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on models they all take the metatheoretical perspective: apparatus of the philosophy of science is used to illuminate some theoretical issues in economic modelling. However, as it is common in philosophy, no agreement has been reached as to merits and

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Bradley, J. — Untiedt, G. (2007): Do economic models tell us anything useful about Cohesion Policy Impacts? Mimeo. EC (2006a): Allocation of 2005 EU Expenditure by Member State . Various issues. European Commission

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Abstract  

Scientific productivity is constant as a scientist ages according to recent studies relying mainly on quantity measures of productivity. An economic model of the life-cycle productivity of scientists is presented which implies that the number of citations made to a scientist's previous work will decline with age. The implication could be consistent with the finding of constant quantity output with age if the decline in quality (as measured by number of citations per article) is large enough.

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Anti-Equilibrium (1971) was well ahead of its time in emphasising that (i) economics should draw from biology, rather than physics, as its methodological underpinning; (ii) evolutionary logic requires a different type of decision-making in simple, routine matters, as opposed to large and important decisions; (iii) the most important production processes are non-linear, with increasing returns to scale being the rule, rather than the exception in modern capitalist economies and — in conclusion — that there is no such thing as general equilibrium. In modern societies, goods and services are either in shortage (Socialism) or in a state of oversupply (Capitalism). It is either a buyers’ market or sellers’ market.

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The catching-up of the banking sector in South-Eastern Europe

A fragile development model dominated by credit growth

Society and Economy
Author: Eszter Kazinczy

The paper reviews the commercial banking sector’s development during the booming years before the current global crisis in Southeast Europe. Based on the analysis of a comprehensive dataset, a common, simplified economic model could be outlined for this period, where GDP growth has been fuelled by rapid credit growth. The latter was boosted both by foreign funding and swift deposit growth volumes. Nevertheless, beside the favourable catch-up process, the level of external imbalances, credit growth and currency mismatches raised sustainability concerns and the risk of overheating.

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This paper addresses the hottest potato of economics today, namely why the profession seems to have been lulled into a sense of false security in spite of flourishing economic models as well as subfield-knowledge in various disciplines? The embarrassing question of the Queen of England ‘why did nobody see the crisis of 2008 coming’ emblematically signalled the failure of the collective imagination of the entire profession to understand the system and its emerging patterns. The present paper can be seen therefore as a clarion call for grounding a shift towards an economics barded with the lessons learnt in complexity science in shaping modern governance.

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Over the centuries, Buddhist monks applied economic models in the operations of their monasteries to make them sustainable while also observing Buddhist principles. The large variety of economic practices observed demonstrate the creativity of monastics in acquiring the resources to support their large monasteries in a way that was viewed as compatible with Buddhist ethics embodied in the Noble Eightfold Path. Researchers have analyzed the integration of faith-based and financially related monastic needs for different countries in different eras. The Buddhist economics approach as it has been developed in the last 40-50 years aims to create an alternative worldview that challenges the main underlying assumptions of Western economics. The mainstream Western economics model is originally based on the following assumptions: rational, selfish behavior; profit-maximization; competitive markets; and instrumental use of the environment. Buddhist economics is based on a different set of assumptions: dependent origination (“pratityasamutpada”), where people are interdependent with each other and with Earth; people are aware of enlightened self-interest based on interdependence and thus are altruistic; firms care about the well-being of workers, customers, shareholders, and community; and all activities include caring for the environment. With these assumptions, the Buddhist economic model has shared prosperity in a sustainable world with minimal suffering as its goal.

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Following the success of Eugène Sue's serial novel Les Mystères de Paris a pattern emerges in the era's literary market. Sue's works provide a narrative, politico-cultural and economic model with a worldwide impact. These works created a new way of presenting a city, while also developing a type of narrative that sometimes precedes the actual urbanization of an area, thus offering ready-made panels when talking about often unfinished processes. Several Hungarian works following the same literary model were published that used the panels introduced by Sue in relation to a city early in the process of urbanization and promote a distinctly national image of Budapest. The popularity of Sue's works helped the kindred Hungarian novels become successful projects. This piece of research attempts to identify the ways in which these transnational patterns became adapted and domesticated by the earliest Hungarian urban mysteries and helped the emergence of a specifically urban nationalist sentiment.

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Kracun, D. (1991): Inflation model of a semi-command economy. Economic Modelling, 8 (4): 512-527. Inflation model of a semi-command economy Economic Modelling

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Mobility in Hungary is a relatively infrequent phenomenon of which we have mostly aggregate-level information. Here I use settlement- and individual-level data to show a more elaborate picture of the Hungarian population moving across settlements and regions between 1990 and 1999. Using a simple economic model, I estimate the probabilities of moving house both from aggregate and individual data, and look at its response to economic incentives given by geographic differences in wages and unemployment. Three main results emerge. Firstly, the flow of people does follow wage and unemployment differences as expected, although exact parameter estimates vary considerably if different data and a matching model is used. Secondly, it is confirmed that in many regions of the country there are forces at work, especially a strong trend of suburban development, driving movement against the prediction of the simple model. Thirdly temporary movers, especially students seem to be rather influential contributors to flows we observe at the aggregate level. This makes collection of specialised data or the creation of an elaborate model that takes them into account, necessary in the long term, too.

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