Fisher consistent estimation of regression parameter in the proportional mean residual life model with frailty

In the article, we consider the Fisher consistent estimation of the regression parameters in the proportional mean residual life model with arbitrary frailty. It is discussed that conventional estimation procedures, such as the maximum likelihood estimation or Cox’s approach, which are employed in common regression models, may also yield consistent inference in the extended models.

Uwarunkowania wykluczenia emerytalnego z dodatkowej części systemu emerytalnego w Polsce

The study addresses the issues of exclusion from the supplementary part of the Polish pension system. The main goals of the research are: 1) characterising retirement exclusion as a specific type of financial exclusion, and 2) identifying and assessing key determinants of retirement exclusion in the supplementary part of the Polish pension system. The article is epistemological and classifying in nature. In the review part, the research methods used are based on a critical analysis of the literature and a synthesis of its conclusions. The main part is based on a meta-analysis of the results of surveys regarding pension awareness and propensity to save, elements of the economic analysis of law, and analysis of existing data. The presented considerations lead to the formulation of arguments, that justify the thesis that the scale and extent of retirement exclusion in the supplementary part of the Polish pension system are a derivative of factors included in four meta-categories: 1. low pension awareness, 2. low saving potential, 3. low propensity to save, and 4. limited availability of pension products.

On Makovi on public goods

Makovi (2019) has traveled a long distance, all the way from his 20-yard line to his opponent’s 5-yard line. But, he needs a little push to score a goal. The present essay is our attempt to provide that for him in terms of public goods, externalities, and laissez faire capitalism.

Investigating the causal relationship between economic growth, inflation, and unemployment in South Korea

Policymakers and economists consistently implement monetary and fiscal policy to control economic growth, inflation, and unemployment due to the fact that these three factors directly influence people’s living standards. Every country has a different economic characteristic structure. Economic growth and inflation have a strong correlation in some countries, while other countries have a strong correlation between economic growth and unemployment. Therefore, investigating the causal relationship among economic factors can provide us with a better understanding of how economic phenomena affect each other. In South Korea, economic growth, inflation, unemployment have been in balance since the 1998 Korean economic crisis. Hence, investigating the economic growth, inflation, and unemployment of South Korea will enlighten how these three economic indicators affect each other in a country that developed rapidly and had several economic crises. To investigate such a model, the Vector Autoregressive Model (VAR) is used with the data between the years 1980 and 2019 in order to verify whether Okun’s law or/and the Philips curve hold in South Korea. The research also determines if there is either a bi-directional or uni-directional relationship if economic growth, inflation, and unemployment have a causal relationship. The research demonstrates that GDP is the main factor in South Korea that influences the other economic factors. This research paper can contribute to academia, since it has a vital outcome which shows that the mobility of the unemployment rate in South Korea is directly correlated to the movement of GDP.

Reasons to counterfeit: Supply, demand and distribution of counterfeit goods

This research empathizes with the opportunities that drive demand for counterfeit goods. Governments, organizations and rights holders struggle to regulate the distribution and consumption of counterfeit products, so that consumer awareness has emerged as to what goods people counterfeit, and most importantly, why people intentionally buy counterfeit items. This article illustrates the incentives that inspire buyers to purchase counterfeit products, tactics that brand owners use to fuel their interest. It involves the development of demand, marketing tactics, and the implementation of consumer approach strategies by brands. It also reveals the complicated logistics and transporting routes creating manufacturing and transit hubs for counterfeiting,; it also demonstrates the lack of government intervention as well as the desperate need for policy revision. This article shows counterfeiting is phenomenon that governments, organizations, and most importantly, consumers all have equal interest in fighting against.

