The approach of a unilateral impact of the financial sector on economic growth was invalidated by the last financial crisis which very quickly changed into a global economic crisis. The aim of the study is the analysis of the impact of the financial sector on economic growth in the context of the growing phenomenon of financialization, which was one of the significant reasons of the financial crisis. The study was focused on presenting the growing scale of this phenomenon and analysing the impact of money supply in USD and EUR on world GDP and the GDP of the USA and the Eurozone. The following hypothesis was postulated: the growing process of financialization causes the growth of the USD and EUR supply, influencing changes in the world GDP, the GDP of the USA and the Eurozone. The study confirmed the hypothesis of the relation of the money supply with changes in economic growth. However, influencing economic growth with the money supply causes the purchasing power of business entities to decrease and causes growing debt. Furthermore, it does not contribute to the strength of the real economy. A repair of the current “system“ should not be sought for in constantly increasing macroprudential regulations, but in a return to a country’s interventionism, leading to a change in the priorities of the actions of financial institutions; mainly banks, and the supply of money based on fixed parities (gold, energy).
This study examines the causal links between improvements in economic freedom and changes in GDP per capita of new EU members in transition in the period 2000‒2009. The empirical results suggest significant causality running from changes in monetary and fiscal freedom, trade openness, regulation of credit, labour, and business, legal structure and security of property rights, and access to sound money to movements in GDP per capita, especially in less and moderately developed CEE transition countries. Moreover, we find evidence that improvements in economic freedom are one of the main factors stimulating the convergence of these economies towards rich EU members. The evidence of causality in the opposite direction is much weaker.
The paper presents the results of the energy analysis of the conversion of solar radiation energy into electrical energy in Polish weather conditions. The effect of sunlight and working temperature on the photovoltaic module on its power curve P = f(U) is shown. STC and NOCT conditions are described for which the manufacturers specify the parameters of the photovoltaic modules. The manufacturers of photovoltaic panels should give the PPV = f(E) characteristic for the different values of the operating temperature of the modules. An analysis of the economic efficiency of a photovoltaic power plant investment of 1 MWp taking the current legal regulations for the three variants into account was presented. Variant I – the investor benefits from the support of public aid of operational only, Variant II – the investor benefits from the support of public aid for investment in the amount of PLN 1 million, Variant III – the investor benefits from the support of public aid for investment in the amount of PLN 2 million. For all variants, indicators for assessing the economic effectiveness of the investment and the value of the auction price from the maximum price to the price at which the project loses its profitability are determined.
The aim of the article is to present international economic integration as one of the mega trends that infl uence on the redefi nition of the factors of socio-economic development. The research procedure includes three stages. In the fi rst stage, the most important modern mega trends of socio-economic changes are organized in a synthetic way. In the second step, the genesis and changes of the process of international economic integration are elaborated. In the third stage, the infl uence of international economic integration on the changes of factors of socio-economic development is systematized. This study is being carried out as part of the FORSED research project (http://www.forsed.amu.edu.pl) fi nanced by the National Science Center as part of OPUS competition 10 – 2015/19/B/HS5/00012: New challenges of regional policy in shaping the socio-economic development factors of less developed regions.
The aim of the article is to present the problem of revitalization of marketplaces in the context of the challenges they face in contemporary socio-economic conditions. This issue was developed based on desk research and inquiry conducted on a representative marketplace in Gdańsk Oliwa. They served to formulate guidelines for the implementation project aimed at improving the image and economic condition of traditional marketplaces in Poland. Despite significant importance for the local economy, traditional marketplaces are not able to compete with shopping malls and shopping centers, as a result of which they become unsustainable. The ongoing degradation of marketplace areas reduce their attractiveness and role they play in public spaces network. The authors of the project recognize that the solution to the issue of marginalization of traditional marketplaces is to strengthen their image in both physical and media realms. One of the proposed solutions is institutional support for marketplaces by non-governmental organizations involved in the revitalization and aestheticisation of urban areas.
The aim of the paper is to present the metropolis of Wroclaw with special emphasis laid upon its socio-economic development. Starting with a concise presentation of the history of the city after the political and economic transition, we subsequently carry out a descriptive analysis of the economic development of Wroclaw and its specifics. It provides us with a grounding to highlight what a development narrative of the metropolis has been up to now and how it should be shaped in the future. Further on, we present the main challenges for the development path of Wroclaw. With obtained outcomes we clearly show that the Wroclaw metropolitan area distinguishes itself against the background of Krakow, Poznan and Szczecin in terms of its development. However, the current development narrative seems to be coming to an end which implies a comprehensive policy feedback.
