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 Issue 25 (September 2016)


Issue 25 (September 2016)

Marta Kightley
Warsaw School of Economics, Department of Management and Finance

The purpose of this article is to outline the perspective that the history of economic thought is an important way of looking at economic problems. The author discusses the reasons why this perspective can be more useful than others, and chooses the widely discussed concept of the human being in economics as an example. She discusses what characteristics are attributed to the human being by the different schools of economic thought. Based on attitudes to human rationality, pursued goals and the meaning of social context, the author distinguishes four basic models of economic agent: classical, neoclassical, Marxian and heterodox. The author points out the links between the changing anthropological assumptions and shifts in the dominant economic paradigm. She argues that in the current economic crisis we are witnessing a change in the perception of human behaviour towards a heterodox one.

Keywords: history of economic thought, homo economicus, economic agent

Marcin Menkes
Warsaw School of Economics, Department of Management and Finance
Financial Governance, Money Laundering and the International Law’s New Clothes (pdf)
Ever-closer ties between states have gradually transformed the international legal environment. It is high time that two principle governance methods of regulatory coordination, already widely practiced, are acknowledged and included in the fibre of public international law. This paper scrutinises the timing, mechanisms and the possible range, given legitimacy concerns, of such a change. The author argues that the tangible nature of economic activity renders international economic law as the natural avant-garde for a larger overhaul of the regulatory system. European anti-money laundering efforts are used as an example of this wave of governance, which has been left unnoticed by traditional international law analysis. Denying reality does not make it less real.
Keywords: money laundering, AML, international finance, international economic law, economic governance

Alicja Fraś
Department of Monetary Policy and Financial Markets, Faculty of Economics, Poznan University of Economics
Waldemar Rogowski
Department of Business Administration, Warsaw School of Economics
Summing up; passive investments in Poland are slowly becoming more popular. It should be expected that the development of this market will give rise to growing accessibility and attractiveness. There is still some space for improvement in their results, and the outcomes may turn out to be even more promising when full time series for long term horizons become available. The decrease in fees, which exceeds those on mature markets by several times, can change significantly. The entry of new players onto the market may reduce the total expenses incurred by the investor. This study does not explicitly answer the question as to whether the attractiveness of passive investment is higher than that of active investment. The differences in fees themselves are not big enough to explain the differences in the rates of return after costs. But it may be stated that an essential difference lies in the profitability of funds before costs. However, for such a short time series, it cannot be determined whether the indicated differences are stable or result from incidental market fluctuations. All the more reason why not all the passive instruments performed better in terms of rate of return for the period analysed, as the WIG20 ETFs appeared to be less attractive than other active funds.
Keywords: passive vs active management, investment funds, index funds, ETF

Jacek Sierak
Lazarski University Warsaw, Faculty of Economics and Management, Department of Finance and Banking
Considering the role of local government in stimulating local economy development, and at the same time in shaping development processes, it must be stressed that local government has certain functions to perform consisting of shaping life conditions that are beneficial to the residents and the operation of business entities. To achieve this purpose it undertakes various activities, and uses legal and economic instruments. With this in mind, this publication attempts to demonstrate the role of territorial government as an entity that directly and indirectly stimulates local economy development processes, along with the presentation of selected instruments and actions conductive to shaping these processes. The considerations in this study pertain to the conditions of the functioning of territorial government units in Poland at the local level. Of course, due to the length of the paper, only selected issues of this broadly understood problem will be discussed.
Keywords: local government, local development, the local economy

Rafał Mrówka
Warsaw School of Economics, Department of Management Theory
The main purpose of this paper is to outline the meaning and the specific, common features that are attributable to cultures of Collaborative Innovation Networks (COINs), as well as the possibilities for managing these cultures. The author points to organizational culture based upon the concept of gift culture as a consolidating and fostering factor that can be consciously created and managed by the community’s founders and its key members who hold leadership positions. The paper is based on an analysis of current literature concerning cooperation on the Internet within Collaborative Innovation Networks.
Keywords: Collaborative Innovation Networks (COINs), organizational culture, gift culture, leadership, cooperation

Stefan Doroszewicz
Warsaw School of Economics, Department of Management and Finance
Wojciech Trzebiński
Warsaw School of Economics, Department of Management and Finance
The Individual Determinants of the Attitudes of University Students towards the Functional Quality of Educational Services
- Using the Example of Bachelor Level Students of the Warsaw School of Economics (pdf)
This study aimed to develop a method of identifying the association between the individual traits of the students’ functioning at university and their attitudes towards the functional quality of the educational services provided by university. Within the study, a comprehen- sive description of the individual traits of student functioning (based on NEOAC model of personality), as well as a comprehensive description of the functional quality features of educational services as perceived by students has been developed. In order to analyse the association between individual traits and functional quality perception, cluster analysis and discriminant analysis were employed. The method for identifying the association between students’ individual traits and their attitudes towards the functional quality of educational services has been developed and verified. As a result of the questionnaire surveys cover- ing bachelor level students, 25 dimensions of functional quality of educational services’ perception and 5 dimensions of students’ individual traits of functioning at university have been identified. Based on these individual traits, three individual types of students’ functioning at university have been indicated and named as: “stable engaged”, “nervous engaged” and “not engaged” The detailed relationships between individual traits, types and functional quality perception have been described.
Keywords: service quality perception, functional quality, customer attitudes, individual traits, individual determinants, Five Factor Model, NEOAC, educational services, principal component analysis, factor analysis, cluster analysis, discriminant analysis