Template-Type: ReDIF-Article 1.0 Author-Name: Lubomír Mlčoch Title: Ekonomie a štěstí: proč více někdy není lépe Title: Economics and Happiness: Why More is Sometimes not Better Abstract: The author raises doubts about a sense of "catching up" and an idolatry of HDP´s growth. His argumentation is based on the longitudinal international research of the link "economics-happiness" at the frontier between economics and psychology. The rationality of economic science "more is better" is bounded by environmental and relational externalities: it is just what a "theory of happiness" argues against a "joyless economy". The family-household is an old istitution esp. loosing in a competition with the market economy. The article stresses a role of "relational goods" explaining why more is sometimes less. The loss of happiness in market democracies (R.Lane) is the reason for a crisis of economic paradigm; it has a chance to be healed by a switch from the principle of imperial equivalence to a reciprocity (economy of communion). Implications for economic policies based on a "science of happiness" reverse the link "economics-happiness" making from HDP growth a by-product of our effort for happiness. Keywords: Economic rationality vs. subjective happiness, equivalence vs. reciprocity, goods, positional goods, relational goods, economics of family, economy of communion Classification-JEL: A12, A13, B40, D10 Pages: 147-163 Volume: 2007 Issue: 2 Year: 2007 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=594.pdf File-URL: http://www.vse.cz/polek/594 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2007:y:2007:i:2:id:594:p:147-163 Template-Type: ReDIF-Article 1.0 Author-Name: Anna Kadeřábková Author-Name: Václav Šmejkal Title: Podmínky podnikání v české republice při hodnocení institucionální kvality Title: Doing Business in the Czech Republic - an Assessment of Institutional Quality Abstract: The paper presents results of World Bank survey in 2005 undertaken within the project Doing Business, with special regard to the Czech Republic position. Doing business conditions are assessed particularly according to the regulation burden and its impacts on entrepreneurship. The structure follows ten indicators of doing business conditions covered in the survey in 2005: starting and closing a business, dealing with licenses, hiring and firing workers, registering property, getting credit, protecting investors, paying taxes, trading across borders, enforcing contracts. The paper includes explanation of the specific features of the Czech Republic legislation, and already undertaken, recommended or prepared changes directed to improvement of most critical points. Moreover, there are presented the relations between regulation quality and other economic and institutional indicators: tax burden, economic freedom and corruption levels. Keywords: doing business conditions, regulation quality, international comparison Classification-JEL: O12, O17, O50, P48 Pages: 164-182 Volume: 2007 Issue: 2 Year: 2007 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=595.pdf File-URL: http://www.vse.cz/polek/595 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2007:y:2007:i:2:id:595:p:164-182 Template-Type: ReDIF-Article 1.0 Author-Name: Pavel Dvořák Title: Monetární teorie cyklu, dluhový problém a finanční krize Title: Monetary Cycle Theory, Debt Problem and Financial Crises Abstract: In attempts to explain the mechanism of a financial crisis of the third generation, the basic problem is to specify the basic causes of its emergence. In the text of the paper we have formulated a hypothesis saying that the basic cause of the emergence of a systemic financial crisis of the Asian type is an overall unsound indebtedness, initiated - using the terminology of a monetary theory of cycles - by malinvestment, caused by an excessive credit boom. If these investments are financed through credits, their systematic liquidation leads not only to recession, but also to the development of unsound indebtedness and to a massive credit non-reimbursement. If the credits are granted in the local currency, there develops an internal debt problem, a banking crisis and subsequently a monetary crisis. If the credits are given in foreign currencies, there develops an external debt problem, a monetary crisis and subsequently a banking crisis. Debt, banking and monetary problems are mutually amplified and lead to the emergence of a systemic financial crisis. Keywords: systemic financial crisis, monetary theory of business cycles, malinvestment, credit boom, debt problem Classification-JEL: F34, G15 Pages: 183-205 Volume: 2007 Issue: 2 Year: 2007 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=596.pdf File-URL: http://www.vse.cz/polek/596 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2007:y:2007:i:2:id:596:p:183-205 Template-Type: ReDIF-Article 1.0 Author-Name: Růžena Vintrová Title: Reálná a nominální konvergence v zemích středoevropské pětky Title: Real and Nominal Convergence of the Cee Countries Abstract: This paper deals with the narrowing the income gap between the Central and East European New Member States (NMS-5) and the EU-25 and with the trade-off between the real and nominal convergence. The methodology is based on international standards enabling comparisons of macroeconomic indicators, especially of GDP per capita in purchasing power parity and alternative indicators of real gross domestic income, which comprises gains or losses from the terms of trade changes. In the chapter 1 the changes in catching-up and in the position of the NMS-5 economy within the framework of EU-25 are analysed. Chapter 2 deals with the trade-off between the