The journal Gospodarka w Praktyce i Teorii (Economy in Theory and Practice) had been published by Lodz University Press and University of Łódź Institute of Economics since 1997 to 2018. Gospodarka w Praktyce i Teorii intended to serve as the outlet for academic research in the field of economy, especially application economic theories to practice. The last issue appeared in 2018.
Analysis of linear correlation of profitability with change in share price for selected exchange companies on Polish market
The presented article describes the results obtained by stochastic analysis of linear correlation of change in total assets, net profit, sales, ROS, ROE and ROA with change in share price. No correlation was found for particular stocks listed on WIG 20 for the period 2001 – 2010. Quarterly data was used.
wpływ wskaźników finansowych na cenę akcji
Copyright (c) 2011 Gospodarka w Praktyce i Teorii https://creativecommons.org/licenses/by-nc-nd/4.0
The metamorphosis of culture and creative sector in economy. European Union funding programmes and cultural aims
This article outlines the changing role of culture in modern economy. According to European examinations and researches (including the European Commission), culture is one of the biggest and most dynamically developing employers of Europe, supporting increasingly domestic economies, particularly at the regional level. According to many economists, for instance David Throsby (Professor of Economics at Macquarie University in Sydney ), countries, which are not investing in culture at the age of innovative economies cannot function properly. Culture is no longer perceived only in terms of some aesthetic values but is more often regarded as an economical motor. Moreover, the definition of culture applies now to a very broad range of activities, including creative sectors, which are using cultural resources. Culture becomes a web of different sectors. Culture has a direct and indirect impact on economy, especially in the social sphere, it may also strongly affect economic transformations of areas, characterized by low level of general investments. Furthermore, it becomes an object of scientific and economical analyses. Many European countries are demonstrating an interest in the economics and culture, Great Britain or Germany for example – adapting widely culture for economic and social purposes. However this process needs a great deal of support, it is not possible without coherent promotional and educational system, deeply hierarchical model, active participation of non-government organizations, a huge amount of plans and assistance programs dedicated to culture at the local, regional and domestic level, as well as wide non-profit social contribution into the bloom of this increasingly important branch. The idea of profitable culture should be attached to national development strategies. We should create appropriate mechanisms, changing the social attitude towards culture, harnessing informative and educational campaigns raising public awareness of the notion of National Heritage (already at the level of basic education). Long-term programs aiming cultural education are compulsory, within different aspects of its activity. Culture fulfills multiple purposes important for the economy, it stimulates : the labour market, the entrepreneurship of private, public institutions and the society, development of new technologies, tourism, development of professional qualifications (in particular shaping the idea of lifelong learning), other industries. The proportion of well-educated employees in the cultural & creative sector is significant, what was proven in British examinations. Finally, culture allows Poland to apply for a huge financial aid from the EU funds: Culture Programme, European Capital of Culture, Media 2007 Programme, Digital Libraries initiatives, Lifelong Learning Programme or Europe for Citizens project. The role of culture shouldn’t be underestimated at the time of economic chaos in Europe, when governments are deciding on budget cuts. To some extent the article is answering a question, whether the culture should undergo additional funding now, so when the national debts are growing, or it would be illogical.
Polish- Chinese economic relations after polish accession to European Union
The aim of the article is to analize polish-chinese economic relations after polish accession to the European Union structures. Studies carried out in the first part of the article concern trade rates between the two countries. Results show that polish import from China exceed export. The negative trends persist for many years and are continually deepening. From the geographical side, polish import from China flows mainly from the east coast part of China including Peking and Ningxia province. Polish export to China flows mainly to eastern and northern parts of the country. Concerning the commodity structure of the Polish-Chinese exchange, after the polish accession to the UE, polish products turned to be seen as high-quality as well as cheaper than in other UE countries. In 2009, electromechanical products accounted for more than 50% of the imported wares. Metallurgical, electromechanical and chemical products summed up to more than 76% of the polish export to China. The next part of the article analizes chinese investments in Poland and polish investments in China. In the end of 2007, chinese investments in Poland exceeded 120 mln USD. The biggest investments in Poland include building distribution center of GD Poland, Min Hoong Development company and TTL Poland – production center of TV LCD. In 2006, the polish investments in China reached 174 mln USD, investments included building Chinese-Polish Joint Stock Shipping Corporation “Chipolbrok” as well as Shanghai-Gdynia International Transportation Agency Co., Ltd. The last part of the article moved on to the topic of economic cooperation and barriers in access to Chinese market that include tariff and non- tariff barriers. To non-tariff barriers belongs: bureaucracy, weak protection of intellectual property rights as well as communication (language barrier).
