Milyen is hát a tőke a 21. században? Megjegyzések Piketty könyvéhez (So what is capital in the 21st century? Notes on Piketty's book)

Ezt az írást Piketty kiváló és fontos könyve inspirálta. A könyvnek nemcsak a címe, hanem számos megfogalmazása is azt a várakozást keltheti, hogy a kapitalista rendszer átfogó elemzése kerül az olvasó kezébe. Ehhez képest a tanulmány szerzőjében hiányérzet támadt. A kapitalista rendszernek számos immanens tulajdonsága, veleszületett hajlama van. Közülük hárommal foglakozik a tanulmány. 1. A kapitalizmus egyik alapvonása a dinamizmus, az innováció, a teremtő rombolás. Nem adhat teljes képet a kapitalizmusról az, aki ezt az alapvetően fontos jelenséget ignorálja. 2. A kapitalizmus óhatatlanul nagyfokú egyenlőtlenséget hoz létre; ezt reformokkal kell enyhíteni, de teljesen nem küszöbölhető ki. 3. A kapitalizmus alapvető jellegzetességei, a magántulajdon és a piaci koordináció dominanciája nagy hatású ösztönzési mechanizmusokat hoznak létre, amelyek mind a tulajdonosokat, mind a vállalatok vezetőit innovációra és hatékony működésre serkentik. Az egyik legfontosabb ösztönző a verseny, különösen az oligopolisztikus verseny. A kapitalista rendszernek e három fontos tendenciája között szoros kölcsönhatás érvényesül. Piketty fő témáját, a jövedelem és a vagyon eloszlását nem lehet jól megérteni, ha a másik két tendenciától elszakítva vizsgáljuk. A tanulmány befejezésül ismerteti a szerző saját értékítéleteit a kapitalista rendszer kedvező és káros, igazságtalan vonásairól. _____ This study was inspired by Piketty s excellent and important book. Its title and numerous statements in it arouse in readers expectations of a comprehensive analysis of capitalism. By comparison the author of this paper felt things were lacking. The capitalist system has numerous immanent traits and innate tendencies, of which the study properties three: 1. One basic feature is dynamism, innovation, and creative destruction. No picture of capitalism can be full if this basic aspect is ignored. 2. Capitalism inevitably brings about a high degree of inequality; this must be eased by reforms, but cannot be entirely overcome. 3. The basic characteristics of capitalism - private ownership and the dominance of market coordination - give rise to strong incentive mechanisms that encourage but owners and enterprise executives to innovate and to cooperate effectively. One of the main incentives is competition, especially oligopolistic competition. There are strong mutual effects among these three important tendencies. It is impossible to understand well Piketty s main subject, the distribution of income and wealth, if it is divorced from the other two tendencies. The study ends with its author s own value judgements on the favourable and harmful, unjust attributes of the capitalist system.

Kornai’s DRSE Theory Versus General Equilibrium Theory

János Kornai’s DRSE theory (Kornai, 2014) follows the ex post model philosophy which radically rejects the ex ante set of conditions laid down by the dominant neoclassical school and the stringent limits of equilibrium, and defines its own premises for the functioning of capitalist economy. In other words, the DRSE theory represents an extremely novel trend among the various schools of economics. The theory is still only a verbal model with the following supporting pillars as the immanent features of the capitalist system: dynamism, rivalry and the surplus economy. (The English name of the theory uses the initial letters of the terms Dynamism, Rivalry, Surplus Economy). The dominance of the surplus economy, that is, oversupply is replaced by monopolistic competition, uncertainty over the volume of demand, Schumpeterian innovation, dynamism, technological progress, creative destruction and increasing return to scale with rivalry between producers and service providers for markets. This paper aims to examine whether the DRSE theory can be formulated as a formal mathematical model. We have chosen a special route to do this: first we explore the unreal ex ante assumptions of general equilibrium theory (Walras, 1874; Neumann, 1945), and then we establish some of the possible connections between the premises of DRSE, which include the crucial condition that just like in biological evolution, there is no fixed steady state in the evolutionary processes of market economy, not even as a point of reference. General equilibrium theory and DRSE theory are compared in the focus of Schumpeterian evolutionary economics.

