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The prevailing view of capacity building is summed up in the adage: “Give a man a fish and you feed him for a day; teach a man to fish and you feed him for a lifetime.” In other words, simple compassion is counterproductive; utilitarian measures of effectiveness are the best standard for evaluating a social innovation. This paper will explore the alternative possibility that practicing simple compassion as the highest virtue, as did the Buddha, can be so productive that the aphorism should be: “Give a woman a fish, and she may help you build a fish farm.” This argument is illustrated by an exploratory case study of a Thai firm, Siam Hands. The company exemplifies a Buddhist economics approach to social innovation and capacity building, as opposed to mainstream Western utilitarianism.

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According to Cas Mudde, we live in a “populist Zeitgeist”. The paper argues that not just the 21st, but also the 20th century is about populism. In the first section I elaborate the theoretical background of populism, which is claimed to be a never-ending phenomenon: here, various notions of populism are analysed; I investigate the relationship between democracy and populism; and I refer to the biopolitical framework of populism (called biopopulism) as well. This theoretical framework will be used to analyse Communist populism in Hungary. I elaborate the populism of the Horthyera (1920-1944) in the context of Communist populism. Then I analyse the case of Communist populism in Hungary (1948-1989) according to the following aspects: in the context of the working class and the bourgeois elite; the biopolitical character of the regime; goulash Communism as populist legitimacy; and the viewpoint of socialist patriotism. The main aspect of Communist populism is summarized at the end of the third section, and I briefly refer to the afterlife of Communist populism as a nostalgic phenomenon. The regimes analysed in this study aimed to govern the entire life of the citizens, which is why biopopulism is a useful analytical concept. The biopopulist framework shows that the investigation of the historical backgrounds of populism is necessary to understand contemporary populist tendencies.

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The aim of this review paper is to illustrate the areas of interest and the thinking of Hungarian hospital managers by providing a summary of the relevant Hungarian health care controlling literature and to give an introduction of potential research directions. The paper summarizes the “public discourse” and thinking on controlling, and simultaneously highlights the priorities of health care as well. The main range of interest are the financing problems and their solutions, as well as other kind of uncertainty arising from the continuous changes in roles and measures. In the early ninties some health care institutions started to apply controlling systems as a result of the introduction of performance-based financing and often published articles about it up to 2004. In 2015, a project created to enhance the operational efficiency of the health care system restarted controlling thinking: unified management measures required for hospitals may induce the development of the controlling data service, more accurate reporting, management attention, and experience sharing.

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To join the Eurozone (EZ), a candidate country has to fulfil five nominal Maastricht convergence criteria and ensure compliance of national legislation with the acquis communautaire. With this regard special difficulties pose the fiscal criterion relating to the maximum allowed budget deficit of 3 per cent of GDP. If it is not met, the European Commission launches the Excessive Deficit Procedure. Currently, such formula applies to France, Spain and the United Kingdom. Although the issue is not absolutely certain, one can assume that euro will weather the present difficulties and will come out stronger, though the economically unjustified Euro scepticism of some countries is not helping. It may be expected that in the 2020s the European Monetary Union will be joined by all countries that are still using their national currencies and that the EU will be extended to include new member states, enlarging the euro area further. In this article authors are discussing the issue whether Poland will join the EZ in the coming years, considering the challenges of meeting all Maastricht criteria, on the one hand, and the reluctance of the government to give up the national currency, on the other. A mixed method combining the results of qualitative and quantitative research has been used to empirically verify the research question presented.

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The paper concentrates on the evaluation of the Global Innovation Index, the Summary Innovation Index and the Innovation Output Indicator. For the purpose of this article, the PROFIT (PROperty- FITting) method, an extension of the multidimensional scaling (MDS), was applied. The ultimate goal of MDS techniques is to produce a geometric map that illustrates the underlying structure of complex phenomena such as the innovation performance of the EU countries. Cluster analysis, conducted with the use of Ward’s method provided an objective view of the division of the EU countries based on their selected characteristics. The final result is a two-dimensional map illustrating the structure of innovation performance. The main conclusion drawn from the analysis is the explanation of distance between single indices in a spatial map and their role in distinguishing specific groups of the EU countries from the perspective of innovation performance.

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Education is one of the key factors of economic growth. Despite the huge amount of researches investigating the relationship between education and GDP as a proxy of well-being, to the best of our knowledge, none of these studies examined a group of post-socialist countries comparing with not-post-socialist countries. This paper aims to fill this gap. We examine the correlation between growth and education with panel data evidence for 18 post-socialist (PS) countries and 16 developed market economies (DME) over the 1990–2014 period. The goal of this paper is to test two hypotheses: (i) The relationship between GDP per capita and tertiary education’s enrolment rate is stronger in the post-socialist countries than in other countries. (ii) In the post-socialist countries, the relationship between GDP per capita and tertiary education’s enrolment rate is stronger than the relationship between GDP per capita and any other level of education. Correlation analyses confirmed both hypotheses. Our findings suggest that the patterns of relationship between GDP and measures of tertiary education are different for PS and DME countries and would be interesting to observe when and how the gap between the patterns disappears.

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The post-2008 crisis seems to have come to an end in most countries, but its long-term impacts are increasingly felt by most players of the world economy. Certain economic problems were aggravated, others created by the crisis that seems to have generated significant structural and behavioral changes in most national economies and their international relations. These lasting changes are listed, and new directions for research suggested in the present paper, using an approach combining the human, the financial and the growth dimensions.

