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A Journey Through the Theory of Economic Development
Views:142The theory of development economics changed signifcantly from the first attempts of defining the concepts in the 50s until nowadays. The contributions to the development theory are at the same time closely related to the historical context of the underdeveloped and developing countries. This paper tries to facilitate the understanding of the way development economics evolved, by presenting the main contributions to the theory. The research methodology used in this study is analytical, based on the gatherinf of the information, its organisation in a logical way, the presentation and analysis of the most significant ones, and finally the drawing of relevant conclusions. The main findings of this paper are that after five decades of strong ideas and recipes of economic development we have reached a point of uncertainty regarding what is beneficial or harmful for the nations' economic development.
Journal of Economic Literature (JEL) classification: O10.
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Trends and Tendencies in the Development of HR Departments in Hungarian State Universities
115-146Views:305In the last couple years it has been fully accepted that human resource management plays an increasing role in the success of organizations, and also in the development and sustainability of national and international competitiveness (Gordon- Whitchurch, 2007). In the developed industrial countries – mostly the Anglo-Saxon pioneers – public institutions (including higher education) abandoned the normative and bureaucratic-controlled Taylor system (Karoliny et al, 2003). Beginning in the 70’s representatives of the New Public Management model, based exclusively on the effectiveness of business solutions, gained more ground. The early 80’s brought the widespread implementation of reform programs. These efforts have created models and experience that were applicable in the converging countries of Europe – including Hungary. After reviewing the latest professional literature and analyzing practices of eleven Hungarian universities we will assess the conversion of Human Resource Management and consider possibilities for modernization.
Journal of Economic Literature (JEL) classifications: I21; H19; M52;M53;M54
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New tendencies in urban development – The possibilities provided by walkable cities
23-42Views:314Nowadays, the so-called disadvantages of urbanization – the noise, air pollution, overcrowding – receive more and more focus in cities. Vehicles require increasing space to themselves in cities which decrease the quality of living space people need, which is harmful from the point of view of the society and the economy, as well. Sustainable urban mobility can be a solution, which has two elements: the well-known environmentally friendly public transportation and the less known walkability. The latter comes to the front in the course of the preparation of sustainable city development strategies, nevertheless walkability measurements have been taken principally in USA’s and Western-Europe’s big cities. In our paper we search for the answer of the question, how the concept of walkability is interpretable in middle-sized European cities and what kind of city development potentials do all these have. In the course of our research
primary surveys were conducted in Szeged and Valencia to investigate walkability and its improvement opportunities. Our survey verified that the concept of walkability could be a useful city development tool even in middle-sized cities.Journal of Economic Literature (JEL) code: R42
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Ecological marketing strategy and futurology
169-188Views:220For both branches of futurology - prognostics and the creation of a picture of the future - the natural environment is an important element. Both economics and environmental economics try to influence the actions of economic actors by painting alarming or attractive pictures of future developments. The concept of sustainable development attempts to achieve the realization of those concepts which harmonize present and future economic, environmental and social interests. To this end a preventive environmental policy is necessary, as is the introduction of a value system in which in the course of economic decisions, environmental interests are accorded at least equal status with economic interests. Among the various concepts, eco-marketing is an appropriate method of harmonizing the often contradictory goals and interests of companies. The first part of the study deals with the relationship between research into the future and the environment, the second introduces the concept of eco-marketing, and systematizes ecological marketing strategies.
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Development economics - development policies: Some remarks on concepts, applications and fallacies
46-58Views:149This is a brief summary of the development theories and policies of the last 5 decades. The neoclassic economic approach, dependency paradigm and the contemporary "post-modern" concepts and strategies are analyzed and commented with reference being made to the respective problems and fallacies. Development, so the conclusion, is a self-regulating process in complex open and dynamic socioeconomic systems that are not susceptible to planning but which are progressively improving their ability to manage their increasing complexity and the mechanisms to adjust to changing circumstances.