So what is Capital in the Twenty-First Century? Some notes on Piketty’s book Working paper, forthcoming in Capitalism & Society

This study was inspired by Piketty’s excellent and important book. Its title and numerous statements in it arouse in readers expectations of a comprehensive analysis of capitalism. By comparison the author of this paper felt important aspects were lacking. The capitalist system has numerous immanent traits and innate tendencies, of which the paper takes a closer look at three properties. 1. One basic feature is dynamism, innovation, and creative destruction. No picture of capitalism can be full if this basic aspect is ignored. 2. Capitalism inevitably brings about a high degree of inequality; this must be eased by reforms, but cannot be entirely overcome. 3. The basic characteristics of capitalism – private ownership and the dominance of market coordination – give rise to strong incentive mechanisms that encourage but owners and enterprise executives to innovate and to cooperate effectively. One of the main incentives is competition, especially oligopolistic competition. There are strong mutual effects among these three important tendencies. It is impossible to understand well Piketty’s main subject, the distribution of income and wealth, if it is divorced from the other two tendencies. The study ends with its author’s own value judgements on the favourable and harmful, unjust attributes of the capitalist system.

Liberalization without decentralization: Haiti under Namphy and Delatour, 1986–1987

Following Haitian President Jean-Claude Duvalier's flight into exile in February 1986, the President of Haiti's provisional Conseil National de Gouvernement (CNG), Lieutenant General Henri Namphy, and his Minister of Finance, Leslie Delatour, enacted liberal reforms. This study examined their initial doctrine, decrees, and institutions for democratization and free markets, within a historical context of over-centralization and exclusion. Its purpose was to explore the contradiction and consequences of pursuing liberalization by decree, without significant decentralization. The author extracted CNG doctrine from speeches, legislation, and economic records. He then juxtaposed it with the adverse results of market reforms and popular reactions gathered from nine Haitian newspapers and two archival collections. He found that CNG doctrine and institutions were inadequate for resolving exclusion and popular discontent. Rather the deficiency of market reforms and the insufficiency of representative institutions exacerbated exclusion, which the author identified as the source of confrontation and violence in 1987.

Essays on emissions trading markets

This dissertation is a collection of three economics essays on different aspects of carbon emission trading markets. The first essay analyzes the dynamic optimal emission control strategies of two nations. With a potential to become the largest buyer under the Kyoto Protocol, the US is assumed to be a monopsony, whereas with a large number of tradable permits on hand Russia is assumed to be a monopoly. Optimal costs of emission control programs are estimated for both the countries under four different market scenarios: non-cooperative no trade, US monopsony, Russia monopoly, and cooperative trading. The US monopsony scenario is found to be the most Pareto cost efficient. The Pareto efficient outcome, however, would require the US to make side payments to Russia, which will even out the differences in the cost savings from cooperative behavior. The second essay analyzes the price dynamics of the Chicago Climate Exchange (CCX), a voluntary emissions trading market. By examining the volatility in market returns using AR-GARCH and Markov switching models, the study associates the market price fluctuations with two different political regimes of the US government. Further, the study also identifies a high volatility in the returns few months before the market collapse. Three possible regulatory and market-based forces are identified as probable causes of market volatility and its ultimate collapse. Organizers of other voluntary markets in the US and worldwide may closely watch for these regime switching forces in order to overcome emission market crashes. The third essay compares excess skewness and kurtosis in carbon prices between CCX and EU ETS (European Union Emission Trading Scheme) Phase I and II markets, by examining the tail behavior when market expectations exceed the threshold level. Dynamic extreme value theory is used to find out the mean price exceedence of the threshold levels and estimate the risk loss. The calculated risk measures suggest that CCX and EU ETS Phase I are extremely immature markets for a risk investor, whereas EU ETS Phase II is a more stable market that could develop as a mature carbon market in future years.

Future Seniors and the Travel Industry

Persons over the age of 55 will soon comprise the majority of the travel industry. The impact of market size and potential is staggering. The author discusses the future senior travel market and provides recommendations for attracting and servicing this group.