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The purpose of the paper is to explain the widely-observed phenomenon that the benefits of some apparently environmentally friendly solutions are much smaller than predicted. The applied research method is a systematic review of papers belonging to the ‘business and environment’ and ‘environmental science and technology’ literatures. Qualitative and interpretive research is used to support our propositions. Five key concepts accounting for the pitfalls associated with environmental sustainability-oriented (ESO) interventions have been identified and illustrated with reallife examples. Overlooked (1) interconnections among resources and environmental impacts, e.g. trade-offs, reveal that (2) system boundaries are often ill-defined, which can easily result in (3) problem shifting from one aspect of corporate environmental performance to another or from one stage in the life cycle to another. Additionally, false (4) assumptions and a strong (5) contextuality of best practices also overshadow the outcomes of ESO interventions. The relation among these general concepts is analysed and a graphic representation is provided.

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The paper investigates the price determinants, risk/return characteristics and investment performances of the Polish art market. Special attention is given to cultural and historical determinants underlying the creation of the Polish art market after 1989 and the dynamics of changes in the first two decades after the system transition. Data from auction annuals during the years from 1991 to 2012 and repeat-sales regression (RSR) method are used to create the index of 28,951 art transactions. Based on the art index values, we observe that the art index for the Polish auction market exhibits similar returns to the ones on treasury bonds and much lower returns than the ones on the Polish stock and gold prices. The volatility of the art index is, what is striking, much lower than the volatility of stocks, comparable to gold prices and much higher than the volatility of treasury bonds. Moreover, high correlation between art and money market instruments suggests a limited portfolio diversification opportunity.

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In a historical sense, humanity has accomplished its mission: it has populated Earth and has used its riches and resources to its own benefit. However, from an environmental perspective, Earth has a limited amount of resources, placing restrictions on these high expectations. Accordingly, humanity clearly needs to identify new ways of living, and make efforts to develop new goals. In light of this situation, it is worth exploring what the connection is between the more or less well-known concept of environmental sustainability and that of social futuring. Is there any overlap between the two concepts, and how can one evolve from the other? Can we identify any local-level (dis)similarities regarding these two in practice? The significant potential inherent in human beings – the unfolding of which is evident on a historical scale – can make interpretation of this issue easier. In this context, it is worth identifying the cornerstones of social futuring so as not to impair human ambition by blaming it for using up the Earth’s limited resources and causing natural disasters. The goal is to give humanity new direction and impetus, while retaining the intensity of earlier ambitions.

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Author: Péter Mihályi
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Authors: Francisco Jareño, María de la O González, Marta Tolentino and Sara Rodríguez

This paper studies the sensitivity of share prices of Spanish companies included in the IBEX-35 to changes in different explanatory variables, such as market returns, interest rates and factors proposed by Fama and French (1993, 2015) between 2000 and 2016. In addition, for robustness, this paper analyses whether the sensitivity of stock returns is different between two periods: precrisis and recent financial crisis. The results confirm that, in general, all the considered factors are relevant. Furthermore, “market return” and “size” factors show greater explanatory power, together with the “value” factor in the crisis period. Regarding the analysis at sector level, “Oil and Energy”, “Basic Materials, Industry and Construction” and “Financial and Real Estate Services” sectors appear to be highly sensitive to changes in the risk factors included in the asset pricing factor model.

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The Greek financial crisis that erupted in 2010 was possibly cured after 8 years in 2018. It has been extraordinary in its social cost and its cost to European taxpayers. The causes of this failure are multiple. The main burden lies with consecutive Greek governments that did not carry out the necessary fiscal adjustment and reforms. In their lack of urgency they were strongly supported by American economists, especially Paul Krugman, who opposed austerity and instead called for fiscal stimulus, ignoring the need for financial stability. Much of this discussion was devoted to the benefits or harm of the Eurozone, which eventually hardly mattered. The crisis resolution was complicated by the European Union wanting to play a big role but not knowing how and weakening the traditional role of the International Monetary Fund. The key lessons are back to basics: A government needs to act hard and fast to resolve a severe financial crisis. The IMF is the best leader for financial stabilization. Early and fast fiscal adjustment brings about early financial stabilization, more structural reforms and early and higher growth.

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This study attempts to investigate how Hungarians think about life. By applying a nationwide representative survey of Hungarian adults, we wished to answer the following two research questions: a) what are the major metaphorical conceptualizations of life among Hungarians?; and b) what factors, such as socio-economic status and basic value orientations, might influence the prevalence for the metaphors used to talk about life? Our results suggest that there are considerable generational differences: while the negative mindset (in the form of more negative metaphors) is still common within the older generation, there is a shift towards a more positive and more “American” conceptualization of life among younger people in Hungary.

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The article evaluates the influence of a wide range of socio-demographic, job and company-related characteristics on the likelihood of low earnings by applying logistic regression on a broad range of Labour Force Survey data. We evidenced that the average impact of the company-related characteristics is three times stronger than the impact of personal characteristics. We also found that working full-time considerably decreases this risk of low wages, but company-related and personal characteristics (except for the kind of company’s economic activity) have not provided a rent (benefit) from working full-time. The underlying conclusion is that reforms decreasing the size of the low-wage sector in the former transition countries should be focused on targeted employment programmes enhancing transitions to more profitable economic activities instead of possibly maintaining the unprofitable industries at all costs. Additionally, the reforms should be concentrated on introducing employment regulations to harmonise the rules of employment among all contract types, which would put the part-timers and the underemployed on a more equal footing with fulltime workers especially in terms of pension schemes and access to training.

