Template-Type: ReDIF-Article 1.0
Author-Name: Václav Klusoň
Title: Návraty dr. Bernarda Mandevilla aneb počestní darebové v ekonomické transformaci
Title: Come-backs of dr. Bernard Mandeville: virtuous knaves in economic transformation
Abstract: 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 and property conferred respect and authority upon the "nouveau riche".
Keywords: economic transformation, virtues, evolution, common good, vices, spontaneity, property, morality, self-love, new owners
Classification-JEL: A13, B30, D60, D69
Pages: 3-16
Volume: 2004
Issue: 1
Year: 2004
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=446.pdf
File-URL: http://www.vse.cz/polek/446
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2004:y:2004:i:1:id:446:p:3-16

Template-Type: ReDIF-Article 1.0
Author-Name: Jiří Havel
Title: Privatizace bank (kritický pohled na tuzemskou privatizační praxi)
Title: Bank privatization - critical view of the czech deal
Abstract: 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 prices from privatization were the best prices (measured by price/NAV) from all of the transition countries. The cost of trans- formation of the Czech banking was extremely high. The text is focused mainly to the procedural problems of the Czech banking privatization.
Keywords: privatization, regulation, transition, corruption, banking
Classification-JEL: G21, P31, P34
Pages: 17-34
Volume: 2004
Issue: 1
Year: 2004
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=447.pdf
File-URL: http://www.vse.cz/polek/447
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2004:y:2004:i:1:id:447:p:17-34

Template-Type: ReDIF-Article 1.0
Author-Name: Marie Bohatá
Author-Name: Alena Zemplinerová
Title: Investice českých firem v zahraničí
Title: Outward direct investment by czech companies
Abstract: 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 a specific regulation in the home country or takes advantage of financial incentives in host countries. Our results indicate that OFDI is often related to parent company restructuring and is a precondition for maintenance and improvement of competitiveness.
Keywords: competitiveness, direct foreign investment, growth
Classification-JEL: F21, F23, F43
Pages: 35-47
Volume: 2004
Issue: 1
Year: 2004
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=448.pdf
File-URL: http://www.vse.cz/polek/448
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2004:y:2004:i:1:id:448:p:35-47

Template-Type: ReDIF-Article 1.0
Author-Name: Jiří Hlaváček
Author-Name: Michal Hlaváček
Title: Petrohradský paradox a kardinální funkce užitku
Title: St Petersburg paradox and cardinal utility function
Abstract: 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 ad hoc. Other advantage of our utility function is its explanation of the difference in decision making of different "players" in the St Petersburg casino, based on their wealth (including the explanation of the situational risk seeking behaviour of players under the boundary of survival).
Keywords: St Petersburg paradox, risk aversion, utility function cardinalisation, decisions under uncertainty
Classification-JEL: D80, D81
Pages: 48-60
Volume: 2004
Issue: 1
Year: 2004
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=449.pdf
File-URL: http://www.vse.cz/polek/449
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2004:y:2004:i:1:id:449:p:48-60

Template-Type: ReDIF-Article 1.0
Author-Name: Radim Valenčík
Title: Rozšířený koncept všeobecné ekonomické rovnováhy
Title: Broad approach of general economic equilibrium
Abstract: 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 with the transition to knowledge based society.
Keywords: utility, general economic equilibrium, knowledge based society, current value of future income, human capital, investment opportunities, productive consumption
Classification-JEL: D50, D63
Pages: 61-73
Volume: 2004
Issue: 1
Year: 2004
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=450.pdf
File-URL: http://www.vse.cz/polek/450
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2004:y:2004:i:1:id:450:p:61-73

Template-Type: ReDIF-Article 1.0
Author-Name: Martin Macháček
Title: Komparace tematické struktury časopiseckých publikací českých a evropských ekonomů (1999 - 2002)
Title: Comparison of the thematic structure of journal articles by czech and european economists
Abstract: 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 indicate that when compared to the rest of Europe, Czech economists prefer macroeconomic problems to the microeconomic ones and have a strong bias for the methodology and history of economic thought, as well as for the mathematical and quantitative methods. On the other hand, Czech researchers exhibit a markedly lower interest in labour and demographic economics.
Keywords: economic research, international comparisons, journal articles, thematic structure, institutional affiliation
Classification-JEL: A10, A14, A19
Pages: 74-90
Volume: 2004
Issue: 1
Year: 2004
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=451.pdf
File-URL: http://www.vse.cz/polek/451
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2004:y:2004:i:1:id:451:p:74-90

Template-Type: ReDIF-Article 1.0
Author-Name: Lukáš Bortel
Title: Ekonomická analýza práva: případ kontraktu a jednatelství
Title: Economic analysis of law: case of contract and agency
Abstract: 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.
Keywords: law and economics, contract, principal, agent
Classification-JEL: K00, K12, K40
Pages: 91-102
Volume: 2004
Issue: 1
Year: 2004
File-URL: http://www.vse.cz/polek/452
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2004:y:2004:i:1:id:452:p:91-102

Template-Type: ReDIF-Article 1.0
Author-Name: Jana Zajícová
Title: Vývojová závislost v současné ekonomii
Title: Path dependency in contemporary economics
Abstract: 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 offers a successful refutation of the QWERTY story.  This particular example of path dependency evolved into an ambitious interdisciplinary project whose aim is to introduce new, visionary approaches into the scientific thinking. The prospects of chaos theory in economics are therefore briefly outlined.
Keywords: increasing returns, chaos theory, QWERTY, non-linearity, positive feedback, path dependency
Classification-JEL: B52, D90, N00, O33
Pages: 103-119
Volume: 2004
Issue: 1
Year: 2004
File-URL: http://www.vse.cz/polek/453
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2004:y:2004:i:1:id:453:p:103-119