Przedsiębiorczość jako fundament dynamicznej analizy gospodarczej

One of the more significant methodological errors in economic analysis consists in treating the concept of equilibrium — be it general or partial — as either a real state of affairs obtaining in the economy in a stable manner or a normative ideal that an optimally functioning economy should be able to reach. The purpose of the present article is to demonstrate that, in contrast to the above two views, a free economy is a process of incessant social self-development aimed at the attainment of ever more qualitatively advanced (and always temporary) states of equilibrium, whose main driving force are entrepreneurial prudence, alertness, and innovativeness. The successive sections of the present article describe several characteristic examples of supposed states of permanent stagnation or suboptimal equilibrium, which, on closer inspection, turn out to be strictly transitory, provided that a given situation is characterized by conditions conducive to the operation of entrepreneurial activities. In other words, the present article is an attempt at illustrating the thesis that entrepreneurship constitutes the foundation of dynamic economic analysis — i.e., the kind of analysis that fully incorporates the creative character of human action taking place in the context of large-scale social cooperation.

Funkcja użyteczności — krytyka

The utility function has long been the main tool used by many economists due to the mathematization of economics. Some textbooks on mathematical economics state that the application of mathematics in economics imposes greater rigor, precision, and transparency of assumptions, not significantly different from the non-mathematical method. When analyzing utility function, it can be noticed that its application influences the economic analysis by imposing certain behaviors on people and giving them a mechanical character, primarily by introducing a constant relationship between the goods or goals considered by the person. For this reason, it is almost impossible to take into account the real uncertainty in theoretical research, which overly mechanizes the description of decision-making and economic processes.

Cykl koniunkturalny w Turcji w latach 2005–2020 — interpretacja austriackiej szkoły ekonomii

Turkey was hit by the recession, defined in a classic way (as negative real GDP growth lasting at least two quarters), three times over the discussed period. The main goal of the central bank of Turkey is to keep inflation as close as possible to the inflation target. The use of the interest rate as a tool to stabilize the economic situation is therefore limited. The country has experienced periods of high inflation which was not temporary, but long-term. Using the approach appropriate to the Austrian School of Economics, the article analyzes the behavior of the Turkish economy in 2005–2020. In the discussed time horizon, two phases of the business cycle have been identified according to the Austrian School of Economics — the first from 2005 to the first quarter of 2014, and the second from the second quarter of 2014 to 2020. It can be assumed that the Turkish economy will enter the third phase of the business cycle in the near future, although it is difficult to determine when it will happen.

Znajomość zasad gwarantowania depozytów a skłonność do runu na banku

The main goal of the deposit guarantee scheme is to prevent banking panic and consequently to prevent banking crises. The purpose of the article is to check whether the knowledge of depositors about the existence of a deposit guarantee scheme and about the terms of the guarantee affects the propensity to bank run. Thus, the presented study emphasizes that the effectiveness of the deposit guarantee scheme is dependent on the degree of knowledge about the principles of its functioning in society. The results of 200 CATI interviews suggest that this knowledge does not affect the decision to run on a bank, but determines the run type. People with higher knowledge about the principles of deposit guarantee are more likely to make a non-cash form of run (transfer of funds to another bank). For people with less knowledge the cash withdrawal is dominant. Due to the finite cash resources in bank branches, the cash withdrawal form can increase the scale of the run through its mediality.

Rejoinder to Dominiak on the necessity of easements

Dominiak (2019) agrees with the Blockian proviso: homesteading in a bagel or donut format is illicit, since it allows the owner to control land (the hole, the territory in the middle) with which he has not mixed his labor. Thus, a person who does so must open up an easement allowing outside home-steaders through his property, and into this so-far virgin land. But, this author claims this proviso of Block’s does not go far enough. It should also be extended further, not only to incorporate the bagel format, but also in justification of easements through private property in emergencies, and so as to avoid entrapment. I strongly support Dominiak in his defense of the Blockian proviso against critics (Kinsella, 2007, 2009C) in the first part of his excellent paper, but find I cannot agree with this second contention of his. In short, Dominiak agrees with Block regarding easements in the bagel case, but wants to extend this concept to when property owners are encircled, and thus trapped. In my view, extending easements to cases other than the bagel is incompatible with libertarianism’s emphasis on the sanctity of private property rights. Certain positive rights (to, in this case, movement) are essential to Dominiak’s argument. And these rights do not exist. Therefore, Dominiak’s argument is unsound.