Journal of Economics - Obsahy ročníkov

This paper examines investment behaviour by Slovak investors. Data provided by the Slovak Survey of Investor Behaviour are analysed via structural equation modelling. Two major subsamples of the Survey (standard population sample and sophisticated investors) account for similar determinants of investor behaviour. Risk tolerance, emotions and life-cycle factors explain significant proportion of variance in investment decisions. Keywords: behavioural economics, personal finance, investment decisions JEL Classification: D03, D14, G11

The author defines the economy as an intentional social activity which forces organisms, natural structures and processes out of their natural relationships (from the natural order), modifies them and directs them in another direction: towards satisfying human needs and interests and therefore towards a transformation of the natural environment of the Earth into a cultural environment. It defends an objective existence of the evolutionarily created value of Nature and the essential superiority of the naturally created values to the artificially created cultural values. In nine commented articles he delineates the position of economy within culture and of culture within nature. He criticizes the idea of economic growth and the natural resource error from the evolutionary ontology viewpoint. Keywords: economy, culture, nature, value, economic growth, natural resources JEL Classification: A20, B00, O10, Q50

This early appraisal (after aprox. 3 quarters of recession) of employment changes during recession deals with the role of self-employment and with the role of education level. The decline of employment during recession is far from an equable process. In the early stage of recession in Slovakia, along with down-turn of employees number, the role of self-employment grew rapidly. This proc-ess was contradictory to tendencies in majority of EU countries. The impact of recession on labour force was diverse: the number of lower-educated employed persons fell substantially, in the same time the number of terciary educated employed persons grew (in spite of sharp GDP decline). This tendency was similar to employment restructuring in most EU countries, however in Slovakia it was more obvious. Both this tendencies are signs of creative destruction, but they are accompanied with serious risks for Slovak society. Keywords: employment, economic recession, self-employment, labour market JEL Classification: E24, J21

Nowadays, the concept of competitiveness has been become modern usage in some measure, used and accepted by broad public. Definition and explanation of this term is not simple and unambiguous as well. During the 90´s a lot of types of development zones entrenched in the Czech Republic area and became economic and social phenomenon of today’s. The main objective of this contribution is to analyse and assess competitiveness of development zones on the basis of regional-economic approach. We take advantage of both hard statistical data and information based on quality with emphasis on modern behavioral concept of classical localization theory. Keywords: development zones, competitiveness, regional-economic perspective, The Czech Republic JEL Classification: D03, D21, L21, O12, O15, O18, R11

An explanation of short-run fluctuations in foreign direct investment (FDI) flows by exchange rate movements is based on a belief that investing foreign companies can buy another country’s assets and technologies cheaply when its currency is weak. The idea of a simple model of FDI depending on higher moments of exchange rates is completed by evidence of the dynamic effects of the process in question. Relevant panel data techniques are briefly recapitulated and then applied. Data of four central European countries show results which confirm the theory proposed. Keywords: foreign direct investment, exchange rate, Central European economies JEL Classification: C23, F21

Good governance concept is currently one of the most often implemented concepts which is aimed at the improvement of public administration. It is implemented especially in those countries considering themselves democratic ones but its partial implementation is evident in almost entire world. This phenomenon is actually a cause of pressure from various trans- and international subjects (including the World Bank, United Nations, International Monetary Fund, Organization for Economic Co-operation and Development or European Union), which determine their support by good governance implementation or by implementation of some of its elements. In spite of this, it is vague and unclear concept from some perspectives and it evokes many questions on both a side of practitioners and a side of various scholars. A main objective of this article is linked to it. Author points out development of the concept, and consequently he selects critical approaches or comments and through them points out those weaknesses or unclearness which are associated with the concept. Keywords: public administration, public management, good governance, critics of good governance concept JEL Classification: H11, H83