Politická ekonomie, 2004 (vol. 52), issue 1
Návraty dr. Bernarda Mandevilla aneb počestní darebové v ekonomické transformaci
Come-backs of dr. Bernard Mandeville: virtuous knaves in economic transformation
Václav Klusoň
Politická ekonomie 2004, 52(1):3-16 | DOI: 10.18267/j.polek.446 
The author undertakes in his essay a risky experiment as he tries to look at the present-time-economic-transformations in the view of the great thinker of 18th century, Dr. Bernard Mandeville, who famed by his Fable of the Bees, or Private Vices and Public Benefits. The philosophy of Mandeville, as is well known, influenced besides others, F. A. Hayek and J. M. Keynes, the former by ascribing Mandeville the primacy of the idea of spontaneity in evolution and the latter by assesing luxury in promoting the spending. In the course of economic reforms the truthfullnes of the so-called Mandevill paradox has been widely afirmed; knaves were becoming virtuous...
Privatizace bank (kritický pohled na tuzemskou privatizační praxi)
Bank privatization - critical view of the czech deal
Jiří Havel
Politická ekonomie 2004, 52(1):17-34 | DOI: 10.18267/j.polek.447
Privatization of the Czech banking sector was not an ideal process. Many errors and failures could be mentioned. The role of national banking for the raising of national entrepreneurial class was overvalued. There was also a broad naiveté about a great interest of potential investors. Also the timing of privatization of Czech banks is a topic for a discussion: It is complicated to deduce when was the optimal time for privatization but the majority of economists concluded that the banks were privatized too late. Privatization led to the following results: At the end of the process there is a standard banking sector in the Czech Republic as well the...
Investice českých firem v zahraničí
Outward direct investment by czech companies
Marie Bohatá, Alena Zemplinerová
Politická ekonomie 2004, 52(1):35-47 | DOI: 10.18267/j.polek.448
This study provides information on trends and role of the Czech outward foreign direct investment (OFDI) and evaluates the effects of the OFDI on parent companies. The analysis of trends is based on Czech National Bank data; the effects are evaluated through a unique set of data gathered through a sample survey. The stock of OFDI has grown slowly but steadily between 1993 and 2002. To date, about 80 per cent of OFDI is located in services and about 40 per cent in Central and East European countries (CEECs). The nature of OFDI in the EU is trade facilitating while the nature of OFDI in CEECs is tilted toward manufacturing. Much OFDI aims at avoiding...
Petrohradský paradox a kardinální funkce užitku
St Petersburg paradox and cardinal utility function
Jiří Hlaváček, Michal Hlaváček
Politická ekonomie 2004, 52(1):48-60 | DOI: 10.18267/j.polek.449
The St Petersburg paradox could be used as an extreme demonstration of the utility function cardinalisation in case of stochastic utility. In this article we reassume the von Neumann and Mongernstern explanation to this paradox based on the risk aversion expressed by the strict concavity of the expected utility function. We suggest the utility function derived from the Pareto distribution of the probability of downfall of the subject in danger. Our cardinal utility function is based on the economically reasonable economic assumption. In contrast to the other often used cardinal utility functions it does not need the specification of its parameters...
Rozšířený koncept všeobecné ekonomické rovnováhy
Broad approach of general economic equilibrium
Radim Valenčík
Politická ekonomie 2004, 52(1):61-73 | DOI: 10.18267/j.polek.450
The concept of utility is interpreted (in M. Friedman's intentions) as the present value of future income from investments in human capital occurring in the framework of personal consumption. In this sense consumption is regarded as a productive phenomenon. On this basis the concept of general economic equilibrium can be classified. On the one hand, instead of the disputable theory of social welfare the role of capital market in parallel creating equilibrium between supply and demand of investments opportunities, on the other hand, demand and supply of investment funds is applied. The proposed concept is applicable to explain current changes connected...
Komparace tematické struktury časopiseckých publikací českých a evropských ekonomů (1999 - 2002)
Comparison of the thematic structure of journal articles by czech and european economists
Martin Macháček
Politická ekonomie 2004, 52(1):74-90 | DOI: 10.18267/j.polek.451
The paper deals with the thematic structure of journal articles according to the Journal of Economic Literature (JEL) classification system. For this purpose, three representative periodicals from 1999 to 2002 are analysed by examining the publications by Czech and European economists. The research methodology is as follows. First, the institutional affiliation of the journals' contributors is identified by examining the information provided by the authors in their articles. Second, the JEL classification stated in the journals is investigated with respect to co-authorship issues and the relative significance of the multiple JEL codes. The results...
Ekonomická analýza práva: případ kontraktu a jednatelství
Economic analysis of law: case of contract and agency
Lukáš Bortel
Politická ekonomie 2004, 52(1):91-102 | DOI: 10.18267/j.polek.452
Author deals with essentials regarding economic analysis of law. The methodology of Law and Economics approach is in general summarized and the distinction between rational and behavioral concepts are mentioned. Additionally, the economics of contracts including subsumed contractual formation, obligation performance and potential dispute incidence, and agency by means of its economic advantages in sense of model applicable for a variety of particular legal relations are concerned.
Vývojová závislost v současné ekonomii
Path dependency in contemporary economics
Jana Zajícová
Politická ekonomie 2004, 52(1):103-119 | DOI: 10.18267/j.polek.453
The article gives an account of a recent attempt to rebuild economics along the lines of increasing returns. The current orthodoxy is criticised for overemphasizing the role of decreasing returns. For the sake of analytical rigor economists sacrifice a correct picture of the modern world, say the critics. Small events are magnified by the positive feedback. The system is thus set on a path and cannot shake off its history. Path dependent processes are illustrated by the persistence of the QWERTY keyboard. As the world is stuck with this inferior standard, government action is needed to adopt a better alternative. However, the second part of the article...