The implications of the method of financing government spending in fiscal policy analyses
The impact of a government spending financing is analysed in the article. The analysis is based on Baxter and King real business cycle model. It occurred that the choice of the financing method of a government spending is crucial for the impact of the fiscal policy on the economy. The increase in a government spending financed by budget deficit decreases consumption and leisure time and increases the level of labour and production. On the contrary the increase in a government spending financed by higher taxes depended on production has a significant negative impact on GDP.
The criterion for the property in question
The concept of property is governed by law and shows the similarity of many countries. On the basis of American law in the composition of the estate includes, objects permanently connected with land or natural objects that are connected to their roots, for instance, artificial trees and objects that were created by man, such as buildings, structures. The property also includes land, minerals that are beneath the surface, and the space above the ground The definition of property in force in Poland, included in the Civil Code provides that (...)properties are part of the earth surface, forming a separate object of property (land) as well as buildings permanently connected with land or parts of such buildings, where, under special provisions are separate from the land the subject property . Buildings and parts thereof, or premises shall be property only then, when this provides a special rule. When there is no such regulation is part of building land. Properties of the component parts - that everything that cannot be removed without damage or significant change of disconnected - include: · Buildings and other devices permanently associated with the land · Land · Water · The trees standing, and other plants from the moment of sowing or planting · Mineral deposits which are not properties of SP
Bancassurance as a form of strategic alliances of companies acting on the financial market
The aim of this article is an attempt to present the bancassurance, its causes, forms and directions of development, both in Poland and Western Europe, with particular emphasis on the objectives to be pursued through the implementation of a strategy to provide integrated financial services. The analysis was performed by taking into account the current global economic situation and trends in the banking and insurance sector.
The origins of the 2007-2008 financial crisis
The 2007-2008 financial crisis is seemed to be biggest economic crisis since the Great Depression of 1929-1933. The root cause of the crisis was the collapse of subprime mortgage market. The reasons of the prior credit boom, however, are not fully understood. The main goal of the paper is to investigate the reasons of precrisis credit boom. Supply- and demand-side determinants of mortgage market are analyzed.
Determinants and the consequences of the growth of the level of the innovations of enterprises through investments in informative technologies
The development of present economies is determined in the considerable measure through the growth of the level of their informative. Investments in suitable informative technologies imply the development of the economy and raise her competitiveness. The implementation of the services of the type e-bussines, ecommerce, e-work, if e-consulting becomes the key to the economic and social success, both for regions as and the whole country. The changes of the level of the innovations of enterprises exert the huge influence on functioning whole economy, sectors, trades, if individual enterprises. The leadership of the own investigations which will contribute to the creation of unique products, inventions which can abroad be transferred is the most effective way of the enlargement of the innovation. This requires obviously system solutions, which will allow to build suitable legal frames, so the Polish scientifically-investigative potential would not to be distracted and so to the Polish searchingly-developmental centres enlarge can the innovation of different economies in the future.
Determinants of the development of small and mediumsized enterprises in Poland in the years 1990-2011
This article aims to present the analysis of the development of small and mediumsized enterprises in Poland in the years 1990-2011. Political changes to which the Republic of Poland invaded after 1989 led to the emergence of a market-oriented economies. New economic system, has discovered plenty of opportunities for enterprise development and contributed to the development of small and medium enterprises. The development of small and medium enterprises is crucial for the correct functioning of the economy and the mechanisms in place. The intention of the article is to determine the degree of development of the sector by carrying out a study on the evolution of the number of enterprises depending on the specific macroeconomic conditions. Analyses have been developed based on data from the Polish Agency for Enterprise Development, Central Statistical Office and Eurostat
sektor małych i średnich przedsiębiorstw
International standard iso 14001 series in the world and Poland - a comparison of selected environmental indicators of Lodz special economic zone enterprises
This study focuses on international standard ISO 14001 series and number of its certifications all over the world and in Poland. Statistics shows that more and more companies are nowadays willing to have their own environmental management system based on the requirements of ISO 14001 standard. The second part of this study focuses on environmental indicators. The main aim was to analyze and compare them in the global and local level. For the research there were chosen three out of twenty three companies, that obtained ISO 14001 and actually operate within the Lodz Special Economic Zone. Analyzed data shows that there is some environmental policy divergence at the global and local level.