The activity of territorial self-government shaped institutionally during the development process is characterized by a significant scope of care for the financial situation, which determines the efficiency of its functioning. The general availability of public services is a condition for the assessment of the activities of municipalities (powiats, voivodeships). Institutional economy as a real one, takes into account an integrated point of view. The aim of the study is to present the territorial differentiation of the eff ectiveness of communes’ activities in the context of institutional economics and to present the possibility of using a synthetic measure in this process. The synthetic measure of development fluctuated within the limits of 0.30 – Wąchock (Starachowice poviat, urban-rural commune) to 0.41 – Ostrowiec Św. (Ostrowiecki poviat, urban commune) in 2009, 0.32 – Łączna (Skarżysko poviat, rural commune) to 0.40 – Starachowice (Starachowice poviat, municipal commune) in 2015. The results of the analysis confirm the existence of small differences in the assessment of development communes of the Kamienna Basin. This approach allows the assessment of municipalities using one size and allows you to organize the analyzed objects in terms of the considered phenomenon.
The article raised issues related to the design and execution of low-energy objects in Polish conditions. Based on the designed single-family house, adapted to the requirements of the National Fund for Environmental Protection and Water Management ("NF40" standard), the tools to assist investment decisions by investors were shown. An economic analysis and a multi-criteria analysis were performed using AHP method which had provided an answer to the question whether it is worthwhile to bear higher investment costs in order to adjust to the standards of energy-efficient buildings that fulfil a minimal energy consumption's requirements contained in Polish law. In addition, the variant of object that had optimal characteristics due to the different preferences of investors was indicated. This paper includes analysis and observations on the attempts to unify that part of the building sector, which so far is considered to be personalized, and objects in accordance with the corresponding idea are designed as "custom-made".
The author has presented a short history of the Economic Geography Department of the Cracow University of Economics in the years 1958–2018. The scientific and didactic staff, its basic journalistic achievements and the main didactic activity were presented.
The paper proposes a list of five „stylized facts”, regarded as the main trends with respect to the development of the global economy in the 20th c. The author’s main purpose is to answer the question whether, in the light of the contemporary growth theory and demographic forecasts, these trends are likely to continue unchanged also in the 21st c. Taking into account this theory and those forecasts, the paper offers forecasts of the average GDP per capita for both the countries of the Technology Frontier Area (TFA) and the catching-up countries. By these forecasts, the strong divergence trend of the last two centuries will be replaced by a strong convergence trend during the 21st c. Moreover, the global rate of growth of the per capita GDP will continue to be high in the first half of the current century, but strongly declining in the second half.
Internalization of external economic effects on urban sprawl affected areas. An example of the Krakow Metropolitan Area, The study is a discussion on economic externalities, with particular emphasis on technological effects. Attention is also paid to the problem of internalization of economic external effects caused by movement (transport) in areas affected by the urban sprawl process. The research was conducted for all communes of the Krakow Metropolitan Area (KOM), as a result of which the value of: directly incurred financial losses and the value of lost time generated by the necessity of commuting and return in the space of KOM were presented.
CCS (Carbon Capture and Storage) technology is one of the methods that limit the release of carbon dioxide into the atmosphere. However, the high cost of capturing CO2 in this technology is a major obstacle to the implementation of this solution by power plants. The reduction of costs is expected primarily on the side of the capture and separation of CO2 from flue/ industrial gas. The article presents the financial performance of the most popular amine technology (MEA) against mesoporous material about MCM-41 structure obtained from fly ash, impregnated with polyethyleneimine (PEI), for CCS installations. The study was conducted for an investment comprising three key components that provide a full value chain in CCS validation (capture, transport and storage). The mineralogical studies and determination of the physicochemical properties of mesoporous material produced from waste materials such as fly ash allowed us to identify the best class sorbents of MCM-41, which can be used in CO2 capture technologies. Developing an innovative relationship not only allows 100% of CO2 to be removed but also reduces operating costs (OPEX), primarily including energy by 40% and multiple material costs relative to amine mixtures such as MEA.