real and nominal convergence. The regression analysis of the comparative price and wage level in relation to the economic level reveals deviations from the theoretical values, especially in the Czech Republic. The unit labour cost's level comparisons examine the cost/price competitiveness. The perspective of real convergence is analysed in the conclusion. Keywords: terms of trade, unit labour costs, real gross domestic income, comparative price level, real and nominal convergence, purchasing power parity Classification-JEL: E31, F15, F43, J30, O11 Pages: 206-225 Volume: 2007 Issue: 2 Year: 2007 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=597.pdf File-URL: http://www.vse.cz/polek/597 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2007:y:2007:i:2:id:597:p:206-225 Template-Type: ReDIF-Article 1.0 Author-Name: Petr Kadeřábek Title: Jednoduchý model interakce CPI a PPI: aplikace na měsíční data zemí EU Title: A Simple Model of Interaction Between CPI and PPI: Application to Monthly Data of EU Countries Abstract: We consider two markets in our model: wholesale, where producers' supply interacts with distributors' demand, and retail with distributors' supply and consumers' demand. The wholesale market determines the producer price index (PPI), production and indirectly also employment. In the retail market the consumer price index (CPI) is formed. We specify a simple dynamic model with two state variables: CPI and PPI. Real variables - production and employment - are fully determined by CPI and PPI. A supply shock shows itself in instant PPI adjustment, a demand shock in CPI. Thus, in the CPI inflation equation the supply shocks are fully determined endogenously by the wholesale - retail markets relationship and for practical use we should add exogenous demand shock to the equation. On the other hand, it would be suitable to add exogenous supply shocks to the PPI inflation, production and employment equations. In the second part we implement the model on monthly data of EU countries. It will be necessary modify the model specification so that we coped with the problems of seasonality and not exactly the same structure of baskets, used for CPI and PPI computations. We estimate each equation of the model both for each single country separately and for the whole panel. Keywords: inflation, employment, production, panel data, Producer and consumer prices, Static and regressive expectations Classification-JEL: C23, E31, E32 Pages: 226-244 Volume: 2007 Issue: 2 Year: 2007 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=598.pdf File-URL: http://www.vse.cz/polek/598 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2007:y:2007:i:2:id:598:p:226-244 Template-Type: ReDIF-Article 1.0 Author-Name: Emília Sičáková-Beblavá Author-Name: Miroslav Beblavý Title: Faktory ovplyvňujúce rozhodovanie o spôsobe zabezpečovania služieb vo veľkých slovenských mestách Title: Factors Influencing Decisions on Services Provision in major Slovak Cities Abstract: The article deals with structural factors affecting decisions about the provision of services in large Slovak cities. In addition to introducing an economic model based on transaction cost theory, models of political decision making regarding the provision of services by cities (ideological model, public choice theory and political risk-aversion model) are described. The article concentrates upon decisions regarding the provision of seven selected services in eight major Slovak cities. In addition to collecting data on the means of providing the selected services, relevant decision makers about the perceived asset specificity and about the measurability of selected services have been interviewed. The findings partly confirm economic hypotheses about the provision of public services, which suggest that oursourcing is expected if the services to be provided are easily measurable. The findings are also consistent with models based on political decision-making, but do not allow to pinpoint any of the political models as the facts are consistent with all three of them. Keywords: decision-making, municipalities/cities, services, decision-makers, asset specificity, service measurability Classification-JEL: H44, H76, R38 Pages: 245-262 Volume: 2007 Issue: 2 Year: 2007 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=599.pdf File-URL: http://www.vse.cz/polek/599 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2007:y:2007:i:2:id:599:p:245-262 Template-Type: ReDIF-Article 1.0 Author-Name: Tomáš Krabec Title: Operabilita pojmu tržní hodnoty v intencích standardizace oceňování Title: To the Operability of Market Value in Terms of Standardization of Valuation Abstract: The text considers one of the prevailing dilemmas for the time being practical valuers of assets are exposed to - the operability of market value in terms of International Valuation Standards. The issue is considered theoretically, practical impacts are outlined as well. Considering the microeconomic basis of market structure and price determination, the prerequisites for an "objective" market value are summed. The International Valuation Standards are explained as an evolutionary evolved institution, which suffers under deep impact of neoclassical methodology. At the end there are drawn some conclusions for the regulation of valuation in the Czech Republic. Keywords: valuation, market value, valuation standards, standardization Classification-JEL: B4, D0, G0, K0 Pages: 263-274 Volume: 2007 Issue: 2 Year: 2007 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=600.pdf File-URL: http://www.vse.cz/polek/600 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2007:y:2007:i:2:id:600:p:263-274