Külgazdaság Vol. 7-8/2014

The birth of the entrepreneur – episodes from the history of Schumpeter’s concept

ALADÁR MADARÁSZ

The entrepreneur is an elusive and ambiguous concept in economics. She is the key decision maker of capitalism based on private ownership and she provides the dynamic change through innovation. Despite of her vital role, modern economic theory mostly ignored the entrepreneur so she has become the missing protagonist of the neoclassical microeconomic discourse. The most influential conceptualization of entrepreneurship was designed by Schumpeter in 1912, synthetizing many different ideas suggested earlier by English, French and German economists. My essay gives an overview of some of these notions, illustrating the thesis that the importance of the Schumpeterian concept came not from the originality of his proposal but rather from casting the entrepreneur as the main agent of economic development. The idea of technological and organizational innovation initiated by the entrepreneur has recently regained the attention of economists and historians.

 Through a Glass Darkly The content of the statistical data on foreign direct investments

KATALIN ANTALÓCZY – MAGDOLNA SASS

 Together with globalisation, the role of foreign direct investments has been growing rapidly in the world economy as well as in individual countries. Thus their analysis is basically unavoidable when an economic phenomenon is investigated. As the main data source, the direct investment data of the balance of payments are used. However, the main aim of the balance of payments is to show how and in which form the foreign financing of an economy is realised. Thus its direct investment data do not necessarily correspond to the foreign direct investment concept of economic analysis. During the crisis, due to the reinforced tax-optimisation and loss-reducing transactions of multinational companies, the distance between the data and the analysed phenomenon has been further growing. That is why the main conclusion of our article is that one has to analyse the available data very carefully.

Expected impact of US-EU trade negotiations on the Hungarian economic growth

GÁBOR KUTASI – GERGELY REZESSY – NORBERT SZIJÁRTÓ

It is an economics assumption about the Trans-Atlantic Trade and Investment Partnership (TTIP) under formation since the beginning of 2013, that it has growth impacts on the participants. Our study estimates the additional effects of TTIP on growth, employment and investment in case of Hungary. Our calculations are built on computable general equilibrium (CGE) models based on price elasticity and trade elasticity. As far it was possible, the impacts were examined by sectors. Our results are compared with previous research results.

 Reindustrialization and its effects – Investigation into long-run structural change via a multi-sector macroeconomic model

GÁBOR ULIHA – JÁNOS VINCZE

In the wake of the recent global crisis reindustrialization became a possible economic policy target both in the European Union and in Hungary. In this paper the authors, using a long-run macroeconomic forecasting model, search for clues of “natural” reindustrializing tendencies in Hungary. One of their conclusion is that reindustrialization is probably forthcoming, but it will be accompanied by modest rates of growth. It seems unlikely that average GDP growth will exceed 3% per annum in the next 12 years, even if very optimistic conditions concerning export demand would materialize. They examine the aggregate impact of two specific “anti-industrializing” scenarios: in the first one consumption, and, in the second, exports shift relatively towards the service sectors. In both of these hypothetical cases growth and employment would be higher than in the baseline case, thus the final conclusion of the paper is that active reindustrialization may not be the most efficient policy option.

 Legal supplement

 Analysis of Directive 2011/24/EU on the application of patients’ rights in cross- border healthcare

ÉVA GELLÉRNÉ LUKÁCS – LAURA GYENEY

Besides providing an in-depth analysis of Directive 2011/24/EU on the appli- cation of patients’ rights in cross-border healthcare, the present Study intends to answer the question whether the Directive is just a mere codification of the related CJEU case-law in the field of European patient mobility, or rather a significant con- tribution to the attainment of the “idea of Social Europe”. The authors argue that the Directive meets the primary objective of creating a transparent and clear regulation for the reimbursement of health care costs in a Member State other than where the care was provided, laying down significant procedural guarantees for the substantive conditions of applications for prior authorisation. It is further argued that the Direc- tive, parallel to codifying the case-law, reinforces Member States’ national compe- tencies by empowering them to determine both the list of benefits subject to prior authorisation and the list of benefits that are subject to reimbursement. Moreover, the co-operation between Member States in the fields mentioned above operates on a highly voluntary basis. On the whole, we may conclude that the Directive has achieved a good balance between competing interests at the time of its adoption, potentially leading to the creation of a more integrated European health policy in the near future.

 

 

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