Using renewable energy sources for electricity production is based on the processing of primary energy occurring in the form of sun, wind etc., into electrical energy. Economic viability using those sources in small power plants strongly depends on the support system, based mainly on financial instruments. Micro-installations, by using special instruments dedicated to the prosumer market may become more and more interesting not only in terms of environmental energy, but also financial independence. In the paper, the term hybrid power plant is understood to mean a production unit generating electricity or electricity and heat in the process of energy production, in which two or more renewable energy sources or energy sources other than renewable sources are used. The combination of the two energy sources is to their mutual complementarity, to ensure the continuity of the electricity supply. The ideal situation would be if both sources of energy included in the hybrid power plant continuously covered the total demand for energy consumers. Unfortunately, due to the short-term and long-term variability of weather conditions, such a balance is unattainable. The paper assesses the possibility of balancing the hybrid power plant in daily and monthly periods. Basic types of power plants and hybrid components and system support micro-installations were characterized. The support system is based particularly on a system of feed-in tariffs and the possibility of obtaining a preferential loan with a subsidy (redemption of part of the loan size). Then, an analysis of energy and economic efficiency for a standard set of hybrid micro-installations consisting of a wind turbine and photovoltaic panels with a total power of 5 kW, were presented. Fourteen variants of financing, economic efficiency compared with the use of the method of the simple payback period were assumed.
The role of the hard coal mining sector in ensuring energy security of the country has been presented in the paper. An analysis of its current status was made based on the results obtained by the sector in 2017. Moreover, the determinants which are the precondition for further sustainable and efficient operation in the years to come have been defined.
The aim of the study is to examine the importance of economic argumentation in international maritime disputes. The paper first explains what the international maritime disputes, their sources and types are, what principles they are subjected to. It also established what should be understood by economic arguments, emphasizing their relative nature, as well as showing the potential of the Convention on the Law of the Sea of 1982 as a basis for formulating economic argumentation. The importance of economic argumentation was considered in relation to international disputes regarding the legal status of maritime territories, delimitation of maritime zones, power over the sea and use of the sea. Research, carried out, leads to the following conclusions: 1) economic arguments are present in the reasoning of the parties as well as dispute settlement bodies. However, their probative value is limited; 2) in disputes related to the status of maritime features economic reasoning appears in the context of necessity to demonstrate that they can be a basis for delimitation; 3) in delimitation disputes, addressing economic arguments is more complex and contradictory. Economic arguments may be useful in the second phase of delimitation when relevant circumstances are considered. However, the existing practice shows that the range of economic arguments is limited (they cannot serve as a reason for correction of natural inequalities). International jurisprudence denies taking into account arguments based on level of economic development or economic or financial difficulties of a state (except for the catastrophic repercussions for the livelihood and economic wellbeing of the population), the needs of economic development or performance of economic activities (mining, fishing, shipping). An argument associated with assurance of deposit unity is of some importance (when resources are known or readily ascertainable); 4) in disputes concerning the power over the sea some weight is held by an argument associated with the establishment of economic authority, in particular, of a regulatory and control nature; 5) in disputes related to the use of the sea, the importance of economic reasoning is varied. In disputes concerning the prompt release, the role of the economic argument is limited. On the contrary, it is relevant in disputes related to the violation of rights and economic interests of States and people, if they are protected by international law.
The paper contains the economic analysis of the carried out modernisation of the facilities of a water-park consisting in fitting solar collectors for heating of tap hot water and central heating system. The article presents the data showing investment outlays, operating costs and the calculations concerning the payback time.
The article addresses the issues falling within the scope of the economic analysis of a detached building’s heating system with a direct evaporation ground source heat pump installation. The paper was elaborated based on the data made available by the investment’s contractor and the investor. The paper provides data on the investment expenditures and utility cost, calculations of the installation payback, internal return rate and the current net value.
The scope of the paper refers to long- and medium-run trends of labour supply in Poland. The main purpose is to determine current trends in the labour supply and its projections till the year 2050. In the theoretical part of the paper determinants of labour supply are considered. The projections are based on the population forecasts till 2050 made by the Central Statistical Office of Poland (CSO) and by the authors’ own simulations. Several variants of upper limit of working age and activity rates are taken into account. The population forecasts by the CSO indicate it will occur big decrease of working age population till 2050. The biggest decrease will refer to the group of working age 18–59/64 years and the lowest decrease in the age group 18–66 years. The analysis shows that the declines in labour supply in the years 2020–2050 will occur in all variants of working age population, the biggest decline in the variant assuming the age group 18–59/64 and the smallest decline – in the group 15–74 years. Retirement age is of big importance for the size of labour supply. This is why it is recommended to encourage older people to prolong their economic activity. It is also necessary to increase activity rates in the working age population.
