Research and development (R&D) is of fundamental importance in the creation of knowledge, products and technologies (Solow, 1956; Jones, 1995; Köhler et al., 2012; OECD, 2012; Szarowská, 2016; 2017). Generally, governments have three main instruments for financing R&D (own R&D, direct funding and indirect funding), each of which has advantages and disadvantages from the perspective of economic theory (David et al., 2000). The financial crisis prompted many governments to introduce tough fiscal consolidation measures and to prioritize other issues over R&D. However, Hud and Hussinger (2015) note that to prevent firms from reducing their R&D expenses and to maintain national R&D capacities, policymakers in many countries reacted immediately to the crisis and increased the public R&D budget.
Marinko Škare, Daniel Tomić, Małgorzata Porada-Rochoń
Sympathetic movement between the nominal interest rate on long-term government bonds and the price level first observed by Gibson (1923) remains an open academic debate. Academic debates on Gibson paradox range
from being nothing more than a spurious statistical relation to a fact strongly disputing standard micro and macroeconomic theory. The debate today is revived in a period of historic low-interest rates and deflation in many world economies. Keynes (1930/2011) speaks of the observed relation as the most completely established empirical fact in economics.
Innovation has received more and more attention in the European Union since adoption of the Lisbon Strategy in 2000. In 2010 the European Commission 2010; European Council adopted a new strategy, Europe 2020, which
stressed again the importance of innovations. Therefore it is important to evaluate the current level of the European Union Member States’ technological and economic development as well as its innovations impact on it. Innovation impact on economic development was analyzed by correlating various composite indices with
GDP per capita indicator (Fagerberg & Srholec, 2008). The author proposes a conceptual model for economic development evaluation according to a world-system approach. The level of economic development can thus be
identified by a system of indicators rather than single one (e.g. GDP per capita).
Rita Remeikiene, Zoltan Rozsa, Ligita Gaspareniene, Jan Pěnčík
According to Shah (2015), economic growth is a primary and crucial aim of national and regional economies. International trade, based on exploitation of the benefits of comparative advantage, is treated as one of the key
Determinants of a sustainable economic growth. Being a structural part of the overal international trade, the international trade in agricultural products is an important engine of economic progress. Despite the abundance of the scientific studies proving the positive links between international trade and national and/or regional
economic growth (Sun & Heshmati, 2010; Adhikary, 2010; Busse & Koniger, 2012; Fetahi-Vehapia & Sadikub, 2015; Vojtovic, 2016; Kljucnikov & Popesko, 2017; Weng et al., 2017, Simionescu et al., 2017 etc.), the international trade in agricultural products thus far has not earned the sufficient scientific attention.
Marija Džunić, Nataša Golubović
Business environment is An important determinant of national competitiveness and sustainable long-term economic growth. Business environment quality determines the risk as well as returns from investment and
therefore affects investment decisions. The business environment is largely, if not totally, beyond the control of the firms and their management. It results from existing political, legal and regulatory framework; macroeconomic policies; institutional infrastructure; social and cultural context within which transactions take place, the quality of physical and social infrastructure and many other factors. Empirical research has shown that corruption represents a serious obstacle to entrepreneurship and business (Kaufmann & Wei, 2000; Meon & Sekkat, 2005). Hellman et al. (2000) consider corruption, in addition to governance quality and state capture, a factor that significantly shapes business environment in transition countries.