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The economic impacts of direct payments on agricultural income – A Literature Review
3-25Views:579The 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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Limits of Economic Theories in Border Research
98-116Views:162The paper approaches the possible consequences of further trade liberalization, integration and the disappearance of borders from the perspective of well-known economic theories. After putting forward the questions and hypotheses, the author shows the different conclusions of economic approaches in the case of further integration and disappearing borders in borderlands. Using the results of economic theories the paper outlines the development path of those spatial units where state borders still play an important role in forming economic interactions. It comes to the conclusion that only regional reshuffling
can be mentioned in relation to further integration. The paper also draws attention to the fact that economic theories do not give clear-cut and comprehensive answers for development, so the economic approach could be too simplistic. Consequently, a wellelaborated empirical research programme could provide a genuinely nuanced picture of the development path of borderlands.Journal of Economic Literature (JEL) classifications: F15, O18, R12
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Management Standards for Competency Management
93-108Views:273Nowadays the knowledge-based economy and organizational development is intertwined with competence-based management. The creation and flow of individual and organizational knowledge elements are critical from this point of view. Knowledge management methods are available but there is lack of application. Based on my research and consulting activities, I have experienced that many organizations are unaware of the possibilities available to them, or are unable to utilize the advantages. In this paper I try to demonstrate that the requirements of the internationally used ISO 9001 standard provide a framework for knowledge-based development. Beyond the theoretical issues the paper summarizes
the limits of practical application.Journal of Economic Literature (JEL) classifications: D83, M19
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Human Capital and EU-Enlargement
83-92Views:98The enlargement of the European Union is an almost everywhere accepted necessity, but at the same time of course also a compromise. Economies or regions of different economic, social, institutional, etc. development become united in Europe with a territory from the Atlantic to the Eastern borders of Poland, Slovakia and Hungary, from the Baltic Sea to the Mediterranean Sea. This integration process going along with the worldwide globalisation will imply a new distribution, or a redistribution of the factors of production. First of all the human capital will be touched by this development.2 One of the most important results found by social sciences in the 20th century is the realisation of the immense role played by human factors in the process of economic development. The extremely high efficiency of human capital and the high mobility could diminish the regional differences in the economic development and therefore in the social life. But even this is one reason for the mentioned re-allocation of the human capital. In the frame of a very simple static model (See e. g. Bishi – Kopel [2002]) the flow of human capital between different regions – called the European Union and the New Member States – will be analysed. The introduction of search costs extends the field of policy-analysis.
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Mobilizing Social and Organizational Resources in Project Type Cooperation: A Case Study in Networking in Interactive Media Firms
25-40Views:139The paper aims at the identification and interpretation of specific coordination problems faced by project-based work organisations using the example of an interactive portal development for a leading
Hungarian economic weakly. The study provides a brief overview of the most important theoretical approaches concerning project-based work organisations and the characteristics of the new or interactive
media sector, which may act as a new model in the fast growing knowledge economy. The interactive portal development is typical of the so-called studio-model of project-based firms (PBF) characterised by
the novel and singular character of the product or service and by the uncertain and fluid nature of the necessary knowledge and skills. The study calls attention to the project manager’s key role in combining
formal and tacit skills and in the coordination of actors’ behaviour which is driven by different logics. In addition, the authors stress the importance of the client’s key role in designing and developing the
interactive media service.JEL classifications: L86; M54; Z13
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Reflections on the Role of Institutions on the Chinese Road to a Market Economy
49-82Views:114At the onset of transformation there has been a close to consensus view that the market system has no alternative. While this insight has found its place in the current mainstream on development economics, the so-called Washington consensus or post-Washington consensus (Kolodko, 2000, pp.119-141 andpp. 348-356; and Williamson, J, 2000, Srinivasan, T.N.,2000), very few would venture to repeat in an academic writing the once famous dictum of Vaclav Klaus: the third road leads to the third world. Much of western Europe has remained within the framework of the welfare state, despite its obvious limitations. Also in
the transforming economies, the rollback of the state has proven to be much less than the tough normative language adopted by early reformers would have indicated. Actually, it is the structure rather than the size of public spending in these countries that may be a source of social and economic strains by providing less than optimal conditions for sustaining economic growth. -
Political leadership and economic growth: Do the leaders matter? A vezető személye számít?
