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Mariusz Maziarz

Abstract

The paper aims to develop our understanding of the processes and mechanisms leading to economic instability. The research design and methods: the paper employs a simple game-theoretic model aimed at depicting why the mechanism connecting nonmaterial motivation of managers and the propensity of economic systems is unstable. The findings are as follows: managers, driven by the nonmaterial value of work, choose strategies that maximize the likelihood of prolonging their employment. Shortsighted CEOs may prefer strategies that offer smooth returns and an unlikely “catastrophic event.” If the unification of strategies occurs, the situation leads to a crisis and recession in the long run. The model put forth in this paper is shown to resemble the mechanism of the 2007-2008 financial crisis.

Open access

Wojciech Misiński

Abstract

This article is a continuation and extension of the lecture ‘Causes and effects of incompleteness and non-inclusion of ownership structures of contemporary capital companies’ delivered at the conference in Wrocław in 2017 and published in the Scientific Notebooks of the University of Economics (No. 493). The aim of the article is to answer the question: why the Neoclassical Theory of Markets (Main Current Economics) does not explain the causes of a number of contemporary socio-economic phenomena, in particular, huge price fluctuations, breakdowns of individual markets and as a consequence of economic crises on a global scale? This required a new, different from the neoclassical view of the series of processes and market phenomena occurring in contemporary economies as well as the verification of the Neoclassical Market Theory paradigm constituting the main core of the Mainstream Economics. These include, in particular: 1) theoretical (classical) and real ‘object (s)’ analysis of market transactions; 2) rejection of one-dimensional, neoclassical analysis of exchange processes (transactions), accepting two or even three-dimensional analysis of the exchange process (transaction); 3) analysis of exchange processes (transactions), the ‘subject’ of which are complete, incomplete or partial (and their bundles) property rights; 4) analysis of exchange processes (transactions) by complete and exclusive and incomplete and non-exclusive decision-makers; 5) analysis of exchange processes (transactions), whose ‘subject’ are partial (and their bundles) property rights in relation to virtual (non-material) ‘goods’. Taking into account that the above verification (acceptance of a different from the neoclassical paradigm of market theory) allows to break out of the circle of elegant and logical neoclassical analysis of theoretical, never and nowhere existing markets (exchange processes), and more importantly, the explanatory reasons for a series of negative, contemporary socio-economic phenomena.

Open access

Katarzyna Brzychcy

Abstract

Despite the fact that they are public institutions and that they seem to have the status quo of their functioning already established, schools are still exposed to various internal and external organisational changes. The article comes as a broad reflection on schools viewed as organisations and their environment, including activities that are undertaken in favour of development of such organisations. First, the article presents an explanation of the essence of an organisation. On the basis of some definitions provided by expert literature, schools are presented as organisations. Some particular attention is focused on the problem related to school environment in its micro- and macro-dimensions; it specifically refers to the establishment and maintenance of organisation–school relations. Theoretic considerations underlie the discussion of the essence of the presented survey and its results. The aim of the survey has been to identify entities that cooperate with contemporary schools and the environment in which such cooperation takes place and also to indicate the consequences that result from the interpretation of schools as organisations and their relations with the environment, viewed from the perspective of resources. The material for the research survey has been collected with the methods involving questionnaire forms and interviews. The results of the research come as a part of a more extensive research process.

Open access

Michał Masior and Zbigniew Staniek

Abstract

The article presents a reform that provides a regulatory framework for the legal services market, implemented as the Legal Services Act of 2007 in England and Wales. The reform was intended to systematise the institutional system of that market, to increase its transparency, to increase the role of competition and to enhance the position taken by customers at the expense of the current legal self-regulatory bodies. The reform involved development of a multi-level management structure for institutions–organisations that supervise or represent lawyers handling various market segments. A new form of functioning was provided to lawyers in order to facilitate acquisition of capital and know-how. A new package of supervisory measures was initiated and applied to operations undertaken by lawyers and their companies. The aim of this case study is an attempt at evaluating the above-mentioned reform and drawing conclusions for model operation of the legal services market. In order to achieve such an aim, the institutional change is described based on the current data about the functioning of regulators, taken from their websites. The article also refers to literature related to regulation of legal professions and the English-Welsh context. The conclusions that have been drawn prove the advisability of its implementation. For the sake of economic and social evaluation of the outcomes of the applied solutions, the dynamics of the rates describing market operation (supply, prices, demand, consumer choice) has been analysed. It has been stated that since the implementation of the reform in 2008, the accessibility of legal assistance has been increased along with the quality of legal services and market competitiveness. However, the authors of the reform have been disappointed with the scarce interest in new forms of development provided to legal companies, innovation for licensed lawyers and further increase in prices of legal services. A demand barrier has been also encountered. Despite all those facts, the value of the legal services market in England and Wales has been increased and export of legal services and the number of licensed lawyers have also grown. Furthermore, the reform has already found its followers in other countries.