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The financial market is undeniably the prime exemplar of capitalism where practitioners compete under intense pressure to excel in decision making every nanosecond. This unrelenting pursuit of outperformance is limited by human physical and mental capacities to make decisions based on the available technology and information. This paper reviews the state of contemplative practices as a form of “mind technology” in the financial market. In order to deliver outperformance, financial Alpha, in the market, this mind technology seems to suggest that it is important to engage in contemplative practices so that our brainwaves could transcend from the faster neural Gamma and Alpha waves to the slower and advanced state of neural Delta waves. This research looks into the benefits of these contemplative practices, particularly in decision making and management. It then evaluates the potential integration and conflict between contemplative practices and material pursuits. It argues that while contemplative practices are conducive to better decision making and management, they have not reached their full potential. It explores the potential unique contribution of Buddhist Economics and offers some avenues for the modern mindfulness movement to rethink how we could develop our mental capacities to cope with the challenges in the market economy.

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Most economists differ not on the causes of the Great Recession, but on their relative importance. They agree, however, that the core problem is human, not market failure. Their widely held assessment helps explain why the Dodd-Frank banking “reform” says so much and does so little. This study re-tries the usual suspects and finds none guilty. Instead, it points to multiple equilibria in banking and the overall economy. Whether it is Cooke and Company in 1873 or Lehman Brothers in 2008, leverage and opacity are the wicked brew that stokes bank runs. And bank runs prompt employer runs – laying off your employees (other firms’ customers) for fear that others are laying off their employees (your customers). The answer is fundamental, not cosmetic banking reform that fixes banking and the economy for good. The answer is replacing leveraged, trust-me banking with fully transparent, 100 percent equity-financed mutual fund banking. This reform, called Limited Purpose Banking, handles all aspects of finance, including lending, risk allocation and the payment system. It would permanently end the leveraging of taxpayers by banks and bring a permanent end to financial crises.

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In 2008, Hungary was heavily hit by the global financial crisis, and had to turn to the IMF among the first. The paper analyses the road leading to the post-Lehman liquidity crisis from the point of view of Magyar Nemzeti Bank (MNB), the central bank of Hungary. Based on the minutes and the press releases* of the Monetary Council (MC), a comprehensive account is given why the puzzle was put together too late.

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Authors: Petra Aczél, János Csák and Zoltan Oszkar Szanto
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Are the ecosophy of the Norwegian philosopher Arne Næss and its resulting Deep Ecology relevant today? The central maxims: ‘Live a rich life with simple means’ and ‘Self-realizing for all beings’, are interpreted and corroborated. Næss’s ecosophy builds upon gestalt thinking and spontaneous experiences. In particular, the paper deconstructs point seven in the Deep Ecological Platform, which states that “The ideological change is mainly that of appreciating life quality (dwelling in situations of inherent value) rather than adhering to an increasingly higher standard of living. There will be a profound awareness of the difference between big and great”. The paper draws on Nicholas Georgescu-Roegen as the inspirational source of the degrowth movement, and on the Norwegian philosopher Arne Johan Vetlesen to understand the separation of man and nature that occurred during the Enlightenment, and it presents case studies of alternative economic models from Bhutan and Thailand. The conclusion is that Deep Ecological reasoning is not an ecotopia, but should be seen as an important source of inspiration and challenge to the prevalent consumer culture in affluent countries.

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For many years Keynesian fiscal policy became very popular and was used by governments to fight slowdowns and recessions. In the 1980s and in the next three decades, this policy lost much appeal among economists in academia, though less among governments. The financial crisis of 2007–2008 and the following Great Recession brought a sudden revival of interest in and use of fiscal policies. This paper outlines the main criticisms that were directed at the Keynesian fiscal policy from the beginning. Some of these criticisms are less-known than others.

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“Social futuring” is a neologism that locates a new meaning. The paper aims to frame and interpret this new meaning of/reference to social futuring in comparison to preexisting, conceptually related terms: resilience (optimism), future proofing, and future orientation. These are singled out as key concepts of individual prosperity, the future orientation of society and culture, and strategic planning (especially technological planning). Also, they provide fine examples of the semantic category elements that also appear in the interpretation of social futuring: a) change, and b) attitudes to change, c) vision as a condition, d) entity/agency (individual, social or cultural level, or of an instrumental type), and e) (motivated/strategic) action. Through systematic comparison, the characterizing differences and similarities can be drawn out and exhibited to prove the unique nature and relevance of social futuring in academic and professional discourses.

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This paper shows the logic of the normative aspects underlying social futuring, defined as a social entity’s creative intention to comprehend the world, its ability to get things done, and to control its destiny. We assume that the ultimate goal of social entities is to enable a good life in a unity of order that is worth preserving and reproducing. We start with the concept of “personhood” for both human beings and social personae. We review ancient and modern formulations regarding the summum bonum and other concepts with regard to the balance between the needs of social entities and their individual members. Focusing on the oikeiósis enterprise, we distill four necessary and sufficient features of human life (Attachment, Care [Material Advancement and Freedom], Security, and Contentment). We suggest that these features provide an appropriate normative basis for measuring the status and evaluating the changes in the state of affairs of a social entity. Finally, we provide an overview of the pillars and social layers that may create the basis for the development of the Social Futuring Index (SFI).

