Carbon pricing: theory and practice

Carbon pricing policy is a fundamental humanly devised theoretical and practical cornerstone in the fight against climate change. It involves short term and long term policies, theoretical and practical considerations. A quantitative global stabilisation target range for the stock of greenhouse gases in the atmosphere is needed, because it is an important and useful foundation in the shaping of a comprehensive climate pricing policy. A global stabilisation target range is obviously a long term policy to control climate change and events ensuing excessive increase in temperature. Setting long term objectives in the fight against climate change are substantial in avoiding catastrophic consequences therefore short term policies, which aim advances in emission reductions, have to be consistent with the pre-defined long term stabilisation goals. Short term policy reaction means using price-driven instruments like taxes and tradable quotas. These instruments allow broad flexibility in the parameters of emission reduction, and provide opportunities and incentives wherewith the cost of mitigation and abatement can be kept down. Taxes and tradable quotas give the flexibility in how, where and when emission reduction can be accomplished thereby reaching agreements between states and companies may result an appropriate and environment-conscious emission scheme, that can fit into the long term objectives.

A kivonulás-tiltakozás-hűség fogalomhármas közgazdaságtani relevanciája a 21. században = The relevance of "exit, voice and loyalty" theory in 21st-century economics

A dolgozat a politikatudomány és közgazdaság-tudomány határán álló kivonulás-tiltakozás-hűség modell lényegét járja körbe. Az Albert O. Hirschman által felépített gondolati keret szemléleti frissessége és sajátos megközelítési módja rendkívül termékenyítően hatott az elmúlt évtizedekben a társadalomtudományok fejlődésére. Mégis viszonylag periferikus helyet foglal el a közgazdaság-tudományon belül, miközben például a rendszerváltás és az azt követő társadalmi feszültségek megjelenése szempontjából is sokoldalúan használható fogalmi keretről van szó. A válság indukálta turbulens környezet még inkább rávilágít arra, hogy ma is időszerű perspektívát kínál a hanyatlás politikai gazdaságtana, azaz hasznos elemzési kapaszkodó nyújt az úgynevezett Hirschman-trilemma a társadalmi és gazdasági folyamatok értelmezéséhez. ________ The article concerns the "exit, voice, and loyalty" concept, which straddles the border of political science and economics. This theoretical framework, invented by Albert O. Hirschman, has exercised a fruitful influence in the social sciences in the last few decades, through its fresh features and original approach. However, it holds a peripheral position in economics and plays an undervalued role in eco-nomic education in Hungary, even though it can be flexibly applied in analyses of such phenomena as the economic transition and the ensuing social tensions. Moreover the very turbulence of the conditions brought about by the crisis show that the political economy of decline offers a relevant perspective, so that the Hirschman trilemma is a practical analytical tool for understanding social and economic processes.

Agency theory problems behind the fall of shopping centers

The present article assesses agency theory related problems contributing to the fall of shopping centers. The negative effects of the financial and economic downturn started in 2008 were accentuated in emerging markets like Romania. Several shopping centers were closed or sold through bankruptcy proceedings or forced execution. These failed shopping centers, 10 in number, were selected in order to assess agency theory problems contributing to the failure of shopping centers; as research method qualitative multiple cases-studies is used. Results suggest, that in all of the cases the risk adverse behavior of the External Investor- Principal, lead to risk sharing problems and subsequently to the fall of the shopping centers. In some of the cases Moral Hazard (lack of Developer-Agent’s know-how and experience) as well as Adverse Selection problems could be identified. The novelty of the topic for the shopping center industry and the empirical evidences confer a significant academic and practical value to the present article.