Cyprus dispute and its impact on the integration process between Turkey and EU
Cyprus dispute lasts over 35 years. Prime Minister of Turkey Recep Tayyip Erdogan announced that Ankara would not accept Cyprus as the chairman of the council of the European Union in the second half of 2012 year, if there is no earlier agreement concerning uniting of the island. Cyprus was divided in 1974 in response to a coup made by the Cypriot National Guard on the President of Cyprus Makarios III. In 1983, The Turkish Republic of Northern Cyprus declared itself independent from the Republic of Cyprus. The country was condemned by the United Nations, and is not recognized by any countries other than Turkey. Ankara, which in 2005 started accession negotiations with EU refuses to recognize Republic of Cyprus inhabited mainly by Greeks what causes the conflict between both countries and remains an obstacle to Turkish aspirations to become the member of European Union.
Liberalization of network sectors – theoretical aspects
The paper presents selected theoretical aspects underlying liberalization processes of so-called network sectors. The author analysed thoroughly the following conceptions: the conceptions deriving from a critical evaluation of regulation mechanism (the basis of which is the public choice theory), the conception of contestable market theory and the conceptions in which arguments in favour of liberalization derive from the depletion of structural prerequisites of natural monopoly. What follows from theoretical considerations are specific conclusions for competition policy towards network sectors – separating network owner from network operators and maintaining natural monopoly only in network activity or introducing competition in other segments of network sectors (e.g. in a production or trade segment).
Evaluation of the EU regional policy in the light of empirical research
This paper deals with controversial problem of evaluation of EU regional policy. The bulk of research concentrates on estimation how the regional policy fulfilled the most important objective of this policy - reducing the existing disparities between EU regions. That is why the most popular form of assessing the impact of regional policy became measuring the convergence. This article consists of three parts. The first one deals with the empirical research on the convergence process within the EU. The second part presents the group of research which confirmed the positive impact of EU regional policy. The last part presents the examples of works which reached the quite opposite conclusions.
Economic, social and legal aspects of the construction of agricultural biogas plants in the Lodz region
Biogas is a renewable energy source which can have a significant contribution to energy production in Poland. The development of renewable energy is a priority task set by the European Union. An important factor affecting the pace of development of the biogas sector is the social aspect. In many cases, the resistance of local communities can lead to the abandonment of the plant. In addition to the financial resources needed to implement the project of the plant, such an investment needs also a series of administrative decisions. Analyzing the economic aspect of the plant are costs, payback period, cost of capital, the possibility of obtaining grants and the location of biogas, namely access to substract and their cost.
Analysis of investments in small hydro power in voivodeship of Lodz in terms of transaction costs ex ante
The article highlights the water power engineering potential and its use, including information on development of Small Hydro Power (SHP) plants in Voivodeship of Lodz. The process of investing in SHP as well as associated risk are presented in economic categories in relation to economy of transaction costs. The necessity to simplify administrative procedures was indicated.
The genesis of the concept of sustainable development and the process of its shaping through global agreements
The aim of this article is a characterization of the process of the shaping of the concept of sustainable development as well as a look at the influence that this concept has exerted on contemporary international politics, especially taking into account agreements of worldwide scope. This article is also an attempt to prove that the foundations of the concept of sustainable development can be traced to certain economic theories. The final chapter of this article is devoted to the presentation of individual conferences initiated by the United Nations in order to promote enduring and sustainable development on a world scale.
Copyright (c) 2012 Gospodarka w Praktyce i Teorii https://creativecommons.org/licenses/by-nc-nd/4.0
Functioning chosen oligopoly markets in the Poland in the aspect of the workings of the office of fair trading
The profile of some was introduced in the present article, discordant with the right workings, chosen enterprises act on Polish oligopolic markets the which became detects thanks to supervisory workings Office of Fair Trading (UOKiK). The cartel collusions which have the place on various, Polish oligopolic markets predominate the various kind in the objective catalogue of described delicts. Illegal agreements can concern the inflated price not only, but also the different elements of marketing mix tj. the product, distribution, if the promotion. The consumer from these cases, on the wasted position stands up in every one or /and competitive enterprises which are not the participants of this agreement. That is why proper workings subjects entitled to monitors, finds and limits practician monopolistic he is the key element of the existence of the free market. Last years show that the workings of UOKiK reconcile in the businesses of the dishonest businessmen who in the discordant way with the right desire to maximalize of one’s profits more and more painfully.