A Look Back To Look Forward: New Patterns In The Supply/Demand Equation In The Lodging Industry

In his dialogue entitled - A Look Back to Look Forward: New Patterns In The Supply/Demand Equation In The Lodging Industry - by Albert J. Gomes, Senior Principal, Pannell Kerr Forster, Washington, D.C. What the author intends for you to know is the following: “Factors which influence the lodging industry in the United States are changing that industry as far as where hotels are being located, what clientele is being served, and what services are being provided at different facilities. The author charts these changes and makes predictions for the future.” Gomes initially alludes to the evolution of transportation – the human, animal, mechanical progression - and how those changes, in the last 100 years or so, have had a significant impact on the hotel industry. “A look back to look forward treats the past as prologue. American hoteliers are in for some startling changes in their business,” Gomes says. “The man who said that the three most important determinants for the success of a hotel were “location, location, location” did a lot of good only in the short run.” Gomes wants to make you aware of the existence of what he calls, “locational obsolescence.” “Locational obsolescence is a fact of life, and at least in the United States bears a direct correlation to evolutionary changes in transportation technology,” he says. “…the primary business of the hospitality industry is to serve travelers or people who are being transported,” Gomes expands the point. Tied to the transportation element, the author also points out an interesting distinction between hotels and motels. In addressing, “…what clientele is being served, and what services are being provided at different facilities,” Gomes suggests that the transportation factor influences these constituents as well. Also coupled with this discussion are oil prices and shifts in transportation habits, with reference to airline travel being an ever increasing method of travel; capturing much of the inter-city travel market. Gomes refers to airline deregulation as an impetus. The point being, it’s a fluid market rather than a static one, and [successful] hospitality properties need to be cognizant of market dynamics and be able to adjust to the variables in their marketplace. Gomes provides many facts and figures to bolster his assertions. Interestingly and perceptively, at the time of this writing, Gomes alludes to America’s deteriorating road and bridge network. As of right now, in 2009, this is a major issue. Gomes rounds out this study by comparing European hospitality trends to those in the U.S.

Os limites constitucionais ao exercício de direito de patente e seus reflexos na indústria do petróleo, gás natural e biocombustíveis

This dissertation deals with the constitutional limits on the exercise of patent rights and its effects on the oil, natural gas and biofuels. Held with the support of ANP / PETROBRAS, It seeks to show how the law will limit the exercise of industrial property, based on a reinterpretation of private law by the constitutional development perspective . Today it is a fact that Petrobras, a Brazilian joint venture, has the latest technology in various sectors of the oil industry, and is one of the highest investments in developing new technologies. The overall objective of this thesis is to establish the relationship between the public interest of the Petroleum Industry, Natural Gas and Biofuels and constitutional limits to the free exercise of patent rights, then confirm or refute our hypothesis that Article 71 on Industrial Property Law is contrary to the existing objectives in Article 3 of the Constitution of the Federative Republic of Brazil. The research aims to examine the relevant aspects of the legal nature attributed to IPGN constitutionally confronting the constitutional limits on the free exercise of patent rights, with the purpose to outline the state of the performance limits in the regulation of the economy, in particular the application of feasibility limitations on the right of property in favor of national interest on the strategic energy industry. The aim is to confront the fundamental rights to property and economic development, against the public interest, limiting these first. As to the objectives, the research will be theoretical and descriptive and harvest of industrial property, respect the possible impact of regulatory standards and limiting the right of ownership in the oil industry. To establish how the state will mitigate the intellectual property right, we discuss, at first, a definition of public interest from the general theory of state and sovereign character in order to establish a new concept of national interest and popular interest, which will in turn the definition of our concept of public interest. In the second phase, will be addressed the issue of industrial property rights and how to will be free exercise thereof, in the constitutional sphere, infra, and demonstrating the use of industrial property rights with examples of market and IPGN . After situating the industrial property rights in the constitution and national legislation, establish their relationship with the national and regional development, will be addressed in this chapter in particular the patent law, as most usual form of intellectual property protection in IPGN. Used a study highlighting the number of patents in the area of the analyzed industry, demonstrating with hard data the importance of a sector for industrial development. The relationship between the social function of intellectual property and the constitutional objective of development was characterized to demonstrate the strategic nature of oil to Brazil in the national and international scene, and put into question the hypothesis of the research which provides that even with large investments the lack of legal certainty in the sector turns out not to have a considerable volume of investment as it could.

