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The article investigates the research of two most popular rankings of country competitiveness: The Global Competitiveness Report (published by The World Economic Forum) and The World Competitiveness Yearbook (published by The International Institute for Management Development). The difference in constructing the research was shown and the consequences of conclusions. The recommendations were introduced how to interpret rankings objectively.
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Periodic performance measure should be goal-congruent: it ought to motivate managers to achieve firm's goals, including its ultimate goal, i.e. NPV maximization (owners' wealth maximization). It should also be controllable and simple. There is a measure especially promising in the field of congruity—residual income and its most popular variant, economic value added (EVA). One can distinguish three versions of EVA using three different methods of depreciation: EVA based on book depreciation (EVABV), EVA based on annuity depreciation (EVAANN) and EVA based on economic (present value) depreciation (EVAPVD). First version—EVABV—offers so called weak goal-congruence, second one—semi-strong goal-congruence and finally there is strong goal-congruence in the case of EVAPVD (with IRR as discount rate). In practice the difference in the level of congruence between EVABV and EVAANN is relatively small. They are also equally controllable because they do not include expectations concerning future performance. EVAPVD is much less controllable because of its dependency on expectations via economic (market) values. From the point of view of simplicity, EVABV is the most preferable version. EVAANN and EVAPVD are much less practical. Ultimately, it seems that EVABV can offer the most beneficial proportions of congruity, controllability and simplicity, especially if one take into account the fact that stronger congruity can be achieved by imposing a special mechanism, e.g. bonus bank.
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REFERENCE to България в Европейския съюз – социални и икономически последици (сборник). Пловдив, ЕКИУ, 2007, 253 с.
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SCIENTIFIC LIFE: An information about the international scientific conference 'Economic Asymmetries in united Europe', held on 9-10 Novemver 2006 in connection with the 70 Anniversary of the D.A Tsenov Iconomy Academy in Svishtov.
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This paper examines the revival of political economy in various forms in the last few decades. The first part is dedicated to the evolution of the definition of the economic science to lay the foundation of a better understanding of the current use of the term “political economy”. The second part sets out a typology of the different theories and schools of political economy and relates them to certain characterization of the present day mainstream neoclassical economics. The last part of the paper focuses on one of the latest developments, the theory of public choice as a “new political economy”: methodology, analytical apparatus, major themes and findings.
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The concept of smart economy is becoming more popular in the scientific and various strategic documents. This concept is used in a wide range of contexts: the smart urban design and development, economic development, strategic planning, advertisement of the cities and branding. The research has shown that up to now there is no single, generally accepted definition of the smart economy. The absence of a clear smart economy concept among scientists, politicians and businessmen does not allow to sufficiently precisely understand the specificity of a smart economy and direct strategically targeted actions for strengthening and promotion the emergence and development of the smart economy in the city. Moreover, the problematic of smart economy is little analyzed by Lithuanian scientist, so this concept requires additional economic discussions and justifies the relevance, timeliness and novelty of analysis on this topic in Lithuania. In the article, the process of creation the economic value in the city is used as the tool to reveal the definition and key features of the smart economy. This article is the second of the articles‘ complex, appointed to the research of the concept of smart economy and it‘s conditions measurement in Lithuania. This research is funded by the European Social Fund under the Global Grant measure.
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In scientific literature, it is agreed, that the progress and development of modern economy depends on a number of entrepreneurs and their abilities, therefore a question of individual education of entrepreneurship is becoming more and more relevant. Firstly, entrepreneurship is associated with the origin of an individual, small and medium-sized enterprise. In rapidly changing economic environment, entrepreneurship as a way of economic activity, including even large organizations with stable resources, becomes important in all areas. In modern society, the importance of individual entrepreneurship’s impact in economic, social, psychological processes of development is increasing. The individual entrepreneurship helps to understand and perceive new opportunities of business development and contributes to the public welfare. In whole European Union, the entrepreneurship is perceived as a priority factor for the development of countries. Moreover, its education can form conditions for the enterpriselevel, especially when the entrepreneurship is developed systematically. However, according to the report of the state control’s state audit “The development of innovations in Lithuania” (2008), it is emphasized that “country’s system of science and education is not focused on the education of entrepreneurship and the development of innovation.” The lack of systematic approach to education of entrepreneurship becomes relevant scientific problem. The main strategic task is to find the measures how to increase the systematic education of entrepreneurship be?
