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• Economics or Economic Science? A 20. század legfontosabb eredményei

  5-34

  Jozsef Moczar

  Views:

  160

  The fundamental question of this article is whether economics is a science, and if so, then can it be viewed as an independent science? The search for an answer begins with the most important economic results of the last century. The author comes to the conclusion that the mainstream economic theories of our times can be traced back to the works of Ramsey, Neumann and Haavelmo. The results of mathematics and natural sciences, especially physics greatly contributed to its emergence as a science. All this is proven by means of Roy E. Weintraub’s so called historical reconstruction and Imre Lakatos’ rational reconstruction methods.

  Journal of Economic Literature (JEL) classifications: B23, C10, C20

• Economics or economic science? A XX. század legfontosabb eredményei

  76-97

  Jozsef Moczar

  Views:

  146

  The fundamental question of this article is: wether the economics is science, and if it is, then can it be viewed as an independent science? The answer is looked for starting from the most
  important economic results of the last century. The author came to the conclusion that the mainstream economic theories of our days can be traced back to the works of Ramsey, Neumann and Haavelmo. The results of mathematics and natural sciences, especially physics greatly contributed to that it became science. All these are proven by means of Roy E. Weintraub’s so called historical reconstruction and Imre Lakatos’ rational reconstruction methods.

  Journal of Economic Literature (JEL) classifications: B23, C10, C20

• Network Analysis for Market Surveillance

  19-33

  Gergely Szots

  Gabor Nagy

  Views:

  143

  Our analysis has focused on the network structure of the credit default swap (CDS) market because relatively few publications have appeared on this segment of the financial market. The article puts emphasis on a proposed new supervisory tool which uses network science in market surveillance of the Hungarian financial market. Our research results are compared to those of a previously published ESMA analysis, where the writers applied network science to analyze financial market contagion risks. As a result, the article concludes that the Hungarian sovereign CDS market network structure is similar to the European one in the sense that it is highly concentrated.

  Journal of Economic Literature (JEL) codes: G14, C45

• The welfare state as the accomplishment of modern civilization: where to proceed?

  23-45

  Judit Fekete

  Views:

  172

  The author reviews the beginnings of the welfare state and its practices so far and examines what conclusions can be drawn from experince as regards the effective treatment of current problems, what warnings the relationship between certain governments and social welfare has for us today when there is an economically and socially urging need for reducing the worsening tensions in the systems of budget-planning, taxation, social welfare, health care and education, etc. The conclusion is that a fundamentaé change in attitude, and a new kind of governmental role are needed, along with new institutions, methods and means appropriate for the radically different economic circumstances as well as the realistic social demands.

• The Determinants of Wine Prices: A Systematic Literature Review

  84-101

  Peter Gal

  Views:

  272

  Wine is a highly differentiated product sold at a wide range of different prices. This article aims to provide a systematic review of the literature written on the determinants of wine prices globally. The article runs a search on the combination of keywords “wine”, “price”, “determinant” in the Web of Science, Scopus, JSTOR, ProQuest, and Science Direct databases. Based on a final set of 46 articles written between 1998 and 2018, results suggest that terroir and quality ratings are the most significant determinants of wine prices, while objective quality and label data also determines wine prices, though to a different extent and with a different sign in some cases. The hedonic pricing method was the most common way of analyzing the relationship between wines prices and their determinants, and results are similar for most regions and varieties. We believe that our results can be useful for researchers, stakeholders, and even for decision-makers in better understanding the factors lying behind wine prices.

  Journal of Economic Literature (JEL) codes: D12, D40 Q11

• The Cross-border Mergers’ Market and Financial Characteristics from the Perspective of Foreign Direct Investments in Hungary

  30-46

  Laszlo Zoltan Kucseber

  Views:

  183

  One of the methods with which foreign corporations practice direct investment is CrossBorder Mergers and Acquisitions (CBM&A). This can be proved by statistics: globally until the mid 1990s CBM&A accounted for about 50% of total Foreign Direct Investments (FDI) and reached 100% in 2000. This trend was not typical in Hungary. However, it reached 100% in 2009. I have two goals in this study: the first is to analyse how this phenomenon occurred in Hungary. In my study I analyse not only the correlation of CBM&A and FDI, but also foreign portfolio investments. My other goal is to analyse the characteristics of CBM&As from the perspective of FDI. I analysed the 343 decisions made by the Competition Authority. Finally, I compared these results with the features of FDI, which support and complement the results gained through statistical calculations.

  Journal of Economic Literature (JEL) classification: F21

• Monetary Impacts and Overshooting of Agricultural Prices in Hungary

  39-49

  Zoltan Bakucs

  Views:

  113

  This paper employs the theoretical model developed by Shagaian et al. 2002, to analyse the response of various sectors of the Hungarian national economy to changes in the money supply. Johansen co-integration and vector error correction methodology is used to test whether agricultural prices overshoot their long-run equilibrium path if a monetary shock hits the system. Our results emphasise that agricultural prices do adjust faster to changes in macroeconomic conditions, in particular money supply, than industrial prices, thus affecting relative prices in the short-run; however, strict long-run money neutrality does
  not hold. The result is that flexible sectors of the national economy, such as agriculture or services, bear the burden of adjustment, with significant consequences for farms’ viability.

  Journal of Economic Literature (JEL) classifications: C32, E51, P22, Q11.

• Features of Knowledge Intensive Business Services from Innovation Aspects

  147-156

  Sandor Nagy

  Views:

  144

  Based on the innovation approach to services this paper defines knowledge intensive business services and gives an overview of their features from innovation perspectives. It finds that different service activities are related to innovation systems to varying extents. Compared to other sectors, services lack stimulative institutional and other formal support systems that may act not only as knowledge centres for companies but could also contribute to both the protection and spread of innovation. In contrast with production, the absence of an efficient protection of intellectual property indicates a significant risk in the service sector, and hinders optimal knowledge transfer and results in waste and duplication in innovation efforts.

  Journal of Economic Literature (JEL) Classification: O31, O32, L84

• Methodological challanges of digitalization in business education: Digitalization in business education

  62-83

  Zsuzsanna Kispal-Vitai

  Views:

  381

  University education has to persevere in the 21^st 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