DIVERSIFICATION OF THE INVESTMENTS' EFFECTIVENESS IN SELECTED EU ECONOMIES (Zróznicowanie efektywnosci inwestycji w wybranych gospodarkach EU.)
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The assessment of the investments' effectiveness is a key element of investment processes. In order to be comprehensive and exhaustive, it should go beyond the scope of the microeconomic assessment and take into account the macroeconomic calculation of effectiveness. The prerequisite for the effectiveness of investment decisions implemented by private companies is the maximization of the investments return. When attempting to evaluate the effectiveness of investments, on the scale of the economy, it seems significant to look not only for the economic benefits but also for the social advantages that they generate. Undoubtedly, an increase of employment in the economy can be regarded as one of the latter and is a result of the strong correlation between the creation of jobs and economic growth, which in turn depends on the level of investments. However, one should remember that this relationship does not occur in every case; there is a certain level of investment rate, specific for each economy at a given time, which generates jobless economic growth. The reason for this phenomenon is the need to achieve the desired level of investments necessary for a given economy to recreate the previous capital-labour ratio as well as to implement modernisation investments which will result in the modernisation of the economy and an increase of labour productivity, and not in the employment growth. The purpose of this study is to assess the macroeconomic efficiency of investment in the selected EU economies.
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