by Eleonora Bartoloni
This paper provides new evidence of the short- and long-run effects of innovation on firms’ economic performance by exploiting an innovative panel database which for the first time links three waves of the Italian Community Innovation Survey with an administrative, economic and financial data source. Results support the hypothesis that innovation is a significant driver of a firm’s performance. Support for the firm efficiency view of firm profitability is found. Conversely, industry concentration, as a proxy for the industry view of competition, is not the key variable for explaining profitability. Sectoral spillovers generated by both the introduction of new products and the use of new processes positively affect a firm’s profitability.
Keywords: Profitability, Innovation, Community Innovation Survey, Panel Data.
by Laura Cavalli
This work aims at understanding whether, and the extent to which, the intention of having other children is influenced by aspects related to the employment sector chosen by ‘‘new’’ mothers. Using Italian data from the Birth Sample Survey (ISTAT-2005), this work models new mothers’
preferences for family formation and for ‘‘working conditions’’, namely the sector of employment, taking into account the potential endogeneity of the latter. Working in the public sector, which benefits from stronger employment protection, tends to influence the desired (realized) fertility of working mothers. However, the choice of the working sector could be endogenous. Actually, once the selection effect is taken into account and the choice of working sector and the desired fertility are modelled together, the correlation among unobservable women’s characteristics affecting the two choices is found to be negative: women who desire more children seem to be less likely to self-select into the public sector.
Keywords: Desired Fertility, Total Demand for Children, Working Mothers, Public-Private Sector, Seemingly Unrelated Regression models.
by Grzegorz Libor, Jolanta Galuszka, Ireneusz Galuszka
Over the past three years, the governments have acted decisively on both national and international levels to avoid financial and economic crisis. This has led to large structural deficits and growing debt putting at risk the fiscal sustainability. Therefore the fiscal consolidation has become the basis for the current policy conducted across the OECD area. However the Polish economy managed to avoid the recession in 2009 despite the fact that it has one of the highest budget deficits. That is why an idea of the Poland’s accession to the European Fiscal Union is worth analyzing.
Keywords: Poland, economics, politics, fiscal discipline, fiscal consolidation.
by Giulio Piccirilli
We build an expanding variety endogenous growth model with search frictions in financial markets. We show that the rate of growth declines with the extent of frictions. We also show that, as frictions gain momentum, the rate of growth becomes more sensitive to exogenous variations in innovation incentives. Thus, the paper provides a rationale for the large growth differentials that characterise countries with inefficient financial markets.
Keywords: Endogenous growth, financial frictions, matching.
by Luca Sandonà
This paper reviews the challenge of contemporary North-American personalist economics to current mainstream pluralism, including neoclassical economics, game theory, behavioural economics, experimental economics, evolutionary economics and neuroeconomics. Personalist economics
emphasises the social nature, reflexivity, and self-determination of human agency and underscores the dynamism of human action. Personalist economics also introduces the concept of personalist capital in order to incorporate natural morality into economic analysis. Finally, personalist economics distinguishes between human needs and human wants.
Keywords: History of economic thought since 1925, economics and philosophy, personalist capital, virtue ethics.
by Bruno Amoroso