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The aim of the research in this paper is to analyse the issue of the treatment of the category of technological changes within the main aspects of economic growth theory. The analysis of the key positions of neoclassical theory (Solow), endogenous approach (Romer), and evolutionary growth theory (Freeman) advocates has pointed to the conclusion that these approaches agree on the fact that the category of technological changes is a key generator of economic growth. Neoclassicists were the first to explicitly analyse the category of technological changes in growth theory. They exerted a strong influence on a large number of governments to allocate significant funds for scientific and research development, to stimulate the creation and diffusion of innovation. Supporters of endogenous theory also see the category of technological changes as a key driver of economic growth. Unlike neoclassicists, they emphasise the importance of externalities, in the form of technological spillover and research and development activities, for the creation and diffusion of innovation. Finally, evolutionary and institutional economists explore the category of technological changes inseparably from the economic and social environment in which they are created and diffused. Recommendations of this research can be of particular use to economic growth and development policy makers in the knowledge economy, whose basic and substantial feature is the so-called fourth industrial revolution


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.


Economic theory recognizes the importance of the firm’s balance sheet channel. This stands in stark contrast to the neoclassical theory of investment. This paper analyses the response of firms to the economic crisis in the sample of Croatian firms. Our main variables of interest are investment and employment. We estimated the OLS model that accounts for a heterogeneous response to the crisis shock of differently leveraged firms. The empirical model is augmented so that it accounts for industry and county effects. The robustness checks are performed for different dependent as well as control variables and interactions. The results strongly and robustly confirm the importance of the firm’s balance sheet channel.


Present article places in the center of attention finance as a science, which examines all relations of distributive and redistributive nature between different economic actors related to the formation and use of monetary resources and funds. Finance has a relatively long history of development, with ongoing substantial transformation. The results of generalization of related studies show that there are three periods in the genesis of finance as a science. First is the scientific status. Second - is related to the transition to the scientific process. The third is the scientific or rational. The fourth period is related to the formation of the neoclassical theory of finance. This transformation takes place so far under the influence of a new factor related to the establishment of the post industrial type economy. Equally important was the process of internationalization and then - of globalization. Last has a double impact. On one side, there is the consolidation of the financial system scientifically accepted as the single global vision on different areas of financial sciences. From the other hand, there is the process of adaptation and development of scientific concepts under the influence of new financial and economic conditions imposed by the superlative form related to globalization. The development of the financial sciences is also related to the need to solve a large complex of important problems of a financial nature, which will ultimately lead to the change of the global financial picture.


The basis of neoclassical theory of fiscal policy is the significant rationality of economic subjects. Rationality results from the ability of these entities to optimize their decisions within a long time horizon, taking into account the activities of other entities, for example Government. An important economic entity is also municipalities and cities as representatives of local self-government. In most countries, fiscal decentralization has taken place in relation to local self-government which aim was reducing the local government's dependence on the state's financial management. Nevertheless, the state's incomes are still identifying as an important part of local budgets. The objective of the contribution is to evaluate the tax incomes of municipalities on the basis of selected indicators in the conditions of the Slovak Republic and the Czech Republic in the period 2009 - 2016. The basis for the analysis was cumulative data from municipalities in the Slovak Republic (2 890 municipalities) and cumulative data from municipalities in the Czech Republic (6 271 municipalities) processed in MS Excel. The analysis showed that incomes from tax of personal income represent on average over the analysed period 70% on tax incomes for municipalities in the Slovak Republic and 22% on tax incomes of municipalities in the Czech Republic. Within the structure of the current incomes of municipalities in the Slovak and Czech Republic, tax incomes represent an important component. At the level of municipalities in the Slovak Republic tax incomes represent on average over the analysed period 53% on total current incomes of municipalities and in municipalities in the Czech Republic tax incomes represent 52% on total current incomes of municipalities. Within the analysed period, we register a faster increase of the total current incomes in the municipalities in the Slovak Republic in comparison with the municipalities of the Czech Republic.

with floor determined by capital stock, Journal of Economic Behaviour and Organization, forthcoming, 56, pp. 331-348. Puu, T., Gardini, L., Sushko, I., (2010). Regular and chaotic growth in a Hicksian floor/ceiling model, Journal of Economic Behavior & Organization, vol. 75, pp.77-94. Samuelson, P. A., (1969). Classical and Neoclassical Theory. In: Monetary Theory, edited by R.W. Clower, Penguin Books, London. Samuelson, P. A., ([1939], 1966). Interaction between the Multiplier Analysis and the Principle of Accelerations, (Chap. 82, in: The Collected Scientific


different directions, and this direction is time varying. The second paper, entitled “Testing Trade-Off Theory and Pecking Order Theory under Managerial Overconfidence” is by Elżbieta Bukalska. This study represents a relatively young trend of research named behavioral corporate finance in which psychological factors of managers are taken into account in order to explain various corporate decisions. The paper challenges the neoclassical theories of corporate capital structure and search the pattern of financing decisions of overconfident managers. The study is based on

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Empirics: A panel data approach. The Quarterly Journal of Economics 110 (4): 1127–1170. Knight, M., Loayza N. and Villanueva D. 1993. Testing the Neoclassical Theory of Economic Growth: A panel data approach. Staff Papers (International Monetary Fund) 40 (3): 512-541. Lucas, R.E. Jr. 1988. On the Mechanics of Economic Development”. Journal of Monetary Economics 22: 3-42. Mankiw, N. G., Romer, D., and Weil, D. N. 1992. A Contribution to the Empirics of Economic Growth. Quarterly Journal of Economics 107 (2): 407–437. McKinnon, R. I. 1973. Money and Capital in Economic

Variables on Poverty in Iran (Application of Bootstrap Technique). Theoretical and Applied Economics . Vol XXI. No.5(594). 85-96. 49. King, R., and Levine, R. (1992). Financial Indicators and Growth in a Cross-Section of Countries. World Bank Working Papers . WPS 819. Washington D.C. 50. Kight, M., Loayza, N., and Villanueva, D. (1993). Testing the Neoclassical Theory of Economic Growth: A Panel Data Approach. IMF Staff Papers , 40(3), 512-5.41 51. Knack, S. (2002), “Institutions and economic performance: property rights and contract enforcement,” IRIS homepage. http