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In this paper we attempt to define the concept of social futuring and classify it using multiple dimensions. Starting out with a minimal definition of the notion, we elaborate on the ideal-typical definition of social futuring based on the concepts of necessary and sufficient conditions. Thereafter, classifications of the different forms and types of social futuring are developed according to various features. A complex network of concepts is constructed to make the ambiguous notion more precise and to operationalize it with a view to the construction of a Social Futuring Index. We close our study in the hope that we have managed to illuminate and clarify the multi-layered concept of social futuring by creating an analytical framework which is in synergy with the normative foundations of the research.

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The goal of this paper is to show how the methodology and approach of futures studies could be useful in the research of social futuring. First of all, I define futures studies and social futuring and analyse the evolution of futures studies to show how methods have changed and how they could prove useful in the field of social futuring. Furthermore, I examine individual and organizational future orientation and the related “foresight maturity model” that is linked to the idea of social futuring. I compare future orientation indices (e.g. SOFI, JKB) and point out the pros and cons of each. In addition, I also show what kinds of measurement and indices of future orientation could be used in the analysis of individual, organizational and national social futuring. The findings provide support for the argument that foresight methodology provides an appropriate toolkit for social futuring research.

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Looking back to the global financial crisis of 2008–2009, Hungary was among the first countries to be forced to make use of financial assistance from the EU and the IMF. The government, the MNB (the central bank of Hungary) as well as the domestic and foreign analysts cited the high public debt and the volume of unsecured foreign-currency loans as the main reasons for the crises. Though these were real weaknesses, this diagnosis was false as much as the following treatment. First and foremost, it was the inadequate level of foreign exchange reserves that made Hungary to request outside financial assistance.

The excessive fiscal tightening urged by the MNB only led to deepening of the crises. In general, the macropolicy – both fiscal and monetary policy – before, during and after the crises turned out to be painfully pro-cyclical. Due to the lack of sufficient reserves, the MNB became virtually powerless to intervene and could only watch from the side-lines as events unfolded. The orthodox mind-set after replenishing the forex reserves prevented it from implementing a broad scale of unconventional measures to ease the crises. The fiscal authority lost its capacity long before to reduce the severity of the crises. Thus, the excessive and incorrect structure of fiscal correction coupled with an unjustified orthodox monetary policy, the contraction of the Hungarian economy went much beyond the inevitable amount.

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Authors: Norbert Becser, Bálint Esse and Richárd Szántó

We asked Hungarian students to make soccer forecasts for a round of the Chilean Primera División, which was selected to minimise recognition heuristics, as this league is not followed by Hungarian soccer fans. Students made their forecasts based on cues about the teams. They received sets of cues of different quality based on previously composed expert evaluations of the given information. Although there were interesting findings regarding expertise and gender differences, the central question concerned how students evaluated the cues they received. Results show a pattern that we interpret as the contrast effect in information sets, which is present independent of gender or expertise.

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In the early and mid-2000s, the prospect of EU accession and the global boom facilitated rapid economic recovery and boosted economic and institutional reforms in the Western Balkan region. The global financial crisis of 2007–2009 and the European crisis of 2010–2013 slowed the pace of economic growth and amplified high unemployment in the region. In addition, various unresolved legacies from past conflicts slowed the pace of reform and progress towards EU accession.

The European Commission’s February 2018 communication sets an indicative deadline (2025) for the two most advanced candidates – Serbia’s and Montenegro’s admission to the EU. This could incentivise all Western Balkan countries, including those candidates that have not yet started membership negotiations (Macedonia and Albania) and those waiting for candidate status (Bosnia and Herzegovina and Kosovo), to remove domestic political obstacles to EU accession, solve conflicts with neighbours, speed up reforms and accelerate economic growth.

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Authors: Ingrid-Mihaela Dragotă, Victor Dragotă, Andreea Curmei-Semenescu and Daniel Traian Pele

In the recent years, an increasing number of papers deepened cross-disciplinary studies, examining how different cultural values influence financial variables. The main objective of our paper is to test if the dominant world religions (Buddhist, Christian, Hindu, Islamic, and Judaic), and, moreover, some Christian denominations (Catholicism, Protestantism and Eastern Orthodox Christianity) are related to some patterns in capital structure. Our paper considers distinctly the category of countries in which Agnostics, Atheists and non-religious people are predominant.

The results are promising. Companies located in the states with predominance of Islamic religion have a lower leverage, while the ones from predominantly Catholic, Eastern Orthodox, Hindu and Judaic countries, as well as those in mainly Agnostic, Atheist and non-religious ones, are indebted more than those from mainly Protestant countries. The debt maturity seems to be correlated to the dominant religions or denominations, with companies in the predominantly Eastern Orthodox, Buddhist and Agnostic, Atheist and non-religious countries relying more on short term debt, and those in the majority Catholic, Judaic and Hindu countries on long term debt.

