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New Articles – Economics


MINSKY MEETS PORTER

Burak Erkut

Hyman P. Minsky focused on explaining investment by means of a financial theory; the financial instability hypothesis, put forward by Minsky, provides an explanation to the existence of business cycles by tracing their roots back to the transformation from robust financial markets to fragile financial markets (Minsky, 1992). During the final years of his life, his attempts were placed in a historical framework of analysis, with which he aimed to explain capitalist development based on the assumption of multiple forms of capitalism (Sau, 2019). His theory of capitalist development was published under the names “Schumpeter: Finance and Evolution” (Minsky, 1990) and “Schumpeter and Finance” (Minsky, 1993). His focus in the final era of his life was to give a new interpretation to the Schumpeterian theory of capitalist development by introducing Keynesian insights into it. With this research, he proposed four stages of capitalist development, which are labelled as commercial capitalism, financial capitalism, managerial capitalism and money-manager capitalism (Minsky, 1990, 1993).
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BROWNFIELDS AND GREENFIELDS ASSESSMENT METHOD IN RELATION TO VALUE POTENTIAL AND EFFICIENT USE

Zuzana Dvořáková Líšková, Nikola Sagapova, Roman Buchtele

Brownfields (greenfields) are defined as the areas with a significant change in the past from sites with intensive use to sites with limited use, further to under-utilized and abandoned areas (De Sousa, 2003; Frantál et al., 2013; Syms, 1999). Brownfields are generally classified as the sites with a high probability of substantial changes. Marcuse and van Kempen (2000) use the term ‘soft locations’ for such sites. Brownfields are the sites characterized by abandonment, discontinuation of production and often associated with land contamination (Jetmar, 2008; Kirschner, 2005; Lange & Mc Neil, 2004). This fact may lead to the loss of value of such property accompanied by a decrease in the land price, an increase in unemployment, or increased costs of the clean-up (Čiháková Aguilar, 2009). Although brownfield sites are the post-industrial outcomes of various anthropogenic activities and land use, the scarcity of land may play an important role in the attempts of finding new ways of utilization, redevelopment, and restoration of such areas based on their evaluation with regard not only to environmental issues but also sustainable development (Ahmad et al., 2018).
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MEASURES SUPPORTING ENTREPRENEURSHIP IN SLOVAK SMES IN THE MOST VULNERABLE INDUSTRIES IN TIMES OF THE COVID-19 PANDEMIC

Ľubica Lesáková, Miroslava Vinczeová, Alena Kaščáková

The crisis caused by the COVID-19 pandemic has become an unpredictable global risk and is one of the largest global public health crises so far. At the same time, it triggers a serious economic crisis at the country and global levels and can have severe consequences for the future. The primary objective (with a view also to further economic development) must now be the protection of human health. Strict measures were and are necessary to prevent the spread of a disease that does not know any borders in today’s globally interconnected world, but which, to an unexpectedly large extent, restrict the functioning of businesses and the economy as a whole, thereby seriously disrupting many value chains. Although it is currently impossible to predict the overall economic impact of the crisis, it is already clear that it is a huge external shock manifesting itself on both the supply and demand sides.
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CONSUMERS’ PERCEPTIONS OF HEALTH AND FACTORS INFLUENCING FULFILMENT OF THE NEED FOR HEALTHCARE IN EU COUNTRIES

Irena Antošová, Naďa Hazuchová, Jana Stávková

The health is defined as a state of a person’s physical, mental, and social well-being. Responsibility for health is determined not only by the healthcare system and genetic predispositions of individuals but also by one’s lifestyle and approach to achieving and keeping a good state of health (World Health Organization, 2006). Consumer behaviour concerning healthcare differs from other areas, above all because it is “a question of life and death”. Therefore, this type of decision-making tends to get significantly affected by emotions (Cazacu, 2015). Another significant difference is that consumers get healthcare products and services through a third party, most often a physician, who recommends steps to be taken and makes the decisions (Radulescu et al., 2012). Kenkel (1990) states that physicians can create or reduce demand for their services. Meeting health care needs is not always a matter of consumer choice, but other factors also play a role.
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AGRICULTURAL OUTPUT EFFECT OF RURAL FINANCE: AN EXTENDED REGRESSION APPROACH

Xinxin Jing, Ruchuan Jiang, Zhiguo Chen, Zhi Deng

In recent years, the fund shortage faced by worldwide rural economic development has become a common plight, which cannot be resolved through peasants’ saving and loaning behaviours with rural financial institutions as intermediary agents. Agriculture can hardly be the credit object because of the long agricultural production cycle, slow capital operation, short and concentrated labour time, partially low labour efficiency, and strong dependence on the natural environment (Bianco, 2020). Thus, rural economic development lacks external financing paths (Donou-Adonsou & Sylwester, 2017; Liu & Liu, 2020). The situation is not optimistic in China, either. In the initial years after the founding of New China, financial policies were formulated to solve rural capital constraints and support agricultural development. Since 1978, rural financial development successively experienced four major phases: development recovery, expansion, supplementation and perfection, and deepened reform and innovation.
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