Biogas production has a big potential to provide clean energy. To evaluate the future production and maturity of biogas technology the generalized Weng model was proved to be effective, due to it has the minimum error. The simple algorithms to determine its parameters have been proposed. The simulation results for China, USA, and EU have been presented. The quantity and quality analysis for biogas feedstock has been carried out. Energy Return on Energy Invested (EROEI) indicator for different biofuels was considered. According to analysis done biogas from maize residue and chicken manure has high EROEI. Shannon Index was suggested to evaluate the diversity of feedstock supply. Biomass energy cost indicator was grounded to be used for feedstock energy and cost assessment. Biogas utilization pathways have been shown. Biogas boilers and CHP have the highest thermal efﬁciency, but biogas (biomethane) has the highest potential to earn as a petrol substitute. Utilization of biogas upgrading by-product (carbon dioxide) enhances proﬁtability of biogas projects. Methods to assess the optimal pathways have been described.
The article aims to explain whether in 2004–2015 Poland experienced economic convergence between regions and counties (Polish: powiat), and whether this process occurred within the regions (Polish: województwo). Following Poland’s EU accession, the Polish policy became dominated by the polarization and diffusion concept of regional development, which may cause differences in the short term, while in the long run it may contribute not only to the increased efficiency of public funds allocation, but also to the elimination of disparities in growth levels. In the analysed period Poland experienced a process of economic divergence between the regions, only the years 2006–2008 saw a short-term reduction in regional disparities. On the other hand, a slow process of reducing economic inequalities between counties took place after 2004. It was, however, varied – a clear reduction in disparities occurred between the land counties (Polish: powiat ziemski) in an almost monotonic manner, whereas city counties (Polish: miasto na prawach powiatu) did not undergo any convergence. Within the regions, the process of economic convergence varied: in five regions, β-convergence was identified, and σ-convergence occurred in all the regions. The process of reducing disparities was significantly dependent on the development pathway of the region.
Socio-economic development as well as factors and determinants of development. The scientific language, as well as everyday and literary language, is in constant development. The effect of this development is the multiplication of flavored notions and concepts leading to many misunderstandings and ambiguities, which should not happen in the scientific language. The presented texts should be written in a language that is clear, simple, logical, unambiguous and understandable, and their interpretation should not cause problems. This article presents remarks concerning the interpretation of such basic notions of socio-economic sciences as socio-economic development, economic growth and factors and conditions of development, quite freely used in scientific texts. It also contains the correct interpretation of these notions, especially in reference to the language of socio-economic geography, regional economics and socio-economic and spatial development and planning. Only an unambiguously interpreted text can be a platform for mutual understanding, basis for scientific discussion and the way to the the real development of science.
This study involves the implementation of an economic order quantity (EOQ) model which is an inventory control method in a ceramic factory. Two different methods were applied for the calculation of EOQs. The first method is to determine EOQ values using a response surface method-based approach (RSM). The second method uses conventional EOQ calculations. To produce a ceramic product, 281 different and additive materials may be used. First, Pareto (ABC) analysis was performed to determine which of the materials have higher priority. Because of this analysis, the value of 21 items among 281 different materials and additives were compared to the ratio of the total product. The ratio was found to be 70.4% so calculations were made for 21 items. Usage value for every single item for the years 2011, 2012, 2013 and 2014, respectively, were obtained from the company records. Eight different demand forecasting methods were applied to find the amount of the demand in EOQ. As a result of forecasting, the EOQ of the items were calculated by establishing a model. Also, EOQ and RSM calculations for the items were made and both calculation results were compared to each other. Considering the obtained results, it is understood that RSM can be used in EOQ calculations rather than the conventional EOQ model. Also, there are big differences between the EOQ values which were implemented by the company and the values calculated. Because of this work, the RSM-based EOQ approach can be used to decide on the EOQ calculations as a way of improving the system performance.
The article presents a framework for integrating historical sources with elements of the geographical space recorded in unique cartographic materials. The aim of the project was to elaborate a method of integrating spatial data sources that would facilitate studying and presenting the phenomena of economic history. The proposed methodology for multimedia integration of old materials made it possible to demonstrate the successive stages of the transformation which was characteristic of the 19th-century space. The point of reference for this process of integrating information was topographic maps from the first half of the 19th century, while the research area comprised the castle complex in Kórnik together with the small town – the pre-industrial landscape in Wielkopolska (Greater Poland). On the basis of map and plan transformation, graphic processing of the scans of old drawings, texture mapping of the facades of historic buildings, and a 360° panorama, the source material collected was integrated. The final product was a few-minute-long video, composed of nine sequences. It captures the changing form of the castle building together with its facades, the castle park, and its further topographic and urban surroundings, since the beginning of the 19th century till the present day. For a topographic map sheet dating back to the first half of the 19th century, in which the hachuring method had been used to present land relief, a terrain model was generated. The transition from parallel to bird’s-eye-view perspective served to demonstrate the distinctive character of the pre-industrial landscape.