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Payment systems make a significant contribution to the flow of transactions and financial stability. In this paper, we start by applying the principles of the gravity model to explain the TARGET flows of banking transactions between Portugal and other eurozone countries. The main explanatory variables tested are a composite indicator of economic and financial activities, distance, membership of the Eurozone (EZ), and country risk measured by treasury bond yields. The results indicate that Portugal has a high level of integration in the European banking market as distance is not statistically significant, and that the membership of the EZ facilitates the financing of the economy. The economic size of the partner country becomes non-significant after controlling for country fixed effects. The increase in the Portuguese country risk during the European sovereign debt crisis led to a marked decline in external financing, indicating that this is an important channel of transmission of crises.

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In the spring of 2010 Greece officially turned to the EU for help in order to prevent itself from a sovereign default. However, the Treaty on European Union explicitly prohibits any member state to ask for a so-called bailout (i.e., financial assistance) from the other member states or the EU itself. Thus, overnight the Greek financial crisis became a linguistic one as well: how to communicate the notion of financial assistance without implying one? In light of this conundrum, the paper investigates how leading European and American newspapers have communicated the financial assistance by looking at the rather diverse expressions used for the notion of “bailout” that appeared in select articles published on the pivotal dates of the crisis management process. We hypothesized that as the Greek crisis developed, multiple and alternating frames were used in communicating the news on crisis management through the lexical choices the journalists used. The data justified the hypotheses: while the first phase was dominated by the RELIEF frame, this was eventually superseded by the BAILOUT frame by 2 May, the day the deal was finally struck. At the same time, the BUSINESS TRANSACTION frame never appeared as the most significant conceptualisation, implying that journalists were reluctant to view the deal between the two (eventually, three) parties as the result of a rational horizontal relationship between “buyer” and “seller” or between “debtor” and “creditor”.

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This essay joins with others in exposing and critiquing problems with neoliberalism in the orchestration of society. Using rhetorical theory both ancient and contemporary that relates rhetoric to the gift and giving, this essay shows the inhospitable rhetorical dynamics of neoliberalism and explores the rhetorical possibilities of transformation through allo-liberalism, a turn to the other with liberality, generosity, and love.

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The most prominent social button is the “like”, which was introduced by the social networking site Facebook in February 2009. In social media, liking is a so-called predefined communicative act, which has created a recommendation and like culture. The interactions of users with contents and with one another (in other words, the practices of everyday life, such as the consumption of goods and information) have become part of databases. Accordingly, the paper seeks to answer the following questions: How can likes be converted to revenue? Is it worth buying page and post likes? Is there any distinction between good and bad likes (cf. public customer service on social media sites)? If so, what makes a(n economically) good like? In sum, what is the economic (and communicative) value of likes?

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This study presents the detailed methodology of generating house price indices for the Hungarian market. The index family is an expansion of the Hungarian housing market statistics in several regards. The nationwide index is derived from a database starting from 1990, and thus the national index is regarded as the longest in comparison to the house price indices available so far. The long time series allow us to observe and compare the real levels of house prices across economic cycles. Another important innovation of this index family is its ability to capture house developments by regions and settlement types, which sheds light on the strong regional heterogeneity underlying the Hungarian housing market.

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Authors: Attila Forgács, Enikő Bóna, Tímea Csíkos and Helga Metercsik

Eating habits have become increasingly irrational in the last century; a variety of eating disorders have appeared. Obesity seems to be impossible to cure. Nowadays, the impact of media-marketing is the most powerful social influence on eating habits. Media has five main messages on eating and the body: 1. “Be thin!” 2. “Consume and eat!” 3. “Be afraid of food!” 4. “Food will disappear!” 5. “You are not feminine / masculine enough!” Most of these messages and directions are inconsistent with each other: e.g. “Buy and eat more, but remain thin!” The double-bind communication of media-marketing is pathogenic and schizoid. Food-related media messages are multi-layered and contradictory on many levels, so it would be more appropriate to talk about a multiple bind. The paper offers new communication strategies in order to manage the chaotic information on eating and to decrease the inconsistencies on the topic.

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There is an observable discrepancy between the real and virtual economy, as money stopped being the tool and essence of capitalism and the economy in the postmodern era. Money has become a purpose, a simulation, a viral virtual image. For this reason, we should rather say that it is no longer money, but the image of money that talks. The transparent digital convergence culture creates a borderless second world for the economy. This economy and our attitude towards it have never been so far removed from reality. Communication, information and economy have lost their referential nature. As soon as we get in contact with the virtual/digital world, we open our eyes onto the image and the transparency of images. A visual metaphor is a visual rhetorical tool that strives to express messages, to place emphasis on certain aspects of messages, and to convey a persuasive message. This paper aims to demonstrate visual metaphor chains that set a mirror between the real and virtual economy and that serve to show the changed attitude towards money. We illustrate our theoretical approach by analysing the multimodal metaphors that appear in a video clip from popular culture.

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Metaphor plays a major role in the ways people speak and write about money and other economic concepts. One long-standing belief is that most verbal metaphors are clichéd or dead, and do not evoke active metaphoric thinking. However, research in cognitive linguistics and cognitive science demonstrates how verbal metaphors about money are pervasive in discourse, and emerge from vitally alive metaphoric concepts, most of which are rooted in pervasive patterns of embodied experience. An important part of embodied metaphoric language and thought is embodied simulation processes that enable people to talk about abstract concepts, such as money, via imaginative projections of themselves into the actions referred to in language. Studying the language of money and economic action demands examination of the bodily based metaphorical concepts that underlie these types of communication.

