Authors:Sylwester Białowąs, Tomasz Potocki and Anna Rogozińska
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.
Is Europe becoming the world’s leading knowledge-based economic area of the world, as European leaders planned at their Lisbon meeting in 2000? In this article, we analyze the Lisbon performance of the countries of the European Union from a long-term, structural perspective. We examine performance in the Lisbon indicators by factor analytical means. To measure progress, we observe contradictions between some of the indicators, chosen by the member governments and the European Commission. Finally, we conclude that only a Schumpeterian vision of capitalism as a process of “creative destruction,” or rather “destructive creation,” can explain these contradictions, which we empirically reveal in this analysis, and which beset the “Lisbon strategy” from the very beginning. European decision-makers often seem to be unaware of these underlying contradictions, which is why the goal of our paper is to clarify the processes involved. In Schumpeter’s elitist-conservative visions of society, the decay of values in the capitalist society was an all-important element in his pessimistic theory developed in “Capitalism, Socialism, and Democracy”. For Schumpeter the disappearance of the enterprising, male-dominated capitalist family was a critical element in his theory. But it is not the disappearance of the enterprising capitalist family that threatens the future of capitalism in Europe, but the often still existing incompatibility of work and family life, which explains more than 60% of the Lisbon process failure.
With the growing environmental crisis affecting our globe, ideas to weigh economic or social progress by the ‘energy input’ necessary to achieve it are increasingly gaining acceptance. This question is intriguing and is being dealt with by a growing number of studies, focusing on the environmental price of human progress. Even more intriguing, however, is the question of which factors of social organization contribute to a responsible use of the resources of our planet to achieve a given social result (‘smart development’). In this essay, we present the first systematic study on how migration — or rather, more concretely, received worker remittances per GDP — helps the nations of our globe to enjoy social and economic progress at a relatively small environmental price. We look at the effects of migration on the balance sheets of societal accounting, based on the ‘ecological price’ of the combined performance of democracy, economic growth, gender equality, human development, research and development, and social cohesion. Feminism in power, economic freedom, population density, the UNDP education index as well as the receipt of worker remittances all significantly contribute towards a ‘smart overall development’, while high military expenditures and a high world economic openness are a bottleneck for ‘smart overall development’.
Ever since Goldin (1995) proposed the idea that there is a U-shaped female labor force participation rate function in economic development, empirical research is stunned by the question why the countries of the Middle East and North Africa (MENA) are characterized by such low rates of female labor force participation. This gap in labor economics research is all the more perplexing since gender equality, particularly in education and employment, significantly contributes to economic growth. The research strategy of this paper is within a relatively new tradition in labor market research, initiated by Besamusca et al. (2015), which does not exclude the “religious factor” and what the authors call “gender ideology”. Our analysis of the “gender ideology” of Islamism and gender values is based on an empirical analysis of World Values Survey data. In recent economic theory, Carvalho (2013) maintained that Muslim veiling is a strategy for integration, enabling women to take up outside economic opportunities while preserving their reputation within the community. The empirical data clearly support a pessimistic view. We show that Muslim Feminism, which according to our analysis implies the rejection of Islamism and the veil, and the democracy movement in the Muslim world, are closely interrelated. Thus, it is imperative that Western Feminism develops solidarity with Muslim Feminism, and that labor economics stop excluding the religious factor from the analytical frameworks explaining low female labor force participation rates.
temporary workers and in the tax and social security treatment of employees versus independent contractors ( OECD 2018c ). 4.3 Measures to facilitate labour mobility Well-functioning social safety nets can ensure that workers who lose their jobs because of