Open access

Abdullah Saeed S Alqahtani, Hongbing Ouyang and Adam Ali

Abstract

This study investigates if the changes in economic policy uncertainty in the U.S. can explain the returns on stock markets of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates. The study also examines how the stock market returns of the six GCC countries respond to the changes in economic policy uncertainty in the U.S. The results demonstrate that changes in economic policy uncertainty in the U.S. are not significantly linked with the returns on all the stock markets except Oman stock market, which shows a statistical significant negative relationship with the changes in economic policy uncertainty in the U.S. Controlling for the effects of the U.S. stock market and oil price, returns on all the six GCC markets including Oman show insignificant coefficients. The returns on all the stock markets do not respond to the changes in economic policy uncertainty. The results of Granger causality tests show that the changes in economic policy uncertainty in the U.S. do not cause the returns of all the six GCC stock markets.

Open access

Adam Koronowski

Abstract

The paper analyzes possible policy and institutional responses to underconsumption, which is viewed as an effect of a specific market failure. Microeconomic rational decisions to keep labor costs low, resulting in suboptimal macroeconomic outcomes. Traditionally, constraints arising out of deficient demand have been corrected with expansionary fiscal and monetary policies. These methods have ceased to be effective and viable. Alternative measures should be targeted at changing income distribution; low labor income is the reason for underconsumption. Such measures (progressive income tax, stronger labor unions) would probably not gain any acceptance of entrepreneurs, even though, in principle, they should boost business activity. Non-confrontational solutions are beyond the reach of economic policy but an informed democratic debate might lead to a desirable compromise.

Open access

Jacek Borzyszkowski

Abstract

The aim of the article is to present the significance of neighbouring countries in the structure of inbound tourism for the member countries of the European Union. In order to achieve this aim, some secondary materials presenting the volume and the structure of tourist traffic in the analysed countries have been referred to. The structure of the article allows the Author to provide a detailed analysis of the particular problems in the discussed field. Firstly, a review of scientific literature on tourist traffic and the significance of neighbouring countries for inbound tourism is provided. The next part of the text presents the countries adjacent to the European Union member states. Subsequently, the significance of these destinations is indicated, due to the data that present the structure of inbound tourism. It transpires that in most analysed countries, their neighbouring states come as a significant - and often even the most important - segment in inbound tourism. Furthermore, neighbouring countries often take the top positions on the list of the countries the citizens of which visit particular destinations most frequently. The analysis of the structure of inbound tourism in Poland in the years 2012-2016 also indicates that the neighbouring markets form the most important segment, regardless of some changes that took place during the analysed time period. Due to the review of some relevant documents, it is indicated (on the example of Poland) that neighbouring countries are often of priority significance in the assumptions and development plans for tourism, although the ranks of the particular countries can be different. On one hand, the considerations presented in the article allow the Author to evaluate the significance of neighbouring countries for inbound tourism in the particular countries; on the other hand, they indicate the necessity of including these countries into the tourism policy, along with promotion activities undertaken in the foreign markets.

Open access

Konrad Hryniewicz

Abstract

The article presents three studies about saving money described as a routine behaviour and a way of life. The results underline the role of perceived risk, benefits and self-efficacy as motivational variables affecting savings and the meaning of strategies in action control that facilitate the intention to save and maintenance of saving behaviour. The mechanisms of control tested were action planning and coping with problems, monitoring of saving behaviour, maintenance of self-efficacy and its recovery after setbacks. The first study, using structural equation modelling, presents the meaning of motivational variables in the prediction of intentions and the mediating role of action control functions in explaining the relationship between intention and savings (N=227). The second study in the experimental arrangement confirms the beneficial influence of the same variables on financial decisions in unforeseen savings opportunities (N=460). The final study shows the beneficial results of a cognitive training session, which was focused on inducing motivation and raising the level of action control in the area of saving. These studies explain the motivation to save and maintenance of saving behaviours, which lead to consistent and sustainable saving actions.

Open access

Gabriela Misiura and Małgorzata Rozkwitalska

Abstract

The aim of this study was to show the relationship between the level of the confidence indicator and the innovation of the economies of individual Scandinavian countries in the context of the new institutional economy (NEI). Literature studies and analysis of available results of social research indicate the importance of formal and informal institutions in Denmark, Sweden, Norway and Finland in making these countries world leaders in innovation.