The influence of selected socio-economic factors on migration balance, including particular analysis for voivodeship of Lodz
The paper presents an analysis of human migration and its main economic and social factors in Polish voivodeships. The main reason of migration is based on differences in the standards of living in different locations. Important factors indicating difference are unemployment rates, average gross wages, housing conditions and access to education. This paper also presents description of econometric model – estimation results confirm correlation between migration balance and socioeconomic factors.
Economical consequences of liberalization of natural gas market in Germany
The article is about the liberalization of the gas market in Germany. It contains characteristics of main elements of the market and an assessment of the process of liberalization. There were also formulated recommendations for further research and suggestions for Poland, that is about to face challenges related to the implementation of European Union directives relating to the liberalization of the energy market.
Socio-economic situation of Albania within the context of integration with the European Union
European Integration of Albania is one of the specific and the most diffi cult process among theWestern Balkan countries. To have a complete picture of this process one should have in mind an overview of trends in the relationship between the Western Balkans and the European Union. The very important role plays also the prospect of membership of these countries for their social, political and economic situation. This article aims to present the socio-economic situation of Albania and the reforms this country should undertake to be prepared for the membership in the EU.
Selected aspects of German investments in Poland in the light of policy promoting their inflow
Germany belongs to major foreign direct investors in Poland. In order to professionally and effectively design and pursue the policy of attracting foreign investors specific knowledge seem indispensable. Firstly, decision makers shall be aware of main peculiarities of direct investments outfl owing from Germany. Secondly, they shall be familiar with some specific pattern of these investments in Poland. Such background may be regarded as a starting point for further steps aiming at attracting foreign capital, specifically the German one. Thus an attempt to identify such regularities.
BIZ – bezpośrednie inwestycje zagraniczne
Japan – corporate governance and public finance
Japan ‒ the third economic power in the world – has been for over a decade, in a state of a prolonged stagnation spreading over the domains of its economy including the banking system. Japan’s participation in the II World War resulted in a humiliating defeat. Japanese cities were completely demolished. Japanese industry and infrastructure were also totally destroyed. Yet, within the next two generations, Japan managed to succeed in economic achievements that were commonly known as “an economic miracle”. The completely ruined country, deprived of any natural resources, has become the world’s economic power, and the leader in many economic domains. The reason for is that Japanese people are characterized by strict obedience towards authorities, diligence, patience and a proper assessment of the post war political situation all over the world made by the Japanese government. Measured and systematic investments of the 60’s and 70’s of the 20th century, were carried out in traditional industries e.g.: metallurgy, textile industry, ship-building industry as well as more modern ones such as automobile and electronics industries. Good quality and reasonable prices of products soon gained popularity among external markets. During a rapid development of 1954-1971, Japan adopted an anti-import policy and closed its market for foreign goods. This policy as well as the well-thought-out strategy of development resulted in a dynamic economic development of the country. Therefore, Japan became an important Americanally in the geopolitical configuration of powers.
Use of electronic data interchange (EDI)
IT systems that use electronic data interchange standards significantly contribute to the development of companies. This is due to the possibility for increasing the efficiency of data processing, which in today's economic relations is the key to the smooth functioning of the market. The examples of companies that use EDI systems testify to the fact that the progressive computerization is a prerequisite for harmonious action, and more and more advanced solutions are highly convenient in terms of corporate governance generally understood.
Copyright (c) 2012 Gospodarka w Praktyce i Teorii http://creativecommons.org/licenses/by-nc-nd/3.0/pl/
Dual-process cognitive model and the heuristics in Daniel Kahneman and Amos Tversky's studies
The paper conducts the collective specification of fallacies in the perception of reality made by market participants. It is based on the Daniel Kahneman and Amos Tversky’s esseys and it proves that the paradigm of rationality in human behaviour is actually a purely idealistic assumption and is often not reflected in the factual decisions made by consumers. The article pointed out numerous examples of so-called heuristics and biases, which cause the wrong estimation of the probability of certain events and thus are the reason of making non-optimal choices. The studies provide the evidence that unconscious, irrational, emotional and psychological factors are crucial in decision-making situations and to make the forecasts and projections more realistic they should be taken into account in the development of econometric models, business strategies or human resources management policy.
