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EN
The author employs a two-sector growth model to examine the effects of various nominal shocks (fiscal or exchange-rate) on sectors and production factors. He starts from the Neoclassical model of a small, open economy that expands through gradual adjustment of capital and the role of the money supply ('money into utility'). Consequently, a nominal shock (fiscal expansion or appreciation of the nominal exchange rate) will increase momentary consumption (through the role of money), which raises the prices of services. (The short-term transformation curve is non-linear due to the gradual capital adjustment.) This alters the price of the production factors, the ratios of labour to capital, and the utilization of capital and labour for each sector. The high level of service prices raises domestic incomes, which retrospectively provides a basis for some of the initial excess demand. This mechanism means that nominal shocks will have a relatively long-lasting effect on real changes (relative prices, factor prices and capital accumulation) that dies down only gradually as the surplus money supply is dissipated (through a foreign trade deficit). There is also a parallel between the model and literature analysing disinflation on an exchange-rate basis.
EN
The paper analyzes economic, financial and accountancy theories, concepts and models of capital and profit. The aim of the article is to present different meaning of this economic category in economic knowledge. The results of research in this paper is providing to conclusion that the knowledge debate of nature and measurement method of capital and profit is still continuing.
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EN
The basic idea behind the paper is finding answer to the question: how in process of change introduction use existing and most common sources of financing methods of growth in dynamic environments? Grounded in theoretical description and on model “Triangular Model of Organizational Change” Authors presents two theoretical models where consequences of change introduction are described and discussed. The basic consequences of different dynamic factors are specified as well.
EN
The article deals with the problem of application the financial options valuation theory into the real options valuation. It consists of three parts. The first one presents the methodology background of the financial option valuation models. This part gives the general outlook on the problems which occurs in the process of adopting the methodology to solve the capital budgeting problems. The main problem concerns the lack of market valuated instrument which could be used to compose the replicating portfolio for payouts from real options. In the second part, there are presented attempts to solve the problem of the replicating portfolio of the real options which appeared in the financial literature. There is presented the Market Asset Declaimer as a one of the most appealing solution from the practical perspective. The last part of the article discusses the application issues of different analytical tools. The conclusions indicate that binominal trees methodology is more suitable to implement the real options methodology in decision processes than other tools.
EN
The purpose of the paper is to present one of prudential regulation instruments in an environment that favors to engage in moral hazard behavior. The last decades proved that there is a link between financial liberalization and banking crises. In order to avoid crises and prevent banks engaging in gambling behavior, the system of prudential regulations has been implemented. The emphasis has been placed on the use of capital requirements, typically using the BIS standard developed in the Basel Accord. As the excessive reliance on capital requirements can become costly for the banks and lead to lose their franchise value and undermine incentives for prudent investing. The instrument that can create the franchise value, i.e. earning profits in the current period and in the future, is a policy of deposit rate controls. In the paper was also revealed why the policy of setting interest rate ceiling on deposits had not achieved its intended objectives, especially in the view of the fail of the Regulation Q policy.
Sociológia (Sociology)
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2023
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vol. 55
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issue 3
320 – 340
EN
One of the most influential social scientists of the 20th century prepared methodological and theoretical approaches that can also be used to identify related phenomena such as religion and spirituality. The theory is based on the two-way relationship between the social field and the habitus. The field represents the place of creation of values, application of capital, distribution of power. The field of cultural production with large-scale and restricted production is a tool for identifying the distinction between the two phenomena. Spiritually oriented people benefit from their personal experience in acquiring spirituality, and religiously oriented people rely on church institutions.
EN
Capital as a vivid economic category is an indispensable starting point for a well-functioning economic system. Capital is an inseparable attribute of an enterprise as owning it in a suitable amount and time makes the essential condition to build up an enterprise, to function and expand. Capital determines the position of the enterprise in the market and its standing. Capital, which constitutes a central economic category, takes a high position in a widely considered accountancy which also covers the problems of financial analysis and financial record checking.