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Authors: Petra Aczél, Réka Benczes and Eszter Deli
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In the paper, I examine what English idioms related to money reveal about the conceptualization of money. Most money-related idioms in English are based on metaphor. Working with conceptual metaphor theory, I suggest that money idioms in English rely especially on two conceptual metaphors: MONEY IS A MOVING SUBSTANCE / OBJECT / LIQUID and MONEY IS A FORCE. It is well-known that both in everyday talk and expert communication money is conceived of as a MOVING SUBSTANCE / OBJECT / LIQUID. Several studies have dealt with this conceptual metaphor from a cognitive linguistic perspective. However, the FORCE metaphor has received much less attention in the metaphor literature, though it is the latter metaphor that captures the way we view our relationship to money, that is, the way we see the role of money in our life in society. Given this focus, I analyze the FORCE metaphor in some detail, raise the issue of what motivates the emergence of this metaphor, and, finally, address the question of what lends especial cultural significance to it.

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Authors: Bas van Leeuwen, Aurelian-Petruş Plopeanu and Peter Foldvari

The number of books published in a country reflects its economic, social and cultural development. Yet, all too often, the production of books is looked upon solely in economic terms, i.e. as a part of national income, or as a proxy for human capital which, in turn, might explain economic growth. In this paper, we aim to give books their day in court. Using a dataset with book titles per 1,000 inhabitants for a large number of countries since 1950, we find that the number of titles was mainly driven by the level of education and income in the lower quantiles. The reduction of printing after 1990 was, surprisingly, not caused by a rise in other media, such as the internet, but, mostly, by a reduction in the effect of education in the poorer countries.

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The domination of the news media by the political sphere in Hungary is continuously debated in public and scientific discourses. The issue of migration has resurfaced on the Hungarian political and media agenda following the refugee crisis of 2015. The first part of the paper offers a theoretical overview of frame analysis. Framing refers to making an aspect of an issue salient, thus suggesting a certain interpretation and evaluation of the issue. In the second part, the methodology of frame analysis is used to explore representations of refugees and migrants in two parliamentary speeches of the Hungarian Prime Minister and three online media outlets of different political orientations (Híradó, Index, Origo) in September and November 2015. The results show that the PM framed the issue as a symbolic threat and political conflict, while the media emphasized realistic threats, the politically divided and humanitarian aspect of migration. The article highlights some of the instances where the media does not follow the political discourse.

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This study examines the relationship between terrorism and economic openness that takes into account both the number and intensity of terrorist incidents and the impact of government military expenditures on trade-GDP and foreign direct investment-GDP ratios for both developed and developing countries. It uses the dynamic GMM method to account for endogeneity in the variables. Deaths caused by terrorism have a significant negative impact on FDI flows, and the number of terrorist attacks is also found to be significant in hampering the countries’ ability to trade with other nations. The study also demonstrates that the developing countries exhibit almost similar results to our main analysis. The developed countries exhibit a negative impact of terrorism, but the regression results are not significant.

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Authors: Tomislav Galović, Heri Bezić and Petar Mišević

The main aim of this paper is to measure the consequences of terrorist activities on capital flows of the developed countries. Capital flows are interpreted as FDI inflows and outflows. The methodology is based on the dynamic panel data models (System-2 step-GMM estimator) using a sample of 36 developed countries all over the world from 2000 to 2016. The key results indicate that the terrorist incidents have different impact on capital flows of the developed countries compared to impacts of economic and institutional variables. All the variables used in the paper show the level of their impact on capital flows. The results indicate that terrorist activities weaken economic activity of a country, while minimising capital flows in certain situations. The recommendations and proposals are given based on the results of research.

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While workplace communication is a well-established field in communication studies, empirical research based on samples of communication processes taking place in actual organisations is still scarce. Although a distinct line of research on meetings has recently emerged and established itself as “meeting science”, another ubiquitous communication setting, regarding business presentations have received far less attention. In this paper, we argue that a general-purpose theory and a corresponding measuring instrument for the evaluation of the impression made by a presentation on the audience would greatly enhance our understanding of the factors that determine the efficiency of presentations. We present the theoretical framework and the indicators in such an inventory, which we have developed based on the educational literature on public speaking. The construction of this instrument also generated a set of hypotheses about how a speaker’s personality traits may be related to various aspects of the impression made by the speaker.

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The paper seeks to show that the theory of strategic maneuvering, the most recent version of the pragma-dialectical approach to argumentation, can make vital contribution to understanding how commercials are designed and defended against legal challenges. If commercials can be subjected to argumentation-theoretic analysis, that would also show that the idea that commercials never constitute genuine arguments is mistaken. We will begin by sketching the pragma-dialectical approach and the theory of strategic maneuvering, then we apply the latter to two cases: the argument in a commercial aiming to persuade customers that Dove Intensive Cream moisturizes better than Nivea’s similar product, and the argument given by Dove’s manufacturer, Unilever, during the proceedings conducted by the Hungarian Competition Authority, which is intended to convince the Authority that the commercial is not deceptive.

