Contents of issue 3/2005
Janusz Beksiak, Bogdan Grzeloński - Professor Władysław Marian Zawadzki and the General Equilibrium Theory, summary
Eryk Łon - Stock Market Trends and the Prospective Level of Economic Activity, summary
Barbara Jankowska - An Attempt to Measure the Competitive Position of the Polish Construction Sector, summary
Agnieszka Izabela Baruk - Employees in Polish Enterprises as Targets of Personnel-Oriented Activities, summary
, articleEUROPEAN INTEGRATION
Wanda Karpińska-Mizielińska, Tadeusz Smuga - Public Assistance in Poland Against the Background of Other European Union Countries, summary
, articleCONFRENCES - POLEMICS - REVIEWS
Knowledge Management Systems and Their Use in Enterprises - Jakub J. Brdulak, Stanisław Łodejko
Janusz Beksiak, Bogdan Grzeloński - Professor Władysław Marian Zawadzki and the General Equilibrium Theory
The article combines two papers delivered at a Polish-Lithuanian seminar in Vilnius in 2003. The first paper is a biography of Prof. Zawadzki by Bogdan Grzeloński, who presents the professor’s participation in scientific life and political activity. The second paper, by Janusz Beksiak, focuses on Zawadzki’s contribution to the development of economics, chiefly through his two fundamental works: The Application of Mathematics in Political Economics and The Theory of Production-both of which exerted a significant influence on the development of Polish economics and left a lasting trace in international research.Article
Eryk Łon - Stock Market Trends and the Prospective Level of Economic Activity
Stock market trends are a barometer of the overall level of economic activity. The author suggests that there should be a connection between stock market trends in year T and the real rate of GDP growth in year T+1. Research has confirmed this hypothesis. There is a positive correlation between the stock index return in year T and the real rate of GDP growth in year T+1.
Expectations involving the future real rate of GDP growth are important to stock market participants. The same applies to expectations about changes in this rate in relation to the previous period. Periods of economic recovery, with an improved real rate of GDP growth, are usually preceded by a much better behavior of the stock index than periods of economic slowdown, when the real rate of GDP growth deteriorates.
The actual relationship between stock market trends and the future real rate of GDP growth depends on the role of the stock market in the economy. Mature markets are generally characterized by a greater positive correlation than emerging markets.
Research into the nature and intensity of the relationship between the stock index return and select GDP constituents indicates that stock market participants try to predict the future level of economic activity. Among individual factors, market participants pay special attention to the prospective growth of imports, exports and investment expenditure.
The research incorporated statistical and econometric methods as well as the theory of probability.Article
Barbara Jankowska - An Attempt to Measure the Competitive Position of the Polish Construction Sector
The article addresses the problem of measuring the international competitive position of various economic sectors. The author describes measures such as the “revealed comparative advantage” indicator, the Grubel-Lloyd index and the Bruellhart measure, all of which are traditionally used to evaluate international sector competitiveness. However, these measures predominantly provide information on the character of intra-industry trade between analyzed countries. That’s why the author subsequently presents her own proposals on measuring international sector competitiveness. One of them is an “export-import” indicator that describes the competitiveness of products and services offered by companies from the analyzed sector on a specific foreign market, compared with the competitiveness of other suppliers competing for this market. The author’s concept is then used to assess the international competitiveness of Poland’s construction sector. The analysis is conducted in reference to European Union and Central and Eastern European markets of key importance for the sector (according to the state prior to May 1, 2004). The proposed methodological solution is supplementary with regard to concepts presented earlier in literature on the subject.Article
Agnieszka Izabela Baruk - Employees in Polish Enterprises as Targets of Personnel-Oriented Activities
The article probes the issue of employee contentment and job satisfaction, which have been shown to significantly influence the effectiveness of personnel-oriented activities in enterprises and the perception of employers in the eyes of employees. The article discusses the results of empirical research into employee satisfaction in medium-sized Polish enterprises in the food sector, including satisfaction derived from work in a specific company. The author presents the influence of work conditions on employee satisfaction, paying special attention to interpersonal relations and possibilities for professional and personal growth. The article describes how top-level managerial personnel in the analyzed companies perceives the role of various personnel-oriented activities, which in many cases have proven completely underestimated and are thus co-responsible for insufficient employee satisfaction.Article
Wanda Karpińska-Mizielińska, Tadeusz Smuga - Public Assistance in Poland Against the Background of Other European Union Countries
The article offers a comparative analysis of the scope and structure of public assistance in Poland and the European Union prior to the latest round of enlargement. Financial assistance granted to businesses is an important instrument of economic policy and a form of state intervention aimed at protecting select sectors of the economy. The analysis focuses on the years 2000-2002, with 2003 data additionally considered in the case of Poland. The subject of the analysis was the scope of public assistance, including its relation to GDP, its structure by beneficiary (individual sectors of the economy), directions of allocation for sector and horizontal purposes as well as the instruments used.
The analysis reveals that the allocation of funds as part of public assistance primarily depends on the goals that a given state intends to attain and on the financial resources at its disposal. Research has confirmed that the structure of assistance in Poland, in comparison with “EU-15” countries, differed in many respects, which primarily resulted from the restructuring needs of the Polish economy. The eventual completion of these processes will call for a reorientation in the allocation of public assistance, with limitations in sector assistance in favor of horizontal assistance—designed to support chiefly those priorities that contribute to an increased competitiveness of the economy, including the development of small and medium-sized enterprises, research and development and training. These changes will be linked with the takeover of supervision over public assistance by the European Commission. Its policies in this area will determine the extent of financial assistance granted to Polish entrepreneurs in the coming years as well as the limits for using such support as an instrument of economic policy.Article