Research background: The research area on the quality of public finance (QPF) appears to be intellectually attractive. In the light of the challenges of the 21st century, public finance should be characterized by adequate quality, ensuring effective implementation of the economic functions of government. The problem of QPF is increasingly more frequent in the face of a deteriorating fiscal situation of most countries in Europe and around the world. Hence, it is worth considering which factors determine the quality of public finance. Purpose of the article: This article aims to show the possibility of assessing the quality of public finance in the light of fiscal governance concept. The identification of the key components of QPF seems to be useful from the point of view of empirical research, and can be implemented to assess the quality of public finance in the EU–28. Methods: Descriptive analysis along with principal component analysis (PCA) was implemented to indicate dimensions of QPF. Findings & Value added: The quality of public finance consists of a well-designed fiscal rules (numerical and non-numerical) and institutions, as well as structural reforms. The obtained results allow to characterize the quality of public finance through the prism of six identified principal components. They have a mixed character, two of them are partly or totally related to the institutional aspects of public finance, which proves their importance in the process of improving the quality of public finance. Improving the quality of public finance remains a key challenge for policy makers in the EU. The growing impact of globalization and the aging population also cause the need to improve the qualitative aspects of fiscal policy. The study contributes to the literature on public finance, particularly in the empirical dimension through broadening the knowledge on institutional factors which can be used to measure QPF index. The results of research have certainly enriched the existing knowledge on the phenomenon of QPF and the ways of its measurement.
This article traces the development of the concept of homo oeconomicus, a fundamental principle of mainstream economics. The concept is compared against alternative approaches proposed by representatives of other schools of thought such as heterodox economics, behavioural economics and neuroeconomics. Special attention is paid to the Resourceful, Evaluative, Maximising Man (REMM) model, which seems to be a missing link between homo oeconomicus and homo moralis. It is simultaneously assumed that the narrow interpretation of homo oeconomicus as a being solely guided by self-interest is oversimplified and that this kind of paradigm may be harmful to society in the real world. The article was written on the basis of a content analysis of literature. For the purposes of the research, both descriptive and interdisciplinary methods were employed. As a result of the conducted analysis, a conclusion was drawn that the explanation of economic behaviours requires a more holistic and dynamic approach. The incompleteness and inadequacy of the paradigm of homo oeconomicus were highlighted. It was noted that the rationality of the economic man results not only from concern for self-interest but also from his embeddedness in society and culture. The study showed that economic behaviour is context-dependent and additionally determined by morality derived from social and religious systems. In conclusion, it was emphasised that the economic man cannot be reduced to a machine concentrating on his own material well-being. The morality of an individual making choices in a world of scarcity is inevitably subject to assessment.
The feature of contemporary enterprises is an aspiration of achieving the competitive edge thanks to investments in the knowledge and innovation. Apart from investment in tangible capital, more and more enterprises undertake many initiatives directed at the development of the intellectual capital. It gives them the chance both to the maintenance, as well as the improvement in the competitive position in the long-term prospect. Unfortunately, many enterprises in Poland still seem not to appreciate the significance of investment in intangible capital. Irrespective of the structure of investment, it should be stated simultaneously, that the investment activity of these entities relating to UE-27 countries is not only low, but what is worse insufficient from a point of view of developmental needs of the Polish economy. The purpose of the study is to present investment activity of enterprises in Poland, with paying special attention to the value and the structure of investment in tangible and intangible capital, as well as their influence on the innovativeness of this sector. Undertaken issues are unusually important, especially in the context of the low innovativeness of enterprises in Poland, being an important barrier in the process of building a modern economy, for which the knowledge and innovation constitute the driving force.
Competitiveness at the firm level is a subject of interest not only to managers and policy makers but also academics. An effective functioning under the conditions of new economy requires from the enterprises to develop their core capabilities and talents along with the ability to quickly identify and seize the opportunities generated by market environment. The implementation of such an approach allows the creation and sustain of economic surpluses in the long-run. The paper aims to examine the profitability of enterprises in Poland which is regarded in the context of absorption of EU funds in years 2007–2013. Taking into account that Poland became one of the largest beneficiaries, it is worth analyzing the impact of EU funding on the economic performance of Polish enterprises. The paper offers a critical reflection on the relationship between the absorption of EU funds and Polish enterprises competitiveness on the basis of the content analysis literature and statistical data derived from the European Commission, the Central Statistical Office and the Ministry of Regional Development. It is assumed simultaneously that the competitiveness of enterprises is expressed in the term of profitability rates. In spite of limitations which relate to the adopted definition of competitiveness and the short period of the conducted analysis concerning the key relationship, the paper contributes to the debate on the significance of EU Funds in the process of building modern and innovative economy.
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