Economic Analysis - Science topic

For my Master's thesis work, I am trying to create research focused on FDI, FDI Policies and Middle-Income Trap in Turkey.

Main goal is to research how FDI patterns and sectoral distribution (will be classified as "high quality FDI" [have positive effects on the GNI per capita through productivity, innovation gains etc.] and "low quality FDI" [have negative or no effects on GNI per capita and might even result in dependency]) as a result of government FDI policies may impact Turkey's position in the middle-income trap.

At the end it is like a chicken and egg problem. Does middle-income trap status of the country results in "low quality FDI" inflow, or "low quality FDI" forces the country in the middle-income trap status. Also, there will be the governments FDI policy in the equation here.

I am not sure if I should be going with a deductive research or inductive research. Also having problem on how to plan my research and create the framework after collecting the necessary data (fdi related data, economic indicators, policies, documents).

I would appreciate any kind of feedback on the topic, approach, method, possible research framework for my work.

The goal of my question is to have more ideas and have a brainstorm, while learning which way I should be taking in this very first research of mine.

There are both optimistic and pessimistic factors in macroeconomic forecasts for the world economy over the long term. Depending on how they operate and which prevail, either more optimistic or more pessimistic scenarios are developed for the development of the projected economic situation realised in the future. In terms of optimistic factors, these include the use of new information technologies, Industry 4.0 and others, which, when implemented in companies and enterprises, allow for improved profitability of business processes, increased production scale, improved quality control systems and/or improved quality of product and service offerings, etc. Besides, the green transformation consisting in the development of renewable and emission-free energy sources and based on rapidly cheap green energy technologies and on generating savings in energy consumption contributes to economic efficiency and energy security. In addition, the development of sustainable economic processes, scaling up the sharing economy, improving waste separation systems, reusing recovered secondary raw materials, improving and scaling up industrial recycling, etc. will also generate savings in the consumption of raw materials and energy in the context of an efficient economy. In this way, savings will be generated that will allow for an increase in the scale of financial subsidies directed to special purpose funds supporting the development of pro-climate and pro-environmental economic ventures and the development of green economic sectors. Pessimistic factors, on the other hand, include the retreat of economic globalisation from the onset of the pandemic, the rise of economic isolationism, the prospect of deepening trade wars between the world's major economies, the introduction of prohibitive tariffs to protect domestic labour markets, the successive reduction in the scale of cross-border transfers of strategic raw materials, components, prefabricated products and technology, etc. The reduction in the scale of the international transfer of products and services, international trade also involving factors of production, strategic raw materials was already noticeable a few years before the coronavirus pandemic (Covid-19), and during the pandemic through disrupted chains of international supply and procurement logistics the scale of intermodal logistics, international trade decreased. It also resulted in the shortening of international supply and procurement logistics chains and the development of domestic industries supplying the necessary sub-assemblies and pre-fabricated components used in the production of various goods, products, mainly technological products composed of many sub-assemblies.

Such problems determining the deepening of trade wars and the backsliding of economic globalisation processes at the end of February 2022 are increased by a full-scale military war in Ukraine. This kind of war generates economic uncertainty, and uncertainty is an increase in the scale of economic risks that are difficult to measure, not easy to quantify, and holding back investment. In addition to military sectors, apart from companies producing weapons and equipment for the military, it is in many other sectors and industries of the economy that the aforementioned increase in uncertainty becomes a limiting factor for the development of investment and economic activity. On the other hand, when the war ends and the processes of reconstruction of Ukraine's economy begin, there will be a significant recovery of economic processes in some sectors of the economy, such as construction and heavy industry. However, it is unclear when the war will end. In addition to this, determinants contributing to the deepening downturn of the economy include continued elevated inflation at double-digit levels. In the context of high consumer inflation, the high proportion of core inflation determined by domestic factors is a matter of concern. In addition to this, there remains a high level of risk of further investment bank failures in a situation of falling stock market valuations of previously issued government bonds with fixed and significantly lower interest rates on new series of government bonds being issued than at present. Consequently, there is still a high level of uncertainty about the development of the economic situation in the financial markets, including the capital markets, the stock markets on which securities are priced.

In view of the above, I would like to address the following question to the esteemed community of scientists and researchers:

What do you think about this topic?

What is your opinion on this subject?

Please respond,

I invite you all to discuss,

Thank you very much,

Best wishes,

Dariusz Prokopowicz

What are the processes to extract ASI microdata with STATA and SPSS?

I have microdata in STATA and SPSS formats. I want to know about the process. Is there any tutorial on youtube for ASI microdata?

Dear Scholars,

Would you please share your understanding, and academic and research experiences regarding the effects of Exchange Rate Volatility? What are the main effects that influencing entire balance of economy?

Effect of exchange rate volatility on:

1. Economic growth

2. Currency Demand

3. Exports

4. Imports

5. Energy Price

6. International Flow of funds (including FDI)

7. Foreign aid, debt interest repayments

8. Foreign Remittance

9. Money Exchange Business

10. Bank’s Financial Performance

11. Social Effects (tourist and medical tourist)

12. Social Effects (Education and Academic Tourist)

13. Lifestyle effects or domestic consumption (due to Inflation)

14. De-dollarization tendency

15. Firm-level effects (Garments sector)

I would like to work on a research idea after I get my PhD in Economic Analysis and Foresight.

What Are The Main Factors That Lead To Poor Allocation Of Resources In A Country? Your Personal Views - What You Have Seen.

What were the key priorities and effects of using state financial aid programs under the so-called anti-crisis interventionist activities financed with additional extra-budgetary money introduced into the economy through covid programs and earmarked funds?

What were the different purposes of financing specific anti-crisis measures that were identified as priorities during the SARS-CoV-2 (Covid-19) coronavirus pandemic?

What anti-crisis economic processes were activated by the extra-budgetary introduction of a large amount of additional money into the economy, which resulted, among others, in a significant increase in inflation (from 2021) and an increase