The Future of EU Cohesion Policy. Endogenous Development – Added Value of Intervention – Regulatory Frameworks

The successful operation of the regional development – or cohesion – policy of the European Union has a strategic importance from the point of view of the whole integration process. Strengthening economic, social and territorial cohesion and decreasing disparities between member states and regions are not only one of the main priorities of the integration, but at the same time these are justified expectations of the people living in the member states of the union. The cohesion transfers should be spent on those factors which have the biggest contribution to the improvement of development prospects and competitiveness in the given regions. Theories on regional development have controversial conclusions about the long-term formation of development disparities. However, it has become evident that successful development policies are based on endogenous factors, innovation and well-functioning institutions. After examining theoretical considerations and regional disparities the study analyses the impacts of EU regional policy and evaluates the main elements of the proposed regulatory frameworks for the period 2014-2020.

The importance of meta-economics

E.F. Schumacher was one of the first scholars who recognized the crucial role of metaeconomics. In his "Small is beautiful" he writes: "The science of economics is 'so prone to usurp the rest' … because it relates to certain very strong drives of human nature, such as envy and greed. All the greater is the duty of its experts, the economists, to understand and clarify its limitations, that is to say, to understand meta-economics." (Schumacher, E. F. 1973: p. 38) Meta-economics is the basic assumptions about the subject-matter, value-orientation and methodology of economics. (Zsolnai, L. 1991) The paper attempts to reconstruct the metaeconomic foundation of mainstream economics and that of alternative economics initiated by Schumacher. It shows how the emerging alternative economics transcends the erroneous metaeconomic assumptions of mainstream economics by considering the total economic process, choosing sustainable livelihood as basic value-orientation, and employing a constructive methodology.

Dematerializálódás az értékteremtésben (Demate value creation)

Napjainkra az értékteremtés tényezőiben hangsúlyeltolódás ment végbe a korábban túlnyomó részben tárgyalt tárgyiasult elemekről a tudásalapú, kézzel megfoghatatlan, immateriális elemek felé. Az értékteremtés forrását alkotó erőforrások dematerializálódása, azaz az immateriális erőforrások szerepének növekedése már az 1990-es évek második felétől ismertté vált a nemzetközi szakirodalomban, azonban az érték és az értékteremtési folyamat immateriális elemeiről csak a XXI. században kezdődött vita. A szerző vizsgálatának középpontjában az értékteremtés koncepciója és az ebben fellelhető immateriális elemek állnak, kihangsúlyozva a dematerializálódást. _____ Nowadays we can realize a shift in the focus of value creation from the formerly well discussed tangible factors to the knowledge-intensive, immaterial, intangible factors. The dematerialization of resources, which is the phenomena of growing importance of intangible resources, is known from the second half of 1990’s in the literature, but the discussion from the intangible elements of value creation began only in the beginning of the 21st century. The concept of value creation and its intangible elements are in the focus of the paper as the emphasis of dematerialization.

Changing visual value of deciduous species in the climate change

The article deals with the changing visual value of deciduous species. Due to climate change, the climatic patterns found on the plants’ growing area may change. Therefore, foliage of deciduous trees changes itscolor in the fall season witha different timing and intensity. This shift can modify the functional, ornamental and ecological value of these plants in the fall season, which is of special interest in the context of landscape design. However, this effect of climate change hasn’t been examined in terms of landscape architecture yet.In the article we are looking for deciduous species that can be appropriate subjectsforresearch, we are giving suggestions for choosing the right location for a future research and proposing available resources of satellite images, that can provide the basis for evaluation of leaf coloring. We also review already existing methods for calculating the degree of fall leaf coloring.We propose a novel method of satellite image processing to evaluate the coloring of a stand. Leaf Coloring Index (LCI) shows the leaf color’s relation to the color realms. LCI is appropriate for setting up a phenological model based onclimate data in a future research. Based on future climate models, the change of the examined stand’s visual value can be predicted. The results might affect the future use of plant species in landscape architecture.

A beruházási projektek aggregált tőkeigénye = The Aggregate Capital Needs of Investment Projects

A tanulmány abból indul ki, hogy a beruházási projektek értékelése során egyidejűleg szükséges figyelembe venni a projektben lekötött tőkét és a lekötési időt mint jövedelemtermelési lehetőséget. Definiálja a projekt aggregált tőkeigényének fogalmát és megszerkeszti a vonatkozó mérőszámot. Az aggregált tőkeigény új vállalatgazdasági kategória, mely a beruházási projektek értékelésének egy új megközelítését teszi lehetővé. A projekt aggregált tőkeigénye azt a tőkeösszeget jelenti, mely a projekt működtetéséhez annak teljes élettartama alatt szükséges. A három meghatározó tényező: a kezdőtőke, a megtérülési idő (illetőleg az élettartam) és a megtérülés gyorsasága. A számszerűsítéshez minden évre vonatkozóan meg kell határozni az adott évben lekötött tőkét, ami az adott évig még meg nem térült tőkerészt jelenti, majd ezek összegzése révén adódik az aggregált tőkeigény. A mértékegység egységnyi tőke egyévi lekötése. A tanulmány az összefüggések modellszerű levezetése mellett gazdag példaanyagot is tartalmaz. Az elemzés bővíti a nettó jelenérték tartalmára vonatkozó ismereteket, rávilágít az aggregált tőkeigény ismeretének fontosságára mind a nettó jelenérték, mind a belső kamatláb esetében. _____ The starting point of this paper is that in the evaluation process of investment projects necessary to take into account simultaneously the tied-up capital and tiedup time as the income-generating potential. For this, it defines a special content of aggregate capital needs of investment projects, and elaborates an index. The aggregate capital needs is a new business economics category, which provides a new aspect to evaluate investment projects. This means the amount of capital needed for the operation of the project during its full duration. Three factors determine the aggregate capital needs for investments projects. These are the amount of initial investment, the payback period (or the duration) and the rapidity of capital payback. The solution is to sum up the yearly tied-up capital, that is, the notreturned parts of the capital for each year. The measurement unit is one unit tied-up capital for one year. The paper formulates the main relationships as models and by way of explanation presents some examples. The analysis highlights the importance of considering the aggregate capital needs furthermore widens knowledge regarding the net present value and internal rate of return.

Knowledge and innovation as value drivers in professional services firms: an empirical research in Central and Eastern Europe

The purpose of this study was to investigate empirically the role of knowledge and innovation within Central and Eastern Europe’s changing economy. We applied qualitative research methods, and focused only on professional services firms within the region. The connection between knowledge and innovation as well as knowledge and competitiveness was analyzed by top managers and senior industry experts. Our findings revealed that knowledge might be a real value driver for professional services firms. These companies can significantly contribute to the development of modern economies through the dissemination of their internal best practices in knowledge management. We found three factors that might influence the effectiveness of knowledge management. These three factors are the involvement of international knowledge networks, the investments in human capital, and focus on critical resources. These issues proved to be essential to maximize the potential of knowledge and to leverage this into increased business performance.