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The Knowledge Economy and the Activation of Scientific and Technological Progress: Contemporary Challenges

Abstract

This article is dedicated to the problems and processes of the activation of scientific and technological progress in the context of contemporary challenges of the creation of a knowledge-based society and knowledge economy. The main focus here is on activating innovations, scientific and technological progress and creating various preconditions for the development of a knowledge-based society and knowledge economy. The contemporary processes and phenomena of innovations of scientific and technological progress and of its activation are analyzed in a complex manner; the needs for the purposeful activation and acceleration of scientific and technological progress, in particular in response to the aspirations of the knowledge-based society and the creation of a knowledge economy, are investigated in the presented material. The role and importance of innovation activities and the acceleration of scientific and technological advance in the context of the creation of a knowledge-based society and a knowledge economy are revealed and highlighted. New ideas of the search and use of synergetic effects, as well as a new theoretical approach based on the so-called universal principle of the creation of a “new quality,” are described. The results of the presented research can be used for preparing practical recommendations and methodologies that could be applied in the creation and implementation of the managerial and economic instruments and support systems aimed at the purpose of activating the processes of innovations and scientific and technological progress. These recommendations and methodolies could also be utilized in the development of international relations in the context of what is required in the creation of a knowledge-based society and knowledge economy. It is shown that the problems and processes of scientific and technological progress can be appreciated as an extremely important and viable field of scientific research on the creation and development of a knowledge economy.

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Time, Capital, and Technological Progress in the Austrian School of Economics

Abstract

The article investigates the significance of time, the nature of capital, and the role of technological progress in economic processes. The presented analysis of the three economic categories makes use of the theoretical achievements of notable representatives of the Austrian School of Economics, for whom a creative entrepreneur was the main protagonist of the interactions taking place in the economy. The above-mentioned economic categories, taken together, are for him the foundation of human activity. The time factor is of great importance for man – individuals constantly analyse historical events so as to attain success in contemporary economic reality, and in the future. Capital is the basis for economic calculation, which underpins all entrepreneurial activity. Technological progress, which happens in time and requires considerable capital outlay, is the driving force of economic growth.

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Technological Progress, Globalization, and Secular Stagnation

Abstract

After the 2008 crisis, despite economic recovery that started in 2009, the world economy has experienced a downward shift of its growth path and a consequent decline. As shown at the beginning of this paper, this shift and growth rate stagnation are totally attributable to the economic dynamics in developed economies, the USA and the EU. Explanations of this phenomenon can be divided into two large groups: explanations that belong to the demand side and those that belong to the supply side. The aim of this paper is to give a critical survey of the most important explanations for the ongoing growth stagnation in developed countries and consequently in the entire world economy. This ongoing prolonged stagnation can only be explained by looking at both, the demand and supply sides of the explanation, and particularly by taking a closer look at the interaction between aggregate demand and aggregate supply. In other words, secular stagnation manifests itself as a problem of the limitation of long run growth of aggregate demand. However, in order to explain the causes of those demand limitations, we have to undertake a careful analysis of the supply side dynamics, especially the dynamics of innovations, which bring us to circular and cumulative causation. In order to explain the numerous consequences of this stagnation and to solve some important puzzles, like the productivity paradox for example, a special emphasis is given to the analysis of deindustrialization and the consequent strange reoccurrence of a dual economy within most developed countries during the period of the IT revolution and hyper-globalization. It will also be shown that this new dual economy presents serious limitations for further technological advancement and economic development, quite contrary to the old dualism which contributed to an acceleration of economic growth.

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Productivity Development in Selected Central European Countries Measured by the Sato Production Function

Abstract

In this paper, we investigate the relationship between economic output, labour and capital in the Visegrád Four, Austria and Germany. The main objective is to determine the type of technological progress in these countries over time, specifically in the period 1995-2015. The Sato production functions (a special case of the linearly homogeneous production function) for all the aforementioned countries are estimated using linear and nonlinear techniques. In addition to the original Sato production function, we propose modifying it in using a time variable, which allows us to analyse the development of productivity over time. Based on the NLS estimates of this modification, we create isoquant maps and calculate the value of the marginal rate of technical substitution of labour for capital to identify the nature of technological progress typical for each country. We also compare the properties of both the OLS and NLS estimates. The results are quite specific to individual countries, but there is some room for generalization.