101-116Views:171The paper analyses the role political leadership plays in economic growth by reviewing the literature that argues for, or presents evidence on, the proposition that leadership and the leader him/herself are crucial factors in economic growth. The article considers institutional economics as a starting point, a field which, so far, has paid little attention to the role of individuals and only focuses on the significance of institutions. The institutional theory of economic development has been criticized for using endogenous indicators and for only emphasising political output. However, political leaders are also able to make good and efficient economic policies. That is the reason leaders do matter
Journal of Economic Literature (JEL) Classification: B3, O4, P48
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The role of culture in economic growth: an assessment, criticism and paths for future research
22-44Views:235There 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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Economic Freedom and the Process of Economic Growth: An Empirical Analysis Based on a New Measure
5-30Views:356This paper, relying on a conceptualization of economic freedom in terms of kinds of government actions, develops a new measure of economic freedom. However, this is not art for art’s sake; instead, it allows us to provide an explanation for how particular institutions of economic freedom enhance economic development, a view upon which scholars agree. We develop two concepts related to economic freedom, namely the freedom-compatible and freedom-non-compatible institutions and use them as tools in an analysis of the process of economic growth, especially the relationship between economic freedom and long-run income. The major argument is that freedom-compatible institutions are primary determinants of income, while freedom-non-compatible institutions depend upon them and are partly the outcomes of the growth process itself, a fact which is explained by the Misesian theory of interventionism. Our regression analyses support our theoretical insights.
JEL Classification: B53, H10, O10
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The transition of the Baltic States. Why is Estonia the most successful?
133-144Views:221The study addresses the results of the Baltic States in the first phase of the transition, focusing on the process of stabilization, liberalization, privatization and institutional reforms. The paper summarizes the difficulties and the economic policy reactions, which built the basis for later successful development. The three analyzed countries have several similarities (country size, geopolitical situation, resources, Soviet heritage) so the discrepancies in the level of economic development can probably be explained by the different paths of transition. The author attempts to answer the question, how a coherent economic policy contributed to the Estonian transition, which proved the most successful.
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The role of France in the economy of the EU
207-224Views:111The author examines the decisive role of France within the EU. After a preliminary examination of the principles of European integration and its historical development, the article analyses the netwrok of connections existing between the EU and the French economy, as well as the period of growth and retrenchment in its development. The main theme of the article is the debate over the stability and growth pact and the circumstances and consequences of the failure to comply with the pact's rules caused by the France's long-lasting budget. This failure calls into question, and in the long term may be fatal for the future of European integration and for the direction of a common supra-national economic policy and the national responses it requires. The common European currency, and the stability and future of the Euro are also affected, since this failure can influence the co-operative efforts of the various elements of the European Union in an unprecedented way. It also affects the relationships bewteen the smaller and larger countries, and the economic opportunities of all member states.
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The formation and development of employment law in the context of socio-economic processes
63-88Views:418The study explores the formation and development of the institutional system of employment law, in connection with socio-economic demands and economic, technical and technological developments. It demonstrates what factors play a role in the fact that the vast majority of companies, and the paternalistic working relationships that form within them, have been replaced by the patterns of big business and big business hierarchical culture. The study shows how the characteristic employment law framework of classical capitalism, which was emplyer-friendly and placed anti-social pressure on the interests of the employee, gave way to the philosophy of the social market and was influenced by the employee-friendly concepts of the welfare state. The article further analyses those social factors which in today's employment law system have once again started to subordinate the interests of the employee to those of the employer.
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The Development of Growth Accounting Techniques in the Mirror of Economic Growth
85-103Views:160In this article we present the development of certain growth theories that model the main sources of growth. Since the elasticity of substitution – one of the most important parameters of production function – is not unity, as the Cobb-Douglas production function assumes, it can be different from a value of 1; hence we need a more general CES-type (Constant Elasticity of Substitution) production function. Another important question is the classification of factors of production. The elasticity of substitution is an efficiency factor as well, thus it receives special attention in the analysis. Finally we summarize the main papers that are mainly concerned with growth accounting, and try to answer the question of which factors play a significant or less significant role in economic growth. Growth accounting is strongly connected to growth theories so we refer back to growth theory at certain points.
