Bei der Analyse der rückläufigen Innovations- und Wachstumsdynamik moderner Volkswirtschaften lassen sich neben ökonomischen Ursachen auch kulturelle bzw. ethische Einflussfaktoren feststellen. Edmund Phelps hat in seiner Theorie zur Innovationsfähigkeit der Marktwirtschaft die Bedeutung...

During the second half of the twentieth century economists have build newer models of economic growth that consider policy influences of growth and divergent outcomes among countries. These models address issues concerning economic growth, operation of financial markets, trade policy, government...

Although many economists do a serious and respectable work, main stream economic theory contains an almost complete disregard for the importance of social, cultural and political structures which are the very foundation of the society. Worse than that, such disregard is developed into arrogance...

Proponents of minority shareholder protection state that national legal institutions protecting small investors boost stock markets and, in turn, long-term countries' performance. In this paper, we empirically challenge this argument. We perform three-stage least-square estimation on a sample of...

There is no doubt that intellectual property should be protected because it is particularly vulnerable to "stealing". However, under the law for some time this "protection" is used to make profit by "Not Practicing Entities" - (the NPE's) also called Patent Trolls. Activity of Patent Trolls...

The present study investigates the relatively successful development of the homegrown IT industry in Poland since the early 1990s. The case is theoretically interesting because it runs counter to the dominant perspective on the economic systems in postcommunist Central Europe, which emphasizes...

This paper argues that the traditional societal contract that underlies the market economy has run its course and needs to be replaced by a new contract, based on a new conception of the "empowering economy." Whereas different societal contracts are relevant to different societies, there must be...

Bei der Analyse der rückläufigen Innovations- und Wachstumsdynamik moderner Volkswirtschaften lassen sich neben ökonomischen Ursachen auch kulturelle bzw. ethische Einflussfaktoren feststellen. Edmund Phelps hat in seiner Theorie zur Innovationsfähigkeit der Marktwirtschaft die Bedeutung...

This paper introduces state-owned enterprises into an endogenous-growth model with an expanding variety of inputs. It shows that, if state firms are less efficient than private firms in organizing labor and also in adopting new technology, the rate of innovation and, hence, also the rate of...

A very well established economic literature maintains that State-owned enterprises (SOEs) are inefficient comparatively to privately-owned ones (POEs). In this paper we argue that SOEs' ine fficiency is not due to the State ownership per se, rather it is caused by some conditions other than...