Economy on doping, how to cause the financial crisis
The aim of this paper is empirical analysis of the Austrian theory which points that a monetary shock disturbs relative prices, such as the term structure of interest rates and leads to economic breakdown. Empirical evidence on Austrian Business Cycle is based on some economic crisises from 19th, 20th and 21st century. The paper also points out other than central bank`s monetary policy factors which affect the level of market interest rates.
Certification system „clean tourism” basic reasons for implementation
Poland, after a short recession resulting from the global crisis, again recorded growth in foreign tourist arrivals. This allows the conclusion that tourism will become in the coming years, one of the main directions of development Polish. In the wake of the development of tourism in Poland should take into account the need to increase the accommodation in hotels. This is necessary in order to fully exploit the potential of the country in this field. The hotels industry is so pro-development trend of tourism in Poland has a chance to growth. Beyond the basic offer, hotels need for additional distinguishing features compared to its nearest competitors such distinction through the use of certified sustainable solutions "Clean Tourism". The aim of this paper is to analyze the basic premises deployment decisions assumptions at the example of ecology certification "Clean Tourism" and an incentive to certify the hotel facilities.
Liberal ideas in Polish economic thought after world war two until 1970s
The essay shows how in the era of central planning ideology, Polish economists expressed the conviction of the need to respect certain ideas of liberal economics. In the first part we present ideas of Adam Krzyżanowski and Edward Taylor - writers who were active before the war and were able to continue their work in early post-war period. In the next part it has been shown views of authors taking part in discussion about Central Board of Planning and in discussion about the law of value. Czesław Bobrowski, Włodzimierz Brus, Jan Mujżel, Józef Popkiewicz, Stefan Kurowski postulated implementation of market mechanism to planed economy, but in practice never propagated abandon of central planning nor privatization of production resources.
Flexibility of the labour markets and unemployment during the crisis in the European Union member states
The goal of this paper is to compare the European Union member states regarding the flexibility of their labour markets and an essay to explain the meaning of the level of this flexibility in formation of changes that the labour market undergoes. In the article an analysis and evaluation of the flexibility level of the labour markets in the EU member states, utilising the indexes of the Employment Protection Legislation (EPL), sub-indexes of the economic freedom that concern the employees rights (labour freedom) and indexes of fiscal charge. Subsequently the shaping of the GDP growth speed, unemployment rate and work efficiency in 2008-2011 (quarterly) was presented. Also the evaluation of the mutual relations between these variables was made. An article ends with proper conclusions.
Costs and benefits of Euro adoption in Slovakia
W niniejszym opracowaniu przedstawiono historię wejścia Słowacji do strefy Euro. Przeanalizowano pierwsze efekty z przyjęcia nowej waluty na podstawie najnowszych danych z gospodarki. Celem badania było przedsyskutowanie spodziewanych korzyści, jak np. elimiacja ryzyka kursowego, spadek kosztów transakcyjnych, stabilność cen, wzrost wymiany handlowej i poprawa wiarygodności kredytowej. Te efekty oczekiwane dzięki przyjęciu euro zostały skonforntowane z bieżacymi danymi z rynku. Ostatecznie postawiona została hipoteza, mówiąca, że pozytywne efekty z przyjęcia nowej waluty są głównie skutkiem tego, że Słowacja jest małym krajem. Metodologia użyta w niniejszym opracowaniu oparta jest przede wszystkim na krytycznym przeglądzie literaturowym najnowszych publikacji.
GDP fluctuation and changes in consumption. The analysis of selected EuropeanUunion’s countires
The turn of century was full of dynamic and multi-dimensional changes in the global economy. The most spectacular phenomena may include financial crises. They exerted influence not only on the economy, in which they appeared, but as a result of deepening of globalization spread "infecting" others. The purpose of this article was an attempt to find similarities in the dynamics of changes in production and global demand that characterized the economy of selected European Union countries. From the viewpoint adopted for the choice of test method. Information on the selected countries were gathered by analysis of statistical data. The starting point was to show the dynamics of gross domestic product (GDP) in selected countries and to find similarities between them. In the next section, attention was focused on the changes in the component of aggregate demand: consumption and particularly on its correlation with the rate of change of GDP. For analysis and comparisons were selected following the economy: the economy of the European Union (represented by the euro area) and the economie of Central and Eastern Europe. For countries - representatives of Central and East European adopted mainly due to historical and geographical reasons, apart from Polish, Czech, Hungary and Slovakia. Completed a brief summary of the article indicating that the main conclusions of the analysis.