List of issues

Contents of issue 4/2007

Bohdan Gruchman, Emil Panek - Poznań University of Economics (1926-2006), abstract, article

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Jacek Miroński - The Concept of Power in Economic Theory, abstract, article

Łukasz Goczek - The Causes for Corruption and the Effectiveness of Anti-Corruption Strategies, abstract, article

Anna Czogała, Adam Kot - The Inflation Expectations of Polish Enterprises and the Transparency of Central Bank Policy, abstract, article

Beata Guziejewska - Financial Transfers to Local Areas in Central Government Policy, abstract, article


Book Review: Witold Jakóbik (ed.), Gospodarka polska w procesie światowych przemian (The Polish Economy in the Process of Global Change), Wyższa Szkoła Handlu i Prawa im. R. Łazarskiego w Warszawie, Warsaw 2006, 231 pp. - reviewed by Tadeusz Smuga

Book Review: Wojciech Ieńkowski, Mariusz Jan Radło (eds.), Amerykański model rozwoju gospodarczego. Istota, efektywność i możliwości zastosowania (The American Model of Economic Development: Its Essence, Effectiveness and Applicability), Szkoła Główna Handlowa w Warszawie, Warsaw 2006, 509 pp. - reviewed by Henryk Bąk

Book Review: Marek Panfil, Andrzej Szablewski (eds.), Metody wyceny spółki. Perspektywa klienta i inwestora (Methods of Company Valuation: The Client’s Perspective and the Investor’s Perspective), Wydawnictwo Poltext, Warsaw 2006, 681 pp. - reviewed by Magdalena Mikołajek-Gocejna

Bohdan Gruchman, Emil Panek - Poznań University of Economics (1926-2006)

The Poznań University of Economics was established in 1926 by the local Chamber of Commerce and Industry in cooperation with regional education authorities. Initially a small private school with limited enrolment, the university obtained its status as a major academic institution in 1938. Reopened after World War II, the Poznań University of Economics was nationalized in 1950 and reorganized to function as the only institution of higher education in Poznań to confer academic degrees in economics and management. By 2005, the number of teachers at the university increased from 57 to 609, and the number of students rose to 13,385, from 2,026 in 1950. Today the school offers master’s, doctoral and doctor habilitatus degrees in three key disciplines: economics, management and commodity science. It is the only business school in Poland to confer such degrees in all three areas.
The Poznań University of Economics cooperates with many foreign universities. With some of them, it provides joint master’s and Master of Business Administration programs. It also pursues scientific research, with special achievements in areas such as macroeconomics, econometrics, statistics and demography, marketing and logistics, international trade, accounting and financial controlling, economic geography and regional economics, management, commodity science and quality management. In many research areas, members of the school’s faculty cooperate with foreign institutions. This includes joint research within the framework of European Union programs.
On its 80th anniversary in 2006, the university was expanded and reorganized again to better serve the needs of science and education.

Article: PDF

Jacek Miroński - The Concept of Power in Economic Theory

The article examines the role of power in economic theory, with a special focus on the microeconomic theories of the firm. The aim of the paper is twofold. First, the author provides a comprehensive explanation of the concept of power in an enterprise. Second, he attempts to prove that microeconomic theories of the firm may benefit considerably from the theory of power and its findings.
The author develops an expanded definition of power based on Dahl’s concept. Two key theoretical approaches to power are presented: managerial and critical. The role of power in neoclassical, behavioral, managerial, institutional, new-institutional and micro-micro theories is examined. The author checks if the findings of the theory of power can be incorporated into microeconomic theories.
The analysis reveals that the concept of power is not fully utilized and sometimes even neglected by microeconomic theory. This is despite the fact that the theory of power can enrich the microeconomic view and understanding of the enterprise, Miroński says. He looks at power as a neutral (not necessarily negative), dynamic and complex concept that can help explain many important microeconomic issues. Behavioral and managerial theories propose many alternative goals of the enterprise, and the concept of power may help predict which of these goals would dominate in a given situation. Transaction costs or “ineffectiveness X” from Leibenstein’s micro-micro theory are influenced by power relations within the company. Further research into the application of the theory of power in economic theory seems to be both justified and promising, Miroński concludes.