Obtenção e caracterização de sistemas particulados de quitosana para liberação gástrica de amoxicilina

The infection caused by Helicobacter pylori (H. pylori) is associated with gastroduodenal inflammation can lead to the development of gastritis, gastric or duodenal ulcer and gastric cancer (type 1 carcinogen for stomach cancer). Amoxicillin is used as first-line therapy in the treatment of H. pylori associated to metronidazole or clarithromycin, and a proton pump inhibitor. However, the scheme is not fully effective due to inadequate accumulation of antibiotics in gastric tissue, inadequate efficacy of ecological niche of H. pylori, and other factors. In this context, this study aimed to obtaining and characterization of particulate systems gastrorretentivos chitosan - amoxicillin aiming its use for treatment of H. pylori infections. The particles were obtained by the coacervation method / precipitation using sodium sulfate as precipitating agent and crosslinking and two techniques: addition of amoxicillin during preparation in a single step and the sorption particles prior to amoxycillin prepared by coacervation / precipitation and spray drying. The physicochemical characterization of the particles was performed by SEM, FTIR, DSC, TG and XRD. The in vitro release profile of amoxycillin free and incorporated in the particles was obtained in 0.1 N HCl (pH = 1.2). The particles have higher encapsulation efficiency to 80% spherical shape with interconnected particles or adhered to each other, the nanometric diameter to the systems obtained by coacervation / precipitation and fine for the particles obtained by spray drying. The characterization by FTIR, DSC and XRD showed that the drug was incorporated into the nanoparticles dispersed in the polymeric matrix. Thermal analysis (TG and DSC) indicated that encapsulation provides greater heat stability to the drug. Amoxicillin encapsulated in nanoparticles had slower release compared to free drug. The particles showed release profile with a faster initial stage (burst effect) reaching a maximum at 30 minutes 35% of amoxicillin for the system in 1: 1 ratio relative to the polymer and 80% for the system in the ratio 2: 1. Although simple and provide high encapsulation efficiency of amoxicillin, the process of coacervation, precipitation in one step using sodium sulfate as precipitant / cross-linker must be optimized in order to adjust the release kinetics according to the intended application.

Cenários de contra-hegemonia no protestantismo brasileiro no contexto da pós-modernidade

Since long ago that the religious manifestations are considered important items in various social media. In this sense, we are interested in understanding the strong denominational plurality, and the emergence of new movements / events and forms of Christianity in Brazil, which therefore is a reflection of what happens in the rest of the globalized world. Such interest is covered by the assumption that religiosity and social media are built on mutual and interconnected way, which allows us to understand that social cosmology presents itself as a fertile space privileged and to verify the interactions pertaining to the binomial: religion and society. The Protestantism is divided into three main streams: Historical, Pentecostal and Neo-Pentecostal. Each current of Protestantism emerged to adapt to social cosmology of historical ages, from the Reformation to the present day, forming institutions with certain ethical and moral stances. In this sense, it is necessary to research and understand how the historical Protestant, Pentecostal and neo-Pentecostal were implanted in Brazil. From this we believe to be interesting problematize accurately the following: How have the processes of formation of strands / evangelical movements in Brazil? These movements are still holding their "classic robes" or hybreeding their borders? What are the modulations in the religious transit demonstrate that this probable hybridization? If there is, indeed, a hybridization between the Evangelical means, we can put it is provoked only by a logic of "market of symbolic goods of religion" in the world today? Nowadays, we are experiencing a period of change cosmological, from Modern to Postmodern (caosmológic). This last is therefore characterized by secularization, the fracture, the mutilation, the diversity of subjectivities. And thinking about is this "spirit of the times" we take as the main its theoretical references of this study, the Italian philosopher and thinker of postmodernity Gianni Vattimo featuring postmodernity with the cosmology of fragile / pensiero debole Thought and post-metaphysical, that is which enhances the appearance of more plural institutions and non-absolute. To do so, he makes use of the philosophies of German, Nietzsche and Heidegger. Finally, it must be said that this grounded theoretical framework, raise the hypothesis that the Protestantism tends to "injure anymore" by the influence of postmodern social episteme, providing thereby the emergence of a new hybrid framework has not yet nominated and can move between the three major currents of world Protestantism, with features in converged aspects of the same.