EN
The paper analyzes the family farms in the possibility of developing surpluses at different levels of debt. The method quartiles. The study involved a family farm, which in the period 2004-2008 to collect data in the FADN and were indebted. The study showed that farms in the upper quartile (more debt), generate a higher return on capital employed compared with those less indebted.
EN
The paper examines the problem of capital to labour ratio lag in the Slovak economy. It proves that the undercapitalization has significantly eased since the year 2004 in Slovakia. The undercapitalization, which was perceived as a barrier to a higher performance of former transition economies was mainly present in the sectors, which have already been traditionally represented in the former socialist economies. It was not such a problem for sectors which newly formed only in the post-socialist period. Although the Slovak economy lagged in the capital intensity behind the most advanced economies, the position of the Slovak Republic was relatively favourable in the group of Central and Eastern Europe. However, in the process of undercapitalization overcome, the Slovak Republic did not experience similar structure of fixed capital formation as it is in the most advanced economies. The dynamics of machinery and equipment accumulation was particularly high along with the insignificant accumulation of intellectual assets.
EN
Specificity of the influence of main production factors on social relations are analyzed in the globalization context, on the assumption that globalization, apart from intensive economic growth in developed countries, evolves multiple problems of social origin. The globalized world radically changes economic relations, due to the newly emerging contradictions and development prospects, new forms of international cooperation and economic integration; the increasing role of intellectual factor; aggravation of problems within the system 'human - society - nature'. All the production factors (labor, resources, capital, entrepreneurship as an activity to enhance the efficiency of uses of the former three factors in production) are equally required for the development. But today 'distortions' within the system of production relations occur, due to the dictate of those who own resources and capital, as well as to interferences of power authorities. The latter seem to try to become the fifth factor of production, but in the result they only suppress the natural course of things in the production development, largely due to their wrong attitude to entrepreneurs. On the basis of the above assumptions, the real role of production factors in the national (Ukrainian) production is determined in view of the influence of power authorities.
EN
The paper deals with the problem of impact of debt capital on the production results, income and profitability of farms with a similar net worth, using the Polish FADN data. Studies preceded by statistical analyses show that farmers use debt capital to increase production and financial capacity holdings. Financial results growth with the increase in debt is usually higher than production results, which indicates that debt capital. Is not only increasing the scale of production, but is also used to rationalize costs. It is also considered a financial leverage in farm development.
EN
The effective functioning of the economic and trade associations (unions) recently exposed a serious ordeal for stability under the influence of economic crisis and the new security challenges, among which the most dangerous are military conflicts, uncontrolled migration, terrorism and environmental threats, economic and social conflicts. The negative effects of these factors are transformed, first of all, the disintegration tendencies in trade and economic associations, as exemplified by the withdrawal of Great Britain (known as «Brexit») with the European Union. The article sets out the results of the analysis of economic and institutional consequences – economic, investment, financial, political and social – for the economy of the UK and the European Union. Also the organizational, economic and legal priorities for implementation of the necessary procedures for the release of Great Britain from the European Union as a common market are identified.
EN
The paper presents the evaluation of changes in competitive potential of food industry in Poland in the years 1994-2009. Accepted measure of competitive potential of this partial productivity (capital and labor), and total productivity (TFP). The analysis showed a significant increase in labor productivity and the level of technical equipment of employed. That was the basis for improving competitive potential of the food industry to compete on the EU market. However the most important is improving competitive potential in long-term. This requires, to a greater extent than at present, efforts to make changes related to the development of innovation (especially organizational and marketing innovation), creation and spreading of knowledge and intangible assets infrastructure.
EN
(Ukrainian title: Teoretyko-metodolohichni zasady vyznachennia yakosti investytsii: sutnisno-zmistova osnova ta klasyfikatsiini oznaky). The terms of the 'investments' are classified in the article. The definition of the investments quality is established. The essence of the investments quality is reported when building the financial and economic investment typology.