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Scientific and Technological Progress, Political Beliefs and Environmental Sustainability

Abstract

With the development of science and technology, a basically optimistic ideology of progress has emerged. This deterministic attitude has been challenged in recent decades as a result of harmful side-effects generated by the way technology and science have been approached and used. The study presented here is a part of a larger international and comparative study dealing with global/environmental issues related to political orientation, science and technology. 3 080 pre-service teachers from Finland, Greece, Sweden, Japan and Holland answered a closed-end survey instrument. The results of this study show that none of the sample country respondents identified themselves as optimists concerning the impact of science and technology on society and environment. The no-stance and the pessimistic attitudes towards technology and science seem to derive from the human and environmental costs associated with science and technology development. A strong connection was found between environmental consciousness and attitudes towards the role and impact of science and technology on society. These results indicate that society and education, in particular, should place higher critical concerns about scientific and technological issues and their relation to the development of a sustainable society.

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Development of Adult Education in Europe and in the Context of Knowles′ Study

Abstract

The presented article touches upon the idea of adult education history in Europe. It highlights the main programmes and events, which were a great contribution to the development of lifelong learning. At ancient times, adult students considered to be the prominent audience at philosophical lectures of immortal minds. After the period of industrialization and social equality, primary and secondary education became the priority topics of governmental policies. Only after WWII there appeared a need for reviewing or upgrading the already existed knowledge, nothing to say about the late 2000s with the immigration realia and population aging, adult learning takes over the prior importance in Europe. Malcolm S. Knowles was one of the scholars who had been investigating the domain in the mid 1960s and created the theoretical background for further researches. His attitude and vision of adult education process were the predictors of a new adragogical age in Europe, where student took a new central role in the education process, was encouraged to hold responsibility for the most suitable methods, that would match up with their goals, possibilities, intentions and timing. In modern society, there exists an urgent need for changes in the approaches to teaching adults, for individual work that is more appropriate for age and ensures usage of personal experience. The maturity dimension scheme presented by M. Knowles brings understanding of adult psychological inclinations, behaviour and goals that might help an andragogue to decide on methods chosen for achieving educational results. Clear determination of notions should explain and help to avoid misunderstandings on “whom should we consider an adult?” Historical approach will help to create a complex adult education development picture and motivate a researcher for further investigations.

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On The East-West Trade in Skill Intensive Tasks: Theory vs. Evidence

Abstract

In keeping with an already entrenched paradigm, international trade in tasks exerts upward pressure upon skilled workers’ wages in both home and host countries. Yet certain empirical evidence from intra-European trade shows that sometimes things occur in reverse, that is high skilled workers’ wages in home countries may decline as a result of offshoring, an outcome that looks like an inverse “maquiladora effect”. I try to show that such deviations do not fly in the face of mainstream theory but rather, they reflect the different conditions under which offshoring is performed today as compared to the ones prevailing two decades ago.

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New Factors Inducing Changes in the Retail Banking Customer Relationship Management (CRM) and Their Exploration by the Fintech Industry

Abstract

Growing levels of regulation force financial institutions to change their business models toward lower risk levels, higher capital adequacy, service quality, and more stable revenue pools. In parallel with the regulatory changes, the banks are subject to pressure from accelerated technology development and social changes. These two factors influence the behavior of customers and induce changes in the customer relationship management (CRM). Taking the example of retail banking, the factors and their impacts are explained. Additionally, a view on the FinTech industry is presented, highlighting areas where traditional financial institutions are losing market share to technology-savvy and socially oriented new ventures with exceptional CRM capabilities. The conclusion contains proposed strategic actions that need to be undertaken in order to prepare the financial services industry for managing customer relationships in the increasingly technosocial environment.

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Modern Services: Terminological Considerations and the Characteristic Features of Their Role in Socio-Economic Development

Introduction In traditional terms, the level of service development has a significant impact on the level of overall socio-economic development. The service sector contributes to the socio-economic development of a country and regions through the creation of new jobs, increased income and through meeting the needs of the residents (Illeris 1996). Changes taking place in modern economies necessitate changes in the role of services. These changes are contingent on economic processes that are the result of, inter alia , technological progress, intensifying

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Trade Openness, Economic Growth and the Vicissitude of Labor-intensive Industries: The Case of China

chanye jingzengli tisheng chulu hezai), China Industrial Economics (zhongguo gongye jingji), No. 9, pp. 37-46. Li, W., Zhang, H. (2008), The Industrial Structure Change and Technological Progress in China’s Economic Growth (zhongguo jingji zengzhang zhong de chanye jiegou bianqian he jishu jinbu), Economic Research Journal (jingji yanjiu), No. 11, pp. 4-15. Li, X.P., Lu, X.X. (2007), Structural Changes and Productivity Growth in China’s Manufacturing, The Journal of World Economy (shijie jingji), No. 5, pp. 52-64. Lin, J

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