We set up an agent-based macro-model that focuses on the consumption-saving decision. Agents do not maximize utility, but their behaviour features certain “rational” aspects of human choice based on the idea of ecological rationality. Three qualitatively different saving strategies are defined: 1, buffer stock saving (prudent and forward looking); 2, permanent income saving (forward looking without prudence); and 3, myopic saving (caring only about immediate consumption). It is found that prudent saving behaviour becomes prevalent when the selection pressure is very high, but an economy comprising only prudent households tends to accumulate capital in excess of what is implied by the Golden Rule. Lowering the intensity of evolutionary forces results in more diversity in saver types, and, somewhat puzzlingly, may be socially beneficial in some sense.
In this contribution, we evaluate the performance of the Supreme Audit Office's (SAO) audit activity in the Visegrad Four (V4) countries. We focus on the analysis of the control activities of the SAO of the Slovak Republic and we compare the results with other countries. We focused on the SAO's function control, according to the number of controls undertaken over the period 2014–2016, and evaluated an auditors's burden (the number of controls performed by one inspector). We state the positives, but also the risks of expanding the area of control over the self-government bodies, and we put forward proposals to reduce these risks. Slovakia, the Czech Republic, Hungary and Poland have the same or similar historical trajectories, cultural and intellectual values and they share common roots of religious traditions. Therefore we assume that they may display certain key similarities in institutional development, including in the area of public finance control. We review how these countries have worked in the area today, with a focus on the period between 2014 and 2016.
The paper presents the results of a research conducted in 2014–2016, aimed at characterising the milieu of the Polish academic economists with respect to their self-identification with modern schools of economic thought. Using econometric modelling, the social variables determining the theoretical choices made by the economists themselves were identified. We found that the largest group of the Polish academic economists identifies themselves with new institutional economics. Nearly half of the respondents declared their association with heterodox approaches, while only about a quarter of the respondents showed association with economic orthodoxy. Such a structure of self-identification of the Polish academic economists with schools of economic thought distinguishes it from the ones in other European countries, such as Italy and Germany.
Nowadays, global production networks (GPN) and global value chains (GVC) play an important role in the world economy intensifying the trade and production networks and resulting in products having value-added in different countries. The analysis of how many intermediate products a country imports in order to produce a product and of how many products a country exports to another country in order to produce new products draws the attention to value-added trade. In the present study, we compare the Hungarian and Polish value-added trade of chemicals and chemical products. We use the OECD-WTO data of value-added trade, which is based on an input-output table. By calculating numerous indices, we reveal that the domestic value-added of chemicals and chemical products in the two countries was relatively low and should be increased by adequate economic policy.
Can socioeconomic fluctuations explain variations in European Union suicide mortality? To answer this question, we investigate the effect of socioeconomic and demographic factors on (agespecific) male and female suicide rates using a fixed-effects technique and panel data for 15 EU countries, over a time period that leads up to, coincides with, and follows the recession of 2008. The findings show that suicide rates for young and working-age populations are more sensitive to general economic conditions than suicide rates for other age groups, and that male suicide behavior is more responsive than female behavior. In this setting, suicide rates are likely to be higher in countries with lower income, higher unemployment, higher divorce rates, and, most importantly, weaker systems of social protection. Our results, however, raise serious doubts about government involvement in crisis-related mental illness prevention and mental health promotion.
This paper examines the effects of Airbnb on the Norwegian hotel market, using correlational design and the difference-in-differences statistical method. The findings show that hotels in the regions of Norway where Airbnb is flourishing have more guests than the regions with less Airbnb activity. In addition, it seems that Airbnb has a positive effect on the hotel market in Norway. However, as the Airbnb expansion continues, and it diversifies into the ‘travel business’ and the ‘luxury accommodation’ segment, it will affect the hotel industry. How the hotel industry will respond to this threat remains to be seen, and will provide an interesting subject for future research.
What does ethics mean in human resource management (HRM)? In this paper, based on the results of action research projects conducted with the participation of 76 HR experts in five groups, we provide insights into two issues. First we identify the most common dilemma-patterns in HRM activities in present-day Hungary (dismissal, disciplinary actions, recruitment and organizational culture). Then, we move on to the reasons for moral silence as identified by HRM experts (among others, a lack of ethical knowledge, the lifelessness of the ethical institutional framework, ignorance and fear, power games and buck-passing).
The present study revolves around the question of the appropriateness of “the White Elephant syndrome” to characterise the nature of the planned trans-Baltic railway project Rail Baltica (RB) in terms of its initial financing, long-term profitability and symbolic importance. Whereas, in general, the expected outcome of the project goes well together with the EU Cohesion Policy goals, in its concrete application RB could serve as an example of the tendency of politicians and public servants to institutionally lock themselves into certain irrational choices about publicly financed mega-projects. This is what “the White Elephant syndrome” metaphor illustrates. Methodologically, this paper aims to analyse whether RB meets the common criteria of “the White Elephant syndrome” of public investments or if it can be seen as a sustainable and profitable long-term project after the initial investment.
After the serious effects of the international crisis of 2008 export activity – as a main form of internationalisation – proved to be an important element of survival and growth for small and medium sized enterprises. Recovery was especially difficult for the so-called peripheral countries, among them the Iberian, Baltic and Visegrád economies, on which this article concentrates. The observed period is between 2008 and 2016. First, a brief theoretical overview is given on SME internationalisation. Second, a literature review focuses on the export enhancing factors based on existing enterprise surveys and studies prepared after the crisis. These show that peripheral area SMEs are already similar to others regarding these stimuli, manager attitude and innovation being the most important ones. Third, statistical data are analysed to assess the significance of SMEs in employment, value added and exports. In this respect, SMEs and their pace of recovery are somewhat different in the three regions but not so distinct from the core countries. Finally, it is shown that in the post-crisis period, two main changes can be perceived: the temporary shift of exports towards non-EU markets and structural rearrangements in exporting enterprises.