Cenários de contra-hegemonia no protestantismo brasileiro no contexto da pós-modernidade

Since long ago that the religious manifestations are considered important items in various social media. In this sense, we are interested in understanding the strong denominational plurality, and the emergence of new movements / events and forms of Christianity in Brazil, which therefore is a reflection of what happens in the rest of the globalized world. Such interest is covered by the assumption that religiosity and social media are built on mutual and interconnected way, which allows us to understand that social cosmology presents itself as a fertile space privileged and to verify the interactions pertaining to the binomial: religion and society. The Protestantism is divided into three main streams: Historical, Pentecostal and Neo-Pentecostal. Each current of Protestantism emerged to adapt to social cosmology of historical ages, from the Reformation to the present day, forming institutions with certain ethical and moral stances. In this sense, it is necessary to research and understand how the historical Protestant, Pentecostal and neo-Pentecostal were implanted in Brazil. From this we believe to be interesting problematize accurately the following: How have the processes of formation of strands / evangelical movements in Brazil? These movements are still holding their "classic robes" or hybreeding their borders? What are the modulations in the religious transit demonstrate that this probable hybridization? If there is, indeed, a hybridization between the Evangelical means, we can put it is provoked only by a logic of "market of symbolic goods of religion" in the world today? Nowadays, we are experiencing a period of change cosmological, from Modern to Postmodern (caosmológic). This last is therefore characterized by secularization, the fracture, the mutilation, the diversity of subjectivities. And thinking about is this "spirit of the times" we take as the main its theoretical references of this study, the Italian philosopher and thinker of postmodernity Gianni Vattimo featuring postmodernity with the cosmology of fragile / pensiero debole Thought and post-metaphysical, that is which enhances the appearance of more plural institutions and non-absolute. To do so, he makes use of the philosophies of German, Nietzsche and Heidegger. Finally, it must be said that this grounded theoretical framework, raise the hypothesis that the Protestantism tends to "injure anymore" by the influence of postmodern social episteme, providing thereby the emergence of a new hybrid framework has not yet nominated and can move between the three major currents of world Protestantism, with features in converged aspects of the same.

Essays in Macroeconomics

My dissertation consists of three self-contained essays on macroeconomics. Chapter 2 "Churning, firm inter-connectivity, and labor market fluctuations'' studies the implications of firm inter-connectivity and irreversibility of inter-firm cooperation relationships on the business cycle. Chapter 3 "Inter-sector matching efficiency and sectoral comovement'' examines the comovement of sectoral labor markets when there is search friction in the inter-firm matching market. Chapter 4 "Lumpy investment and endogenous investment price'' (Joint work with Linxi Chen) studies the endogenous fluctuation of investment price induced by search friction in the investment goods market and partial irreversibility of capital adjustment. Each of the essays investigates the implication of market frictions, such as search friction and partial irreversibility, to the business cycle from a different perspective.

Les contraintes sociales agissant sur la critique musicale journalistique à Montréal en contexte de compétition marchande

Exploration empirique et théorique des diverses contraintes sociales agissant sur la pratique de la critique musicale dans les médias montréalais en contexte de compétition marchande. Pour ce faire, une enquête sociologique qualitative fut menée auprès d’un échantillon de dix animateurs et journalistes musicaux de Montréal. L’auteur développe une théorie selon laquelle critiquer esthétiquement consiste à trier et à choisir en fonction du goût au moyen d’un concept appelé « dynamique EGC », soit le processus par lequel les expériences esthétiques sont filtrées par le goût, qui commande une réponse actée sous forme de critique d’art. Sa recherche s’intéresse d’abord aux impératifs (obstacles) du métier d’animateur et de journaliste musical et montre que c’est la compétition marchande qui prédomine dans un tel travail parce qu’elle surplombe tout le reste. Le mémoire s’attarde ensuite à étudier les déterminismes sociaux poussant certains individus à vouloir pratiquer ce métier. Il est montré que les déterminismes particuliers incitant à la pratique du métier d’animateur musical ne sont pas les mêmes que ceux incitant à la pratique du journalisme musical. Les animateurs sont des « conservateurs esthétiques » qui aiment constamment partager implicitement leur passion, tandis que les journalistes sont des « progressistes esthétiques » préférant donner leur avis explicitement lorsque nécessaire, mais pas nécessairement tout le temps. Dans tous les cas, animateurs et journalistes musicaux sont à comprendre comme des « militants esthétiques », des gens qui tentent de convaincre en même temps qu’ils tentent d’acquérir de la notoriété critique.