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Liberalization of foreign trade and regional integration, on the one hand, and restructuring of production and adaptation to the demand on the markets of the actual CEFTA and EU, on the other, contributed to dynamic growth of foreign trade of Bosnia and Herzegovina during the period 2002-2007. Dominant mode of Bosnia and Herzegovina’s foreign trade in year 2002 was inter-industrial exchange, based on comparative advantages. At the end of the observed period this becomes intra-industrial trade. This way the rule is affirmed that in the initial phase of economic development of a country foreign trade is dominantly based on comparative advantages, and that with further development the factors of competitiveness contributing to the development of intra-industrial trade get their significance. Dominancy of intra-industrial trade is displayed in trade within actual CEFTA and EU because of adequate adaptation of Bosnia and Herzegovina’s offer for export to these markets and because of a deeper integration of production from Bosnia and Herzegovina into the chains of values of production in these groupings. In trading with other countries, inter-industrial exchange remains dominant mode of trade. In the sector structure intra-industrial exchange dominates in industries with greater degree of fragmentation, technological content, and possibility for diversification of production. Future development of intra-industrial trade of Bosnia and Herzegovina will be defined by the dynamics of transitional and reform changes on the path of integration into the EU and by the tempo of restructuring and modernization of production for needs of demands in CEFTA and EU in the phase of development lead by efficiency with investments as initiators of growth of competitiveness.
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In the paper we tried to estimate the implications and consequences of Basel II for Slovenian banking sector just before its implementation. Our survey indicates that a lot of the Basel II impacts are actually unclear to the banks and even to the regulator. The impact on individual institutions will be driven by their level of sophistication in risk management. Banks claim that implementation of the International Rating Based (IRB) approach requires large initial investments in risk management technologies from the cost perspective as well from the knowledge and data gathering. This could deter small banks from choosing the IRB approach.
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This article is focused on the analysis of those key factors of energy policy which will be the most crucial in further growth of competitiveness of Slovak economy. It addresses to the Slovak energy market structure, comparing its pro-duction and consumption and usage of various energy media. It concludes that it is necessary to exploit all disponible resources and to build new capacities in order to maintain long-term energy security of Slovak Republic. It emphasizes importance of nuclear energy and gas, along with energy saving and alternative resources, which could be in this strategy dominant.
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Advanced simulation and/or experimentation in virtual laboratories help to better understand the complex economic phenomena without sophisticated mathematical skills. That is useful for acquiring economic knowledge too. Economic laboratories created in Excel and STELLA for analysing dynamical behaviour of nonlinear economic models is exhibited. Such devices help to understand the complex behaviour of dynamic economic systems at least in qualitative imagina-tions. There are several cases of emergences of qualitative phenomena such as equilibrium-disequilibrium, bifurcation to orbit with several periods and/or to deterministic chaos in simple discrete non-linear systems. In order to demonstrate this, we used an example of Day’s descriptive theory of economic growth with envi-ronmental factors, and Hermann’s modification of Kaldorian cyclical growth.
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The paper provides a Central European reader with some information con-cerning the knowledge in the field of economic growth. Information on neoclas-sical growth models (the Solow-Swan model and the Ramsey model) is given. We present production functions, the dynamic equations of the models, the steady state, and transitional dynamics. We discuss three variants of the introduction of the technological advance to the Solow-Swan model and possible extensions of this model. The problematic behavior of the neoclassical models in an open-economy setup is mentioned. The paper selects the AK model, which does not exhibit transitional dynamics, and the Uzawa-Lucas model, which on the con-trary exhibits transitional dynamics, as examples of endogenous models. We discuss the modeling of the technological change and technological diffusion.
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Nowadays, the concept of clusters is being indiscriminately accepted as an im-portant path to the competitiveness of industries and spatial units. The aim of the paper is to present the concept of (regional industrial) clusters pointing to its historic predecessors. Above all, reasons that cause its ambiguity and the con-fronting attitudes of the scientific and political authorities are discussed. Based on the literature study, the problems connected with an especially free and flexible definition and delimitation of clusters are emphasized, as they may offer pragmatic and simple solutions but also cause numerous theoretical/methodological problems. The paper concentrates on problems associated with identifica-tion of clusters and choice of appropriate methodical approaches for its indus-trial and spatial delimitation. Some risks connected with the general glorification of the role of clusters in industrial and regional development without taking into account the local and regional specific features are also pointed to.
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This study is an academic accompaniment to the EU project Strengthening the social dialogue in south-eastern Europe through CSR instruments . DGB Bildungswerk, the European Metalworkers’ Federation (EMF) and the Office of Co-operation Ruhr University Bochum/Industrial Metal Union (GAS) participated in this project; the latter took over responsibility for the accompanying research effort. The project ran over the course of one year (June 2006 – July 2007). The objective of the study was, on the one hand, an improvement in the information basis with respect to economic development in the countries of south-eastern Europe: Bulgaria; Romania; Croatia; Macedonia; and Turkey (the focus of this particular article). On the other hand, the objective was an analysis of industrial relations in these same countries (to which a later article to be carried in the SEER will turn). Special attention was focused on the situation and structures in the metalworking industry.
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