<abstract xmlns="http://www.w3.org/1999/xhtml">This paper adopts a neoclassical framework to study the effect of age composition of the working-age population on labour productivity and its determinants, based on an unbalanced panel of 64 non-oil-producing countries, over the period 1950-2017. Our first contribution comes from testing whether a shock in age structure has the ability to permanently shift labour productivity dynamics. From methodological standpoint, we try to reduce the risk of model mispecification in the existing literature, that has often overlooked the possibility of cross-sectional dependence in the data and heterogeneity in slope coefficients. We also note the importance of time series properties of the data for valid statistical inference. Our results indicate, that ageing of the working-age population depresses labour productivity growth; negative impact of individuals aged between 55 and 64 on total factor productivity growth is only partially offset by its positive impact on human and physical capital accumulation. For sustaining the current level of living standards, adoption of policies, which forestall the negative impact of older workers on innovation process and promote their positive impact on the supply of production factors, is of crucial importance. We do not find evidence, that higher public spending on education in% of GDP has such an effect.</abstract>

Workforce Ageing and Labour Productivity Dynamics

<abstract xmlns="http://www.w3.org/1999/xhtml">The aim of this paper is to identify and categorize the perceived risks that Hungarian consumers connect with online purchasing. The research is based on empirical data collected via a questionnaire and analysed with statistical software. The applied exploratory factor analysis identified five risk categories connected to online purchasing: perceived after-sale risk, perceived data security risk, perceived delivery risk, and perceived product risk. The fifth risk factor seems the most characteristic to Hungarian customers, who are wary of the possibility of online vendors selling fake products on the Internet. The results offer valuable information to companies engaged in online vending concerning the risk factors Hungarian consumers associate with online shopping. One limitation of this study is that it does not evaluate risk-reducing strategies.</abstract>

Alexandre Lamfalussy Faculty of Economics, Institution of Business Studies

Consumer Perceived Risk by Online Purchasing: The Experiences in Hungary

<abstract xmlns="http://www.w3.org/1999/xhtml">The main aim of this contribution is to outline the role and importance of key performance indicators in the frame of Industry 4.0 implementation. These key performance indicators are presented as a cornerstone for industry 4.0 implementation in organizational practice, since they represent key input for needed data in digitalized organization. In that framework, the contribution first exposes some of the essential characteristics of “Industry 4.0”, followed by the methodology of key performance indicators (KPI). Next, the contribution outlined a proposed methodology for implementing KPIs in frame of Industry 4.0 adoption in organizations. Another section of the paper is dedicatd to the linkage between corporate social responsilbty and KPIs in frame of Industry 4.0. The paper also outlines implications, limitations and further research directions are outlined.</abstract>

Key Performance Indicators and Industry 4.0 – A Socially Responsible Perspective

<abstract xmlns="http://www.w3.org/1999/xhtml">The purpose of this article is to highlight the importance of investments into competencies. The identification of competencies should belong to the strategic goals of any socially responsible society. The right competencies are a crucial precondition for a functioning labour market in times of digitalisation and technological changes: for good economic performance as well as to ensure lifelong productive and inclusive individuals. Relevant skills and competencies should respond to labour market needs as well as to economic requirements. The approach to this study is linked to the practical deficiencies of ineffective competency management in Slovenia and its consequences. The methodology combines study of theoretical models and specific skill framework in selected countries with chosen policies. The findings confirm that educational paths in Slovenia are not aligned with the economy requirements. Competencies do not correspond to actual industrial policy priorities. The article identifies the reality of competency policy in Slovenia and governance gaps in comparison with EU and OECD countries. It focuses on foreseen skills challenges and skills forecasting needs. The article offers solutions and policies for better skills matching and further reflections on more co-ordination and governance between educational policies and competency requirements in the economy. One limitation of this study is the variety of policies in countries, hindering the transferability. Nevertheless, the article tackles skill and competency challenges, which are common in most of the countries and require actions.</abstract>

Competency Management, Coordination and Responsibility in Slovenia

<abstract xmlns="http://www.w3.org/1999/xhtml">One of the biggest challenges facing the education system in Bosnia and Herzegovina is bridging the gap between the current state of higher education and the demand for research, innovation and a robust STEM (Science, Technology, Engineering, Mathematics) curriculum. Higher education instiutions (HEIs) face poor R&amp;D infrastructure while companies struggle with limited resources and the lack of internal researchers, all of which affect their capabilities to utilize university knowledge and research that will lead to further collaborations and innovations in STEM. Universities are primarily seen as a source of future employees as well as as a source of knowledge and innovation. This study aims to provide an overview and systematic analysis of the current state of scientific and research infrastructure and human resources in public and private universities located in the Sarajevo Canton region. This is done by using primary data collected through semi-structured interviews and a self-reporting comprehensive questionnaire in order to identify areas where further reforms and investments are needed. An analysis of the secondary data sources, such as current strategic documents and the existing assessments of education, was conducted. Consequently, this study offers several practical implications, including policy recommendations in areas such as higher education, research infrastructure and academic excellence, cooperation with the private sector, and IT infrastructure improvements.</abstract>

STEM on Demand – Can Current State of Higher Education Infrastructure Meet Expectations?

<abstract xmlns="http://www.w3.org/1999/xhtml">The development of Internet technology (IT) at the end of the 20th century and its integration into the business sector has led to the emergence of digital labour platforms that provoke a reorganization of work arrangements by matching the demand and supply of goods and services, known as the “gig economy”. The “gig economy” stands for economic activities or work arrangements related to the performance of very short-term tasks facilitated by digital platforms and can include freelance work, temporary work, work on-demand and contract work. Our paper focuses on the new, growing workforce of freelancers. Freelancers belong to the self-employed category of entrepreneurial activity who do not employ workers, who pay their own taxes, work on projects, work for several clients, and work remotely, usually from home. According to various sources and findings, they are also referred to as entrepreneurs, solopreneurs, digital micro-entrepreneurs, hybrids of employees and entrepreneurs, enablers of entrepreneurship, potential entrepreneurs, etc. The purpose of this paper is to examine the relationship between freelancers and entrepreneurs. The paper will use a literature-review approach to highlight the similarities and main differences between freelancers and entrepreneurs and to find an answer to the question whether freelancers can be considered entrepreneurs or not. In addition, the paper provides insights into freelance work and highlights the benefits and challenges that freelancers face in the labour market.</abstract>

Entrepreneurship vs. Freelancing: What’s the Difference?

AHEAD OF PRINT

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Naše gospodarstvo/Our economy

 Naše gospodarstvo/Our economy – Journal of Contemporary Issues in Economics and Business (NGOE) is a quarterly, double-blind peer reviewed international scientific journal, focusing on economics and business sciences. Scientific articles and review papers provide new insights into the research topics of both disciplines. The journal aims to provide a venue for high quality theoretical and empirical articles that significantly contribute to the disciplines of economic and business sciences.   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