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1

CHANGING MONEY TO MONEY. MONEY ABUNDANCE AND SHORTAGE (A penz csereje penzre. Penzboseg es penzszuke)

100%
Brody A.
Kozgazdasagi Szemle (Economic Review)
|
2009
|
vol. 56
|
issue 12
1110-1124
EN
Money circulation and credit mainly serve production and consumption, but purely monetary transactions - changing one type of money into another - can operate in other ways. The author seeks clear statistical knowledge and bases for describing and interpreting this activity, possibly for regulating it, and for accelerating and slowing its turnover. Stock marketization in its present form has proved to be dangerous as the events and imbroglios of the world stock-market crisis show. The study also impinges on the causes and effects of this.
2

EX OCCIDENTE FLUX. A DEBATE ON THE USEFULNESS OF MACROECONOMICS AND THE RESPONSIBILITY OF ECONOMICS (Ex occidente flux. Vita a makrookonomia hasznarol es a kozgazdasagtan felelossegerol)

80%
Kovacs J. M.
Kozgazdasagi Szemle (Economic Review)
|
2009
|
vol. 56
|
issue 10
881-912
EN
Scholarly debate on a blog? A short exposition, indicative references, hasty conclusions. A personal note, a wisecrack or two, a feel of 'work in progress'. It is no easy task for a chronicler to approach the new genre with the traditional tools of intellectual historiography and go for analysis instead of loose blog comments: seeking causes, attempting a typology, making comparisons, sometimes taking seriously notes not seriously intended. For it would be a luxury to leave to swift oblivion on the net a sequence of texts over 200,000 characters long, of a scholarly standard far higher than most open exchanges in Hungarian economics. The attempt is made on the recent macroeconomics debate on the ELTECON blog. Not as a conclusion to the debate or a summary of it, rather as a snapshot of what one prestigious group of Hungarian theoretical economists think of the quality and responsibility of their profession. Amidst the irritating clamour of economic crisis. The snapshot is taken at an unusual time, when the beam of the West is hardly shining. In this curious light, the article seeks to answer three questions: 1. Has the crisis affected the debaters' opinions on the scientific and moral value of their models? 2. How firmly are these opinions grounded on scientific principles? 3. Do they have a strong local tinge to them? All in all, are the debaters' macroeconomic arguments convincing in themselves? The author leaves better qualified observers to decide that.
3

The cause and effect of cycles

80%
Brody A.
Kozgazdasagi Szemle (Economic Review)
|
2007
|
vol. 54
|
issue 10
903-914
EN
A cycle can be described mathematically, which also allows its course to be predicted. Yet the damage caused by fluctuation is hard to quantify, except as lost utilization of potential production. The deeper cause of the phenomenon and its real consequences are revealed by economic historical argument and description. In Hungary in the last decade and a half, cycles have caused some severe losses.
4

CHRONIC DEPRESSION - THE MOVEMENT OF THE STOCK-MARKET INDEX (A tartos depressziorol - a tozsdeindex mozgasa)

80%
Brody A.
Kozgazdasagi Szemle (Economic Review)
|
2009
|
vol. 56
|
issue 2
119-132
EN
The operation and disturbances of the US stock market around the turn of the millennium were treated in detail by Shiller (2000) and Soros (2008). Since the present protracted and general depression will have deep effects on the operation, theories and regulation of the economy, it is worth re-examining the forms in which it developed. The study puts forward a mathematical line of argument, but without formulae or equations, concerned with the operation of the economy, its pattern of movement, and the scope for modelling it. The flexibility of the group of models describing the mutual financial effects allows a better fit and forecasting ability than before, while revealing the theoretical roots of the present difficulties.
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