JEL classification: E13, O47
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The question of duality in post-transition economic development
71-90Views:199One of the main questions of the FDI-based economic development model is how the local embeddedness of technologically advanced, globally operating multinational firms can be increased. The global economic integration of smaller, locally owned firms could be enhanced by the stimulating spillover effects stemming from multinationals. However, if the two main sectors of the economy function in isolation from each-other, stimulation effects cannot appear. This paper studies the features and extent of structural duality in Hungary, and the preconditions for deepening economic ties between the two sectors and
of the utilization of positive externalities stemming from the presence of large multinational firms.JEL classification: F23, L53
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Varieties of development paths in post communist countries with special regard to the transition in Hungary
5-25Views:175Transition in Central and Eastern Europe was carried out in various ways. However, the different countries’ current economic structure, institutions and main economic performance measures are rather similar. The question asked is whether these countries follow a specific kind of development model? What seems likely is that they differ substantially from CIS countries in many aspects. But they also seem to differ from existing models of capitalism more than they do from each-other. Based on this information, the varieties of capitalism literature assumes that such a model does indeed exist. However, no comprehensive positive description of the model has so far been provided. This paper tries to define the main elements of the CEE capitalist models. These are small open economies, with close integration into the world economy through foreign investments, a relatively limited and declining role of state redistribution, the problems of dual economic structure and insufficient job creation, a relatively large shadow economy and “business capture”-type cronyism. Further research is required to properly describe the elements and interactions among them.
Journal of Economic Literature (JEL) classifications: D72, E65, P31
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Methodological challanges of digitalization in business education: Digitalization in business education
62-83Views:413University education has to persevere in the 21st century in a changing environment. The knowledge that is to be obtained seems to increase with the advancement of technology. The development of science and the changing needs of the job market demand continuous development and more efficient university curricula. This article investigates the effect of technology on education efficiency; it describes and evaluates several teaching approaches. The conclusions tend to turn towards the direction that although obtaining information became considerably easier than even ten years ago, knowledge still has to be learned the same way as before. The neurobiological process of learning is the same as a hundred years ago.
Journal of Economic Literature (JEL) codes: A20, A22, A23
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Eras and watertsheds in business informatics
5-28Views:141The history of business informatics csan be described as a consequence of specific periods. The separation and the analysis of these period may help in understanding the logic of industry development and to identify key future trends. The study summarizes the criteria which can be used for the identification of specific periods and describes important approaches to development analysis. The unfolding of a new period can be an important turning point in the life of industry players: general condition change, consequently the nature of competition can become radically different. The study concludes with an analysis of the present state of the industry with some expected future trends.
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The examination of the relationship between foreign working capital investment and economic growth on the basis of European examples
150-166Views:122In the past decade several studies have been published in Hungary as well on the role of foreign working capital investment and the economic effects of the presence of multinational companies. This paper explores what role working capital investments (their type, size etc.) have played in the transformation and modernization of Hungary and in her integration into world trade. After a short theoretical and historical survey it presents the experience of some European countries which the literature often mentions by comparing them to Hungary, for on the basis of their size, population, geographical location and level of economic development they have often met similar economic policy dilemmas and choice-making. Then it examines what effects foreign working capital influx had on the given economies and - ina wider sense - on their social development, and in addition, what kinds of undesirable consequences it had.
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The development of companies producing alternative protein end-products
3-23Views:82Excessive consumption of animal-based protein has led to a significant negative impact on the environment and human health. Companies producing alternative protein end-products aim to produce substitute products that are similar to conventional animal-based products with less environmental impact. In this research, 955 alternative protein companies were analyzed using descriptive methods. The results revealed a significant increase in the number of companies after 2015, indicating high industry potential and an increasing global focus on sustainability. Plant-based products dominated the production structure because they were more appealing to consumers and may reach price parity sooner. Current food systems are unsustainable. Thus, although some factors still hinder the market uptake of alternative proteins, a shift towards a more sustainable food system is inevitable in the future.
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Regional netwrok cooperation
115-130Views:123The current study aims to reveal the regional network cooperations - found primarily in the construction industry -, in particular in the Észak-Alföld Region. The study includes three main parts: after the industry analysis of the construction industry a short summary follows about the theoretical bases of today's business network cooperations, clustering, and such relationships especially among firms operating in the construction industry, and finally it is closed by a case study revealing the relationship network of a dominant construction company of the Észak-Alföld Region. The most important finding is that in Hungary clustering in the construction industry - that has already existed in several developed economies - has not started yet, however, networking - that can be the basis for the development of a construction industry cluster - has already began, and if it continues, it further increased the advantages already experienced.
Journal of Economic Literature (JEL) classification: L140, L850