Non-conventional advertising formats in television versus spots: An analysis based on the generated recall

Advertising investment and audience figures indicate that television continues to lead as a mass advertising medium. However, its effectiveness is questioned due to problems such as zapping, saturation and audience fragmentation. This has favoured the development of non-conventional advertising formats. This study provides empirical evidence for the theoretical development. This investigation analyzes the recall generated by four non-conventional advertising formats in a real environment: short programme (branded content), television sponsorship, internal and external telepromotion versus the more conventional spot. The methodology employed has integrated secondary data with primary data from computer assisted telephone interviewing (CATI) were performed ad-hoc on a sample of 2000 individuals, aged 16 to 65, representative of the total television audience. Our findings show that non-conventional advertising formats are more effective at a cognitive level, as they generate higher levels of both unaided and aided recall, in all analyzed formats when compared to the spot.

Risque de prix et décisions de production et d'exportation : le cas de l'agriculture au Québec

Cette thèse porte sur l’effet du risque de prix sur la décision des agriculteurs et les transformateurs québécois. Elle se divise en trois chapitres. Le premier chapitre revient sur la littérature. Le deuxième chapitre examine l’effet du risque de prix sur la production de trois produits, à savoir le maïs grain, la viande de porc et la viande d’agneau dans la province Québec. Le dernier chapitre est centré sur l’analyse de changement des préférences du transformateur québécois de porc pour ce qui est du choix de marché. Le premier chapitre vise à montrer l’importance de l’effet du risque du prix sur la quantité produite par les agriculteurs, tel que mis en évidence par la littérature. En effet, la littérature révèle l’importance du risque de prix à l’exportation sur le commerce international. Le deuxième chapitre est consacré à l’étude des facteurs du risque (les anticipations des prix et la volatilité des prix) dans la fonction de l’offre. Un modèle d’hétéroscédasticité conditionnelle autorégressive généralisée (GARCH) est utilisé afin de modéliser ces facteurs du risque. Les paramètres du modèle sont estimés par la méthode de l’Information Complète Maximum Vraisemblance (FIML). Les résultats empiriques montrent l’effet négatif de la volatilité du prix sur la production alors que la prévisibilité des prix a un effet positif sur la quantité produite. Comme attendu, nous constatons que l’application du programme d’assurance-stabilisation des revenus agricoles (ASRA) au Québec induit une plus importante sensibilité de l’offre par rapport au prix effectif (le prix incluant la compensation de l’ASRA) que par rapport au prix du marché. Par ailleurs, l’offre est moins sensible au prix des intrants qu’au prix de l’output. La diminution de l’aversion au risque de producteur est une autre conséquence de l’application de ce programme. En outre, l’estimation de la prime marginale relative au risque révèle que le producteur du maïs est le producteur le moins averse au risque (comparativement à celui de porc ou d’agneau). Le troisième chapitre consiste en l’analyse du changement de préférence du transformateur québécois du porc pour ce qui est du choix de marché. Nous supposons que le transformateur a la possibilité de fournir les produits sur deux marchés : étranger et local. Le modèle théorique explique l’offre relative comme étant une fonction à la fois d’anticipation relative et de volatilité relative des prix. Ainsi, ce modèle révèle que la sensibilité de l’offre relative par rapport à la volatilité relative de prix dépend de deux facteurs : d’une part, la part de l’exportation dans la production totale et d’autre part, l’élasticité de substitution entre les deux marchés. Un modèle à correction d’erreurs est utilisé lors d’estimation des paramètres du modèle. Les résultats montrent l’effet positif et significatif de l’anticipation relative du prix sur l’offre relative à court terme. Ces résultats montrent donc qu’une hausse de la volatilité du prix sur le marché étranger par rapport à celle sur le marché local entraine une baisse de l’offre relative sur le marché étranger à long terme. De plus, selon les résultats, les marchés étranger et local sont plus substituables à long terme qu’à court terme.