EN
The forestry and timber industry had strategic importance in Slovak – German economic relations in the period 1939–1945. After 1938 German capital undertook considerable capital expansion into the Slovak forestry and timber industry. The main instrument of expansion was the German – Slovak corporation United Timber and Industrial Company, which built a factory for wooden buildings at Turany and a network of operations for extracting timber. However, activities in Slovakia were also developed by other German firms. They built up small and middle-sized timber operations in various regions.
EN
The aim of this paper is to introduce a political programme of reforms stemming from human capital research conducted over more than 15 years. Recognition of the abstract nature of capital has made alternative research possible. Human capital ‒ the human ability to do work ‒ is under the authority of all fundamental laws established in respect of the general notion of capital as spontaneous, and possessing random diffusion and limited growth. The phenomenon of human capital’s natural dispersion is a starting point for the theory of the minimum wage, which ought to be sufficient to counterbalance the natural thinning out of the initial human capital of an employee. The essence of the money economy reveals an abstract triad: capital – labour – money, where capital is the ability to do work, labour is the transfer of capital to products, and wages receivable correctly defines money earned by employees. The only proper money creating process is through labour. Money is a certification of work done; therefore labour is always self-financing. Using this theoretical framework, governments can eliminate budget deficits, and reduce direct taxes and unemployment while avoiding inflation. If the compensation paid in the public sector comes from the funds collected by taxation, then the economy works as a scarcity machine. In the reshaped economic system, the Central Bank directly transfers salaries earned by the public sector employees to their bank accounts. The budgets are then balanced, the direct taxes are limited, and the public debt no longer grows. The modern equation of exchange involves labour productivity as a fundamental economic ratio.
EN
The paper describes the specific approach of Regulation School to growth theory and models. Contemporary neoclassical research is built upon a strong substitutability between labour and capital. Regulation Theory takes into account the rough complementarity of production factors, as evidenced by econometric studies. In the Regulation Approach, the study of the long run aims at formalizing the two sided relationship between economic trends, institutions, demography and technology. Finally, studies of the long run history, and relevant cross national analyses, might disentangle between trends and continuities, as well as qualitative and therefore quantitative changes. In the globalization, the relations between the financial, the economic, and the social 'poles' change deeply: the financial pole becomes dominates the other poles.
EN
The neoclassical production function stands for a corner-stone of majority of neoclassical schools of macroeconomics. Its history has been bound with such well-known names as A. Marshall, K. Wicksell, C. Cobb, P. Douglas, P. Samuelson, R. Solow, etc. On the other hand, the neoclassical concept of production function has also faced some criticism during the second half of the 20th century coming especially from Europe (J. Robinson, P. Sraffa, L. Pasinetti, P. Sylos Labini, etc.). No matter how rigorous and robust their reproaches were, their critical opinions have never been really reflected in the mainstream economics. The article reopens the debate on validity of presumptions of the neoclassical concept of production function and theory of distribution. Its authors bring objective and unbiased view of the centennial history of various production functions, they show their relations to theories of distribution, and by doing so they hope to attract attention of contemporary economists to the old and yet unsettled issues.
EN
The article analyzes the activities of Ukrainian and foreign companies in offshore areas. The main advantages and disadvantages of using offshore zones, both by businesses and the state. The ways of influence on offshore schemes: restriction on their use to create an offshore centre in its own territory.
Filozofia (Philosophy)
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2022
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vol. 77
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issue 7
491 – 509
EN
The study investigates the problems of the nature of concepts in social sciences and humanities. It is based on Gallieʼs thesis that these are essentially contested concepts that immanently include a value aspect, which makes them different from the concepts of natural sciences. Based on the characteristics of such concepts and their exemplification (capital, culture, human nature, human dignity), their conative, normative aspect is emphasized, which makes them significantly different from the concepts of empirical natural sciences. The article explores the open texture of empirical concepts and outlines the role of fictions. The conclusion provides a critical reflection of the trend of naturalization of concepts and its consequences for this area of knowledge.
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