Journal of Economics - Obsahy ročníkov

The paper aims, besides evaluation of importance of Williamson’s work, to empirically verify the hypothesis whether there are also some other factors (e.g., confirmation of theoretical results in practice or attractiveness of his work to academicians and policy makers) behind the Williamson’s success and not only the quality of his (especially journal) publications (as indicated in IDEAS RePEc database). The example of Williamson´s work is used here for a broader discus-sion of the problem to what extent only purely quantitative data can serve as a basis for evaluation of the best economists. Our research confirms our hy-pothesis and shows that despite the fact that rankings based on scientific journal publications and citations represent an important selection mechanism for selec-tion of the best scientist in economics, they are not complex enough to be the only way how to nominate the best scientists as is shown in the case of “Nobel prize” selection. Keywords: O. E. Williamson, new institutional economics, Nobel prize, scien-tific publications, database IDEAS RePEc JEL Classification: B25, B31, B52, D21, D22, D23

In our paper we deal with a question of how imperfect flexibility of interest rate and prices of capital goods on market of capital influences welfare if an economy is submitted to technology shocks. By the use of basic real-business-cycle model we explain how positive technology shocks may lower welfare. We identify factors influencing the need of flexible interest rate and flexible prices of capital goods. Our model predicts significant influence of elasticity of substitution of factors of production, of persistency and of intensity of technology shocks on welfare under the conditions of imperfectly working capital market. Efficient capital market be-comes more important with a slower rate of operation of diminishing marginal product of capital, lower persistency and higher intensity of technology shocks. Keywords: price elasticity of demand for capital, capital, real business cycle, technology shock JEL Classification: E32

The intention of this paper is threefold: (1) to examine the managers decision processes leading to the internationalization of small and medium enterprises (SME) in Slovakia, (2) to assess the influence of previous experience of managers on their decision to act internationally, and (3) to analyse the adaptation of mental maps in strategic decision. The empirical research was based on a sample of randomly selected SME in Slovak Republic. The findings supported our hypothesis that mental maps play an important role in manager’s decision by foreign markets selection and that previous internationally accumulated experience has a strong impact on market’s perception and managers approach towards international strategies. The use of mental maps allowed to highlight the links between managers experience, risk perception and factors influencing international strategic decisions. Keywords: mental maps, manager’s experience, factors influencing internationalization, market’s perception JEL Classification: M31

In relation with objectification and increases in nationwide operation effectiveness of natural monopolies in network industries on the market the role of regulation mechanisms is increasing. Its aim is the closest approximation of proportions between price and level of network industry products supply to the situation which would occur in the conditions of market competition. In this paper we are dealing with the issue of the price regulation on the network industries market. Besides the general characteristic of network industries regulation principles we will aim on presentation of type models of regulation. The conditions for equilibrium of network industries and methods of their regulations will be exa-mined in the paper. We will analyze effectiveness comparison of the two frequen-tly used schemes for monopoly price regulation – “rate of return regulation mo-del” and “return on output regulation model”. Attention will be paid to the ways of quantification reasonable profit in models of regulation in network industries. Keywords: imperfect competition, network industry, natural monopoly, regula-ted price, normal profit, rate of return JEL Classification: D42, D43, L12, L13, L16

This paper examines the determinants of prices movement of the primary commodities in the last decade. This paper would also answer the question, why the movement of primary commodity prices has influence the economy of developing countries more than other economies. The main objective of this paper is not only presenting the theory of price’s cycles, but also to explore the difference between last and previous boom prices and analyze the factors influenced the development of commodity prices as a whole and in particular the prices of crude oil and natural gas. Keywords: primary commodities, commodity prices, oil and gas prices, developing countries, oil revenues JEL Classification: O13, Q11, Q17, Q32, Q33