5, E6, G28
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The role of culture in economic growth: an assessment, criticism and paths for future research
22-44Views:217There is an abundance of empirical literature on the impact of culture on economic development. This literature has been developing at the margin of growth theory and institutional economics. This paper reviews this branch of the literature by structuring it into three main lines, and placing an emphasis on (self)-criticism directed towards it, as well. The author provides some proposals for further steps towards improving the culturegrowth empirical literature, following the two routes identified by the (self)-criticism.
Journal of Economic Literature (JEL) codes: O43, Z19
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The economic impacts of direct payments on agricultural income – A Literature Review
3-25Views:527The economic impacts of direct payments is a widely studied field in the literature related to the Common Agricultural Policy. This article aims to provide a systematic review of the income-related impacts of direct payments. In doing so, the article screened the academic literature on the impacts of direct payments and identified 150 relevant ones, out of which 41 were written directly on income-related effects.
Relevant articles can be classified into four groups: general, distributional, stabilisation and other impacts. Most of the literature criticised the ongoing system of direct payments and their effectiveness in producing income-related policy goals. We believe that our results can be useful for researchers and policymakers in better understanding the income-related impacts of direct payments.Journal of Economic Literature (JEL) classification: Q18
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Transaction costs in the standardization of mobile telephone systems. The case of Japanese mobile standards
83-97Views:97Although there have been papers concerned with the connection between standardization and transaction costs, they have analyzed how standards decrease transaction costs. This paper shows that transaction costs emerge during the standardization process. If the creation of a standard is seen as a transaction, in which the parties exchange their explicit and implicit knowledge, standardization can be analyzed from the viewpoint of Transaction Costs Economics. Undoubtedly the knowledge of the parties is a specific asset, exchange of which causes significant transaction costs; therefore opportunism plays a crucial role
during standardization. In this paper I show that the standardization of mobile phone systems can be analyzed in the framework set up by Teece (1986) in order to point out how transaction costs could be decreased in particular cases. The standardization of second generation mobile systems in Japan illustrates the statements made in the theoretical part of the paper.Journal of Economic Literature (JEL) classifications: D23, O31, L96
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On the theoretical background to modern financial policy
139-156Views:86At the formation of macroeconomics and modern economic policy a series of traditional Keynesian concepts which still carried great weight were changed in the wake of attacks from monetarism and neo-classicism. The currently fashionable financial policy regimes and the dilemmas of economic policy cannot be understood without analysing the theoretical revolution referred to above. The article examines the relevant areas and claims connected to currency and monetary policy in the modern economy, or to use a common expression the macro-economy of the open economy, with special reference to the paradigm shift of recent decades. It also studies the currently common conventions of applied economics, which, sprouting from theoretical bases, in practice influence the room for manoeuvre in national economic policy.
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Hogyan hat a monetáris politika a befektetői döntésekre?
99-112Views:154A tanulmány célja, hogy megvizsgálja azokat a mechanizmusokat, amelyeken keresztül a monetáris politika kifejti hatását a befektetői döntésekre . A monetáris politikai döntések a transzmissziós csatornákon keresztül gyakorolnak hatást a gazdaságra, így e csatornák működésének alapos megismerése elengedhetetlenül fontos a monetáris politikai célkitűzések megvalósításához. Éppen ezért, a monetáris politika által alkalmazható eszközök nagyon rövid áttekintése után a dolgozat részletesen elemzi az egyes csatornák működését. Ezen belül kitér a hagyományos csatornákra („money view”) és a hitelcsatornára összpontosító nézetekre („credit view”), valamint e csatornáknak az eurózónában és Magyarországon betöltött jelentőségére. A tanulmány befejező része felhívja a figyelmet egy olyan helyzetre, amikor a monetáris politika elveszíti a befektetői döntések befolyásolására vonatkozó képességét, azaz a likviditási csapda jelenségére.
Journal of Economic Literature (JEL) kód: E50, E52
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The Relevance of the Washington Consensus for the Post-communist Countries
5-25Views:217The Washington Consensus (WC) is 20 years old now. With hindsight, its main significance is the unification of the normative economics. Prior to the WC, it was widely accepted that different policies should be pursued in the developed and in the underdeveloped economies. It was a sheer coincidence that the emergence of WC occurred a few months before the collapse of the communist systems of Eastern Europe and the Soviet Union. Many scholars believe that the WC is responsible for the recurring economic crisis of the last two decades. I reject this view. A 200-year track record confirms that depressions and financial crisis have been always the intrinsic components of market economies – for the reasons identified by Marx and Schumpeter long time ago.