Közjó és demokrácia. Két közgazdaságtani elmélet a demokráciáról (Common good and democracy. Two economic theories of democracy)

A tanulmány a demokrácia két közgazdaságtani elméletét mutatja be. A demokrácia klasszikus elmélete a közjó fogalmára épült: a klasszikus politikai filozófia érvelése szerint a demokrácia intézménye a közjó megvalósulásának eszköze. Schumpeter bírálta a klasszikus elméletet: a közgazdasági szemléletet alkalmazva a közjó értelmezésére leválasztotta a demokráciáról a közjó fogalmát. Schumpeter szerint a demokrácia szubsztantív felfogása nem tartható, ezért ehelyett a demokrácia procedurális értelmezését kínálta fel. Az alkotmányos közgazdaságtan nem fogadja el sem a közjó és demokrácia fogalmainak elválasztását, sem a közjó szubsztantív értelmezését, ehelyett a közjónak és a demokráciának egyaránt procedurális értelmezését javasolja. _____ This essay deals with two economic theories of democracy. The classical doctrine of democracy was built on the concept of the common good, classical political philosophy arguing that the institution of democracy was the instrument for realizing the common good. This theory was criticized by Schumpeter, who applied the method of modern economics to analysis of the concept, which he separated from democracy, arguing that the substantive concept of democracy was untenable, and proposing to replace it with the procedural concept of democracy. Constitutional economics does not accept such separation of the concepts of democracy and the common good, but it does not accept the substantive interpretation of the common good either. Rather, it proposes a procedural concept of both the common good and of democracy.

Úton egy fenntartható gazdasági paradigma felé – A komplexitás befogadása a hálózati elméleteken keresztül (Towards a sustainable economic paradigm – Acceptance of the complexity through network theories)

Mára elkerülhetetlennek tűnik a gondolati váltás a gazdaságtudományok területén annak érdekében, hogy közelebb kerüljünk a hármas (gazdasági, társadalmi, környezeti) válságot előidéző problémák megoldásaihoz. A szerzők cikkükben amellett érvelnek, hogy a komplexitás befogadása kezdeti törekvésként értelmezhető azon az úton, amely a mindennapokban érzékelhető társadalmi és ökológiai problémák megoldásához vezet. Már léteznek olyan gazdaság- és vállalatelméletek, amelyek kezdik megkérdőjelezni az eddigi főáramú koncepciókat, és készek arra, hogy elveiket, elméleteiket a működési környezet bonyolultságát elfogadva alakítsák ki, és így találjanak mindennapos megoldásokat a gazdasági működésben. Ilyen például – a cikkben szereplő – IMP (Industrial Marketing and Purchasing) csoport hálózatelmélete. A szerzők azt kívánják bemutatni, hogy az ilyen hálózatelméletek alkalmasak arra, hogy a vállalatközi szférán túl is befolyásolják azt, ahogyan a vállalatok döntéseiket meghozzák és kapcsolataikat kezelik. ______ Today, it seems inevitable change of thought in the field of economics in order to get closer to solutions of problems which induced the triple (economic, social, environmental) crisis. In their article, the authors argue that the reception of complexity can be interpreted as an initial effort on the path that leads to the solutions of the everyday perceived social and ecological problems. The authors aim to present that the IMP (Industrial Marketing and Purchasing) group network theory is able to influence beyond the sphere of inter-company, that companies take their decisions and their relationships are treated.

Innovációs kalandozások az elmélettől a stratégiáig = Innovation adventuring from theory to strategy

A cikk célja, hogy közelebb vigye az olvasót az innováció és az innovációmenedzsment kérdésköréhez. A tanulmány az innováció témakörének feldolgozását a vállalatelméleti alapoktól kezdi, majd konkrét stratégiai megfontolásokig jut el a cikk végére. A tanulmány széles körű hazai és nemzetközi szakirodalom alapján tárja fel az innováció vállalatelméleti gyökereit. A felhasznált irodalom nem ragad meg elméleti szinten, hiszen a tanulmány lefordítja ezeket az elméleti koncepciókat valós, gyakorlatorientált üzleti nyelvre. Célja, hogy a nagyvilágban szétszórt elméleteket letisztítsa, és a modern kori menedzsmentelvekkel szintetizálja. A cikk az innovációt a vállalati értékteremtés szemszögéből vizsgálja. Megállapítja, hogy az innováció számos vállalatelmélet tanait integrálja egybe, aminek következtében a stratégiai implikációk is széles spektrumon mozoghatnak. Ahogy az innováció változást indukál a szervezetben, úgy bukkannak fel komplex optimalizálási dilemmák, amelyek a turbulens gazdasági környezetben, a rövidülő reakcióidők miatt, egyre nagyobb kihívást okoznak a menedzserek számára. A cikk ezeket a dilemmákat mutatja be vitaindító attitűddel, valamint az elmélet és a gyakorlat szintetizálásával. ____ The aim of the article is to bring the reader closer to the topic of innovation management through several company theories and strategic implications. This study is based on a wide range of international literature which is interpreted in a practice oriented way. This article is summarizing the sporadic information on innovation as well as makes an effort on synthesizing this knowledge. The aspect of observation is mainly based on corporate value creation. As innovation causes changes into the organization company leaders have to face complex economic optimization questions. These management dilemmas are not easy to solve in this turbulent business environment. This article tries to highlight these strategic level issues around innovation management by synthesizing theoretical knowledge with business implications.