Keywords: microeconomic theory of the firm, Dahl’s concept, micro-micro theory, power relations
Article: PDF

Łukasz Goczek - The Causes for Corruption and the Effectiveness of Anti-Corruption Strategies

The author examines the causes behind corruption and checks why strategies designed to combat corruption fail to produce the expected results. The analysis is based on a review of the extensive body of empirical research into the sources of corruption and a descriptive analysis of the effectiveness of anti-corruption measures. The author offers a definition of corruption and presents the most common anti-corruption programs. He also describes problems widely associated with empirical studies involving corruption. The analysis addresses four issues: the overall level of development; the public sector; political institutions; and limitations to a free market and competition.
Contrary to popular belief, not all the measures commonly proposed in the ongoing public debate on corruption will work in practice, Goczek says. For example, political reforms are unlikely to produce the desired results. Anti-corruption reforms should be geared toward limiting the room for corruption by reducing the number of transactions subject to arbitrary decision-making and by delegating authority to the market instead of the government. It is necessary to limit the powers of politicians and officials in areas such as the issuance of business permits and licenses, the author says. This should be accompanied by measures designed to limit the government’s monopoly in areas such as barriers to market entry, interventionism, economic freedom and competition.
One possible reason why anti-corruption measures fail to deal with the real causes behind the problem is that far-reaching economic reforms are unpopular in Poland, the author says. Many anti-corruption programs are ineffective because they are often only a “smoke screen” designed to hide inaction, Goczek concludes.

Keywords: corruption, anti-corruption measures, empirical studies, economic freedom
Article: PDF

Anna Czogała, Adam Kot - The Inflation Expectations of Polish Enterprises and the Transparency of Central Bank Policy

The paper analyzes the inflationary expectations of Polish enterprises and attempts to interpret them in the context of the transparency of monetary policy. The study presents the evolution of monetary policy transparency in Poland since the introduction of the direct inflation targeting strategy and examines the rationality of inflation expectations among businesses in light of the changing communication strategies of the Polish central bank. A new method is proposed to investigate the development of enterprises’ inflation expectations. This method uses information about the distribution of these expectations, which makes it possible to estimate their rationality for each quarter covered by the analysis. This approach makes it possible to examine changes in inflation expectations and the influence of monetary policy. The results of the analysis indicate that inflation expectations in the corporate sector were relatively rational throughout the analyzed period, with no significant changes over time. Therefore the impact of monetary policy transparency on inflation expectations in Poland’s corporate sector appears to be limited, the authors conclude. However, they add that this influence may actually be greater than it seems because the full effect of monetary policy may only be felt after a considerable time lag.

Keywords: inflation expectations, monetary policy transparency, direct inflation targeting strategy, corporate sector
Article: PDF

Beata Guziejewska - Financial Transfers to Local Areas in Central Government Policy

The paper deals with selected aspects of the issue of financial transfers to local governments from the central budget. The first part of the paper describes the basic types of transfers, their role and limitations in central government financial policy resulting from decentralization. Further on, the author discusses the conditions of subsidizing and co-financing local governments under fiscal and budgetary policies. Guziejewska also examines the rules and purposes of financial policy, including the policy of subsidizing, sources of local government revenue and the role of soft and hard budget constraints.
The author uses a descriptive analysis method, combined with elements of deduction and statistical analysis. The analysis confirms that the importance of transfers to local governments depends on the level of decentralization of public finances, the detailed structure of individual transfers and the roles that they are supposed to play in the financial system of the state. In Poland, general- and specific-purpose subsidies as well as designated grants play a key role in transfers from the national budget to local areas. Transfers to municipalities differ from those intended for other local government units above the municipality level.
The Polish financial transfer system places insufficient emphasis on the goals that individual transfers are supposed to serve, Guziejewska concludes. The system also overlooks the actual costs of services in local areas and makes limited use of the principle of co-financing. Moreover, the economic and social consequences of specific transfers and their political role are not always sufficiently analyzed.

Keywords: financial transfers, local government, fiscal policy, soft/hard budget constraints
Article: PDF

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