Journal of Economic Literature (JEL) classification: F02, F23, F41, P11, P36
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Deep vs. Shallow Integration. The Case of NAFTA and Mercosur
68-82Views:156Integration processes began in the 1960s and have become increasingly intense, bringing with them a growing share of intra-industry trade flows in international trade. According to the Smooth Adjustment Hypothesis (SAH), trade between similar industries or products results in lower adjustment costs in the factor markets. Due to the liberalizing effect of trade integrations trade flows intensify, causing an increase in intra-industry trade flows and consequently a decrease in adjustment costs at the same time. The alteration of trade patterns can be caused by changes both in quantity and in quality. Analyzing these effects separately allows us to better understand the trade policy practices of the chosen countries and to provide the decision makers with information.
In this paper we analyze NAFTA and Mercosur, two integrations which differ both in factor endowments and in depth of integration (deep vs. shallow). We used SITC Rev. 1 AG3 (industrial level) and HS92 AG6 (product level) bilateral trade data from the UN COMTRADE database to analyze the evolution of intra-industry trade flows.Journal of Economic Literature (JEL) classifications: F13, F14, F15
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Critisism of insolvency rules
111-138Views:94The co-authors, who are participants in the research program (Ministry of Education FKFP 0025/2001-2004), give a critical analysis of the Hungarian regulation of insolvency law in their recently published study. Their findings, proposals have been formulated after studying respecting rules in the USA and in major Western-European countries (Germany, Austria, Italy, France, England, Switzerland). Not only legal regulations have been processed and critically analysed in their study, but judiciary precedents related to them as well. The aim of the study is to help re-codify the Hungarian insolvency law.
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Fájdalmas szakítás – az Egyesült Királyság és az Európai Unió közötti kilépési tárgyalások és lehetséges következményeik: Losoncz Miklós: Az Egyesült Királyság kilépése az EU-ból és az európai integráció. Budapesti Gazdasági Egyetem, Budapest, 2017, 276 oldal.
69-78Views:225Az Egyesült Királyságban 2017. június 23-án megtörtént az, amire az Európai Unió hatvan éves történetében tagállamok szintjén még nem volt példa. Egy ország
állampolgárai népszavazáson úgy döntöttek, el kívánják hagyni az integrációt. Természetesen az EU-ból való kilépésre az első precedenst 1985. február 1-én
a Dániához tartozó Grönland kilépése szolgáltatta, ám az Egyesült Királyság lesz az első tagállam, amely elhagyja az integrációt. -
The aspects of the Hungary's Adult Training
36-55Views:191The study surveys the most important aspects of the national adult training from educational economy point of view. The authors examine the national limits of legal rule of adult training. They present the different sub-systems of adult training i.e. the educational system, the non-educational system and the working place training characteristics of participation making international comparison too. We look over the target groups of adult-training and the participants motivation of the teaching arena. We also have a look at the domestic costs of the different froms of adult-training, and the division of this expenditure among the participants.
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Presentation of two models of consumption/saving
175-184Views:183The Permanent Income Hypothesis (developed by Friedman) and the Life Cycle Hypothesis (developed by Modigliani) are the most popular consumption or saving theories in economics. The aim of this paper is to introduce the main features and consequences of the models mentioned above. The first part of this paper introduces the historical circumstances in which the hypotheses were developed. In the second part we mention various debates on the theories which helped tp clarify some of their more complex aspects. The aim of the third part is to introduce various ways of expanding and supplementing the basic theories and convert them into more realistic ones.
Journal of Economic Literature (JEL) code: E21
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Examination of Management of TESCO Hungary's sustainability and community activities
24-48Views:56In their fifth sustainability management case study, the authors examine the focus, organizational processes, and operation of TESCO's responsibility and community activities in Hungary. On the one hand they executed analyses of publicly available company reports and internal documents, while on the other hand, they conducted semi-structured interviews with internal and external experts who play a key role in the added CSR activities. In addition to the descriptive presentation of the activities, the authors' work points out that there are many crutial organizational conditions for the effective management of organizational processes related to sustainability and communities, furthermore they highligted the possibilities and limitations of involving external parties and service providers, as well. The value of the case study is enhanced by the fact that no comprehensive case study presenting the sustainability activities of the leading domestic food retail companies has been published recently.
Journal of Economic Literature (JEL) codes: A13, D6, F6, M14, M19, M38
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Global Value Chains and Upgrading – Experiences of Hungarian Firms in the Machinery Industry
5-22Views:244Global production networks and global value chains have become widespread today. In these cases firms locate the various stages of their value adding activities across different countries. The activities of global value chains form a new phase of globalization characterized by fragmented production, transfer of technology, and decreasing transport costs (Kaplinsky 2013). Developing countries are involved in these production networks, perceiving this as an important (if not the only) way to develop. The Central European countries have taken an active part in the chains of multinational firms since the nineties. The benefit derived from this participation varies across sectors and firms. In this article we analyze the experiences of Hungarian companies in the machinery industry. The structure of the article is the following. After a description of the basic research question and methodology, a literature review is provided. In the following section we introduce the companies surveyed and review their product-, process- and functional upgrading experiences. Finally, we discuss our findings and suggest some managerial and policy implications.
Journal of Economic Literature (JEL) codes: F23, M21