A magyar hallgatók vállalkozásindító szándékát befolyásoló tényezők modellje - Ajzen tervezett magatartás elméletének kiterjesztése (Model of the Hungarian students’ business start-up intention influencing factors – Extending of Ajzen’s Theory of Planned Behavior)

A vállalkozási tevékenység a munkahelyteremtés és a gazdasági növekedés egyik döntő tényezője. Ennek a jövőbeli kedvező alakulását a fiatalok mai attitűdjei határozzák meg. Ha be tudjuk azonosítani a legfontosabb tényezőket, amelyek a fiatalok vállalkozásindítási szándékát befolyásolják, el tudjuk dönteni azt is, mely területen lehet és érdemes beavatkozni annak érdekében, hogy minél több új, életképes vállalkozás szülessen. A cikk a GUESSS kutatási projekt magyarországi adatbázisának köszönhetően közel 6000 hallgató válaszait elemezve rendszerezi a felsőoktatásban résztvevők vállalkozásindítási szándékára ható legfontosabb tényezőcsoportokat. Első lépésben Ajzen tervezett magatartás elméletének alkalmazásával vizsgálja a vállalkozásindítási szándék alakítóit, majd további tényezők, így a felsőoktatási intézmények által nyújtott szolgáltatások, a családi háttér és a demográfiai jellemzők bevonásával igyekszik minél pontosabban leírni a szándék alakulását. _____ Entrepreneurial activity is a decisive factor in the dynamics of job creation and economic growth. The future level of this activity highly depends on the attitudes of today’s youth towards this. If the most important factors influencing attitudes are identified and the entrepreneurial intentions towards entrepreneurship are determined, the fields of intervention targeting the creation of as many new and viable enterprises as possible can be defined. This article aims to systematise the most important factor groups that influence the decisions of students studying in higher education in terms of start-up activities and is based on the Hungarian database of the GUESSS research project, containing almost 6000 respondents. Firstly, it tests Ajzen’s Theory of Planned Behavior. Then such factors as supportive services provided by higher education institutions, family background and demographic factors are analysed in order to improve the explanatory power of the model.

Social construction of economic exchanges: A Weberian approach

The subject-matter of this dissertation is the social construction of economic exchanges, with an emphasis on market transactions. Applying a Weberian approach, the dissertation analyzes the social construction of economic exchanges at the following analytical levels: the agency-level, the institutional-structural level and the comparative-historical level. At the agency-level, the dissertation explores the role that human actors and social actions play in economic exchanges, especially market transactions. Theoretically elaborated and empirically examined is the assumption of market-economic exchanges as particular types of social action. At the institutional-structural level, the dissertation examines the relations of society and culture to market-economic exchanges. The assumption that the market economy is situated in and influenced by a broader social-cultural framework is advanced and evaluated in light of empirical findings. At the comparative-historical level, the dissertation engages in an analysis of the social construction of economic exchanges across various societies and over time. The assumption of the historical specificity of the market economy is reexamined, and the social construction of economic exchanges in traditional, capitalist and post-socialist societies is subject to comparative investigation. In the conclusion, further theoretical, methodological and empirical implications as well as directions for future analyses are discussed. ^

