Journal of Economics - Obsahy ročníkov

In 2008, preservation of political stability in Slovakia was coupled with con-tinuity in a quite satisfactory economic-policy framework’s influence on the real economy. This has been reflected in GDP growth rate surpassing 6%, in the employment rate growing by 3.2% and real wages growth totaling to 3.3%, while at the same time Slovakia has managed to comply with all nominal con-vergence criteria, meeting the levels required for the Euro zone accession (from 1 January 2009). However, in consequence of the upcoming global economic crisis, the last quarter of 2008 brings a turnabout in the positive development trends also as regards the Slovak economy. Extremely open economy of the SR and its vulnerability to swings in the business cycle of the world economy even-tuates in the fact that after an era of successful economic development in 2005 – 2008, the Slovak economy faces the most serious recession since its transforma-tion depression (at the beginning of 90s) and that its recession will be one of the deepest among the EU countries, too. The study predicts GDP contraction by 6 – 7.5% in 2009, unemployment rate swelling to 11.2 – 12.5% and disinflation as a probable attendant phenomenon of the recession. Keywords: economic growth, economic policy, country study – Slovakia, fore-cast, production, balance of payments, external trade, foreign direct investment, labour market, public finance, monetary policy JEL Classification: D11, E23, E37, E52, E62, F14, F32, J20, L60, O10, O52

This paper analyses formation of consumer opinions on perceived and expected inflation in the Euro area and selected transition economies in 1985 – 2008. Selected social and demographic groups accounted for their own patterns of price perception and forecasting. These patterns repeated in all countries observed. Consumer’s sense of his/her familiarity and competence regarding the price development were main factors in evaluation of inflation rates by knowled-geable individuals and proved useful, when estimating actual price growth. Fa-miliarity and competence, however, misled when estimating future price growth. Keywords: perceived inflation; inflation expectations, behavioural economics JEL Classification: A12, D01, D12, E31

The article portraits the first Nobel price in economics winner coming neither from America nor from Europe, the Indian thinker Amartya Kumar Sen, with special emphasis on his career since the 1998 prestigious award. Therefore it does not focus primarily on his earlier contributions to mainstream economics, such as the analysis of preferences or the welfare economics. Instead, attention is paid to Sen’s activities in the field of development studies including measuring development and poverty, specific understanding of these phenomena and his famous capability approach. At the same time Sen is showed as a researcher able to cross the borders of economic science, to regard the questions that he examines from philosophical, ethical or political aspect as well and to present them in a way accessible not only to specialists but also for broader audience. Last but not least the reader is made familiar with current Sen’s professional activities and the most up-to-date impact of his scholarly work. Keywords: Amartya Sen, welfare economics, poverty, development indicators, capability approach JEL Classification: B31, I32, 015