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The paper presents a research conducted in 2016 on the topic of relations between corruption perceptions and media usage patterns amongst Hungarian youth between 18 and 29 years. The main results can be summarised in three points. First, while half of the Y generation respondents in Hungary have already encountered corruption directly, they feel the presence of corruption stronger in the political sphere than in their everyday life. Second, 71% of the interviewees reported that honest people with a high level of integrity have less chance to prosper than their less honest peers. Third, media usage patterns of the Y generation are based mainly on social media, meanwhile print media use heavily declines. Young people reported to be overwhelmed by big corruption cases involving hardly imaginable sums of money and distant public figures. At the same time, they have very little knowledge of everyday corruption cases.

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Institutional quality is commonly cited as a reason that investment infl ows still vary across European countries, despite their economic stabilization following the tumultuous years in the early 1990s. This article tests empirically whether institutional quality has any bearing on the level of investment infl ows into selected groups of European countries. The role of institutions is assessed using Economic Freedom indices from the Heritage Foundation. We construct a panel dataset from 2000–2015 for 35 European countries to apply a fixed-effects and generalized method of moments model framework in the regression benchmark with the metrics from the Heritage Foundation. Results show that although institutional quality has some impact on the level of investment, it is less significant than expected and far less than suggested by the existing theoretical literature. Macroeconomic fundamentals matter more than do institutional factors.

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The aim of this case study is to analyze the historical and current state of the education and practice of futures studies (FS) in a country that was once a member of the Soviet Union: Estonia. There are other countries in Eastern Europe which used to be or currently are in a similar situation to Estonia, but futures studies developed in different ways, because politics and economies were driven by different strategies or interests, and futurists emphasized different aspects of their research (either the theoretical or the practical, along different paradigms). In certain countries, like in Estonia, FS fi rst achieved scientifi c (and educational) success after the political change of the early 90s, but this was followed by a long way down to a secondary (backing) position. It seems that an optimal share between education and practice may lead FS out from the pit in Estonia, and in other countries, too.

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This paper analyses spatial impact of government expenditures on education on economic growth in the EU28 countries during the period 2004–2013. Employing a novel econometric technique that allows for the estimation of spatial spillovers, our results indicate that government expenditures on education significantly and positively infl uence GDP growth. Moreover, the indirect i.e. the spillover effects are quite large suggesting that the growth models should account for spatial interdependencies. Precisely, we find that education expenditures in one country affect GDP growth in the neighbouring countries, meaning that these spillovers are geographical in nature. Moreover, we find that the degree of interdependence among countries varies according to the average GDP per capita even if their geographical distances are identical. Additionally, immigration is found to be an important channel of spatial transmission.

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This paper analyses the impact of public debt level and its (un)sustainability on fiscal policy in Croatia in the 2001–2015 period. A switching regression approach is used to distinguish different regimes when government spending, i.e. fiscal policy has more or less impact on economic growth during different cycles. In the second part, the structural VAR model is used to analyse the dynamic effects of government spending on domestic demand in Croatia. To observe the public debt effects on a fiscal policy, a “closed” model is compared with an “extended” model which includes a debtto- GDP indicator. Results show a negative impact of recession on public debt sustainability and confirm the main thesis that public debt level significantly affects and reduces the effectiveness of fiscal policy in Croatia.

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Among the required skills of purchasers, communication is one of the most frequently mentioned ones. Information reception and processing are important elements of this skill. This paper focuses on how and through what channels purchasers process inputs and how they understand them. The literature revealed that there are differences in tasks between the two sectors, but differences in communication have not yet been addressed. Based on a survey among purchasers, the paper fi nds private sector purchasers tend to be more creative, more open to teamwork and more visual, while public purchasers tend to focus on facts and on proved solutions. Furthermore, they are more verbal than private sector purchasers. The results indicate that differences between private and public purchasing cultures stem from the task features of the two sectors, and from different personal skill sets. The results have strong relevance for organisations focusing on the training of purchasers.

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This study examines the relationship between the existence and independence of internal audit and other corporate governance factors in an emerging market, building on disclosed data from Hungarian listed companies in 2011. The results indicate that almost half of the listed fi rms use internal audit, however, independence of the function is less common. Ordinal regression results confi rm the negative impact of concentrated foreign ownership on the need of internal audit, and the complementary relation between internal audit and supervisory board monitoring. The complementary role of internal audit to external one is partially evidenced. The results also indicate that larger fi rms are supposed to establish internal audit and strengthen its independence more than smaller ones. The fi ndings of the study have important implications for sound corporate governance in Hungary. The study, by assessing the institutional and regulatory context of an emerging market, contributes to the literature by providing an improved understanding of the existence and independence of internal audit.

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The paper examines theories on the relationship of market and democracy. Four theorems may be distinguished: (1) The necessity theorem: market (M) is the necessary condition of democracy (D) ([M→D]+). (2) The inequality theorem: market undermines democracy ([M→D]–). (3) The optimality theorem: democracy is the optimal condition of market ([D→M]+). (4) The disability theorem: democracy undermines the market ([D→M]–). My question is whether these theorems include or exclude each other. After the reconstruction of the four theorems I examine the six possible combinations of them. My conclusion is that the theory stating that market and democracy mutually reinforce each other is compatible with the theory discussing the confl icts between market and democracy: the two theories do not constitute a logical contradiction. This analysis assists in understanding why the relationship of capitalism and democracy may be relatively stable: the selectivity of democracy and the political restrictions of market do not undermine, do not eliminate economic and political freedom, but sustain it in a modifi ed form.

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The aim of this paper is to estimate the efficiency of Hungarian banks with several models and to calculate the Lerner index for both the household and the corporate credit market. We apply stochastic frontier analysis (SFA) and data envelopment analysis (DEA) models to estimate the efficiency and calculate profit and cost efficiency with and without taking credit losses into consideration. In terms of cost efficiency, banks are nearly homogeneous and improved their efficiency after the crisis. Banks, however, are extremely heterogeneous in terms of profit efficiency. During the crisis, a gradual improvement could be observed across the sector after the initial downturn. Since the operating conditions of the household and the corporate credit markets are different, we estimated the intensity of competition separately for both the markets. While the Lerner index showed strong market power in the household credit market, the corporate credit market was characterised by intense competition. Regarding efficiency, various models often resulted in different conclusions, especially in the case of cost efficiency. Therefore we recommend that the regulatory decision-making process should always consider the results of several models. Moreover, the Lerner indices demonstrate that it might be important to use disaggregated models when modelling the features of credit markets.

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Food processing companies in the members of the Visegrad Group have had similar conditions to sustain and develop their business activities since entering the single European market in 2004. It is necessary above all to stress the levelling instruments of the Common Agricultural Policy within the context of negative external impacts, which diminish in relation to the economic status of businesses, specifi cally SMEs. The objective of this paper is to identify similarities and differences in the profi tability of foodstuff producers from the Visegrad countries during the global economic crisis between 2008 and 2012. The paper uses fi nancial and non-fi nancial factors and employs a multiple correspondence analysis approach. Corporate fi nancial data for the companies was sourced from the Amadeus of Bureau van Dijk database for 2008-2012. Non-fi nancial factors within the sample of business entities include economic size and residence. The fi ndings reveal similarities in corporate profi tability among observed countries of residence and other distinctive factors.

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This paper empirically investigates the short and the long run impact of public debt on economic growth. We use annual data from both the central and the peripheral countries of the euro area (EA) for the 1961–2013 period and estimate a production function augmented with a debt stock term by applying the Autoregressive Distributed Lag (ARDL) bounds testing approach. Our results suggest different patterns across the EA countries and tend to support the view that public debt always has a negative impact on the long-run performance of EA member states, whilst its short-run effect may be positive depending on the country.

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This article studies the determinants of pharmaceutical innovation diffusion among specialists. To this end, it investigates the infl uences of six categories of factors—social embeddedness, socio-demography, scientifi c orientation, prescribing patterns, practice characteristics, and patient panel composition—on the use of 11 new drugs for the treatment of type 2 diabetes mellitus in Hungary. The Cox proportional hazards model identifi es three determinants—social contagion (in the social embeddedness category) and prescribing portfolio and insulin prescribing ratio (in the prescribing pattern category). First, social contagion has a positive effect among geographically close colleagues—the higher the adoption ratio, the higher the likelihood of early adoption—but no infl uence among former classmates and scientifi c collaborators. Second, the wider the prescribing portfolio, the earlier the new drug uptake. Third, the lower the insulin prescribing ratio, the earlier the new drug uptake—physicians’ therapeutic convictions and patients’ socioeconomic statuses act as underlying infl uencers. However, this fi nding does not extend to opinion-leading physicians such as scientifi c leaders and hospital department and outpatient center managers. This article concludes by arguing that healthcare policy strategists and pharmaceutical companies may rely exclusively on practice location and prescription data to perfect interventions and optimize budgets.

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Authors: Imre Dobos and István Ábel

The theory of economic motion was András Bródy’s main interest. This paper presents a simplifi ed framework of Bródy’s economics. His multi-sector production and price theory is based on the Marxian theory of value reinterpreted by using measurement considerations. Economic motion in this framework is driven by technology represented by the internal proportions of production, not by external shocks. Prices and proportions jointly determine the economic structure and its motion (duality of prices and volumes). We derive the laws of motion of production and use of goods (consumption and accumulation) based on technological accounting balances. These laws determine a cyclical pattern. Using numerical examples we demonstrate how external changes in technology and valuations are propagated in changing the cyclical pattern of motion.

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Authors: Tamás Ágh, Katalin Gáspár, Balázs Nagy, Matthieu Lehmann and Zoltán Kaló

The objective of this study is to quantify the value of a child born in 27 EU countries and Switzerland. The Human Capital (HC) approach was used to estimate the social benefit arising from an additional childbirth. The value of a newborn child was calculated by summing up the discounted value of all expected future gross earnings of the individual, including an imputed value for household production. The estimation takes into account life expectancy and the probability of being employed or in household production by age-groups. Input data was obtained from Eurostat and the Human Mortality Database. In 2012, the purchasing power parity adjusted present value (PV) of a newborn child was EUR 108.4 thousand in Bulgaria and EUR 803.6 thousand in Denmark. By applying the actual exchange rates, the difference between the lowest value (EUR 48.8 thousand in Bulgaria) and the highest value (EUR 1.1 million in Switzerland) was increased. The PV was highly sensitive to the discount rate. The fertility interventions are expected to gain popularities among other health priorities as a tool to counter generation ageing. However, in order to enhance fertility among other health priorities, policy-makers must take into account the full social value based on the local estimates.

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