Social service provision, efficiency labor and economic development

This dissertation provides a theory of the effects and determinants of an economy's level of social services. The dissertation focuses on how the provision of social services will affect the effort decisions of workers, which will ultimately determine the economy's level of output. A worker decides on how much effort to contribute in relation to the level of social services he/she receives. The higher the level of social services received, the lower the cost—disutility—from providing effort will be. The government provides public infrastructure and social services (i.e. health services) in accordance with the economy's endowment of effort. In doing so, the government takes the aggregate effort endowment as given. Since, with higher individual work effort the higher the economy's total level of effort, failure by workers to coordinate effort levels will result in possible instances of low effort, low social services and low output; and, other instances of high effort, high social services and high output. Therefore, this dissertation predicts that in the context of social services, coordination failures in effort levels can lead to development traps. ^

Extending the Theory of Planned Behavior in the exercise domain: A study of community college students in an urban multicultural setting

The purpose of this study was to assess the intention to exercise among ethnically and racially diverse community college students using the Theory of Planned Behavior (TPB). In addition to identifying the variables associated with motivation or intention of college students to engage in physical activity, this study tested the model of the Theory of Planned Behavior, asking: Does the TPB model explain intention to exercise among a racially/ethnically diverse group of college students? ^ The relevant variables were the TPB constructs (behavioral beliefs, normative beliefs, and control beliefs), which combined to form a measure of intention to exercise. Structural Equation Modeling was used to test the predictive power of the TPB constructs for predicting intention to exercise. Following procedures described by Ajzen (2002), the researcher developed a questionnaire encompassing the external variables of student demographics (age, gender, work status, student status, socio-economic status, access to exercise facilities, and past behavior), major constructs of the TPB, and two questions from the Godin Leisure Time Questionnaire (GLTQ; Godin & Shephard, 1985). Participants were students (N = 255) who enrolled in an on-campus wellness course at an urban community college. ^ The demographic profile of the sample revealed a racially/ethnically diverse study population. The original model that was used to reflect the TPB as developed by Ajzen was not supported by the data analyzed using SEM; however, a revised model that the researcher thought was theoretically a more accurate reflection of the causal relations between the TPB constructs was supported. The GLTQ questions were problematic for some students; those data could not be used in the modeling efforts. The GLTQ measure, however, revealed a significant correlation with intention to exercise (r = .27, p = .001). Post-hoc comparisons revealed significant differences in normative beliefs and attitude toward exercising behavior between Black students and Hispanic students. Compared to Black students, Hispanic students were more likely to (a) perceive “friends” as approving of them being physically active and (b) rate being physically active for 30 minutes per day as “beneficial”. No statistically significant difference was found among groups on overall intention to exercise. ^

The effect of domestic credit in the economic *development process

A commonly held view is that creation of excessive domestic credit may lead to inflation problems, however, many economists uphold the possibility that, generous domestic credit under appropriate conditions will result in increases of output. This hypothesis is examined for Japan and Colombia for the period 1950-1993.^ Domestic credit theories are reviewed since the times of Thornton and Smith, until the recent times of Lewis, McKinnon, Stiglitz and of Japanese economists like K. Emi, Tachi R. and others. It is found that in Japan of the Post-War period, efficient financial markets and the decisive role of the government in orienting investment decisions seem to have influenced positively the effectiveness of domestic credit as an output-stimulating variable. On the contrary, in Colombia the absence of the above features seems to explain why domestic credit is not very effective as an output-stimulating variable.^ Multiple regression analyses show that domestic credit is a strong explanatory variable for output increases in Japan and a weak one for Colombia's case in the studied period. For Japan the correlation depicts a positive relationship between the two variables with a decreasing rate very similar to a typical production function. Moreover, the positive decreasing rate is confirmed if net domestic credit is used in the correlations. For Colombia a positive relationship is also found when accumulated domestic credit is used, but, if net domestic credit is the source of correlations, the positive decreasing rate is not obtained.^ Granger causality tests determined causality from domestic credit to output for Japan and no-causality for Colombia at the 1% significance level; the differences are explained by: (1) The low development level of the financial system in Colombia. (2) The nonexistence of consistent domestic credit policy to foster economic development. (3) The lack of an authoritative orientation in the allocation of financial resources and the nonexistence of long range industrialization programs in Colombia that could channel productively credit resources. For the system of equations relating domestic credit and exports, the Granger causality tests determined no-causality between domestic credit and exports for both Japan and Colombia also at the 1% significance level. ^

Essays on openness, economic integration, and *growth

This dissertation examines the relationship between the degree of openness to international trade and the level of growth experienced by a country. More precisely, it explores how trade liberalization and economic integration can lead to specialization in production, affect national levels of welfare, productivity, and competition and at the same time reinforce deflationary efforts. A large part of this investigation is carried out using industry-level data from Spain. ^

The economic well -being of low -income immigrants in the U.S.: An examination of the impact of the 1996 welfare reform on immigrants

The 1996 welfare reform, for the first time in U.S. history, set a five-year residence requirement for immigrants to be eligible for federal welfare benefits. This dissertation assessed the impact of the 1996 welfare reform, specifically the immigrant provisions, on the economic well-being of low-income immigrants. This dissertation also explored the roles that migration selection theory and social capital theory play in the economic well-being of low-income immigrants. ^ This dissertation was based on an analysis of the March 1995, March 2002, and March 2006 Annual Demographic Supplement Files of the Current Population Survey (CPS). Both logistic regression and multiple regression were used to analyze economic well-being, comparing low-income immigrants with low-income citizens. Economic well-being was measured in the current survey year and the year before on the following variables: employment status, full-time status (35 or more hours per week), the number of weeks worked, and the total annual wage or salary.^ The major findings reported in this dissertation were that low-income immigrants had advantages over low-income citizens in the labor market. This may be due to immigrants' stronger motivation to obtain success, consistent with migration selection theory. Also, this research suggested that immigrant provisions had not ameliorated employment outcomes of low-income immigrants as policymakers may have expected.^ The study also confirmed the role of social capital in advancing the economic well-being of qualified immigrants. Ultimately, this dissertation contributed to our understanding of low-income immigrants in the U.S. The study questioned the claim that immigrants are attracted to the U.S. by welfare benefits. This dissertation suggested that immigrants come to the U.S., to a large extent, to pursue the goal of upward mobility. Consequently, immigrants may employ greater initiative and work harder than native-born Americans.^

The new Jamaican migration : implications for theory and practice

While analysis of the effect which education and migration have on development is neither clear cut, nor obvious, regimes such as those of Jamaica have traditionally placed great emphasis on development through education at all levels. The process of human resource development and the accumulation of human capital is intended to unlock the door to modernization. Nevertheless, our findings indicate a considerable loss of professional and skilled personnel -- the same group that embody a disproportionate amount of educational expenditure relative to the population. Insofar as planning is concerned this migration represents a negative factor. The developing country of Jamaica is unintentionally supplying the developed world with an "annual gift" of human capital which its economy cannot afford. The major issue becomes: to what extent can any government "protect" its investments by restricting movements of capital and people. The general assumption of this paper is that the question of human rights cannot be ignored especially in democracies (which Jamaica decidedly is), where movement is seen as an ingrained human right. During the 1970s and 1980s, Jamaica and the Caribbean as a whole has lost much through intellectual capital migrations. Yet brains may also die in their own environment, if deprived the ability to create their own criteria and goals. Forcing people to stay with their money and know-how may only serve to produce and economic environment overgrown with weeds of lethargy, indolence and mediocrity.

Ontology and gnoseology of capitalism in Isaak Illich Rubin: 'Essays on marxist theory of value'

This concise essay attempts to show why Isaak Illich Rubin is, until today, the best interpreter, commentator and developer of The Capital of Karl Marx, understanding Marx’s work as an ontology and a gnoseology of the capitalist economic system. To do this, we analyze the relations existing between Marx, Rubin and the theory of science of the Spanish Marxist philosopher Gustavo Bueno. In this way, we can interpret the work “Essays on Marxist theory of value” also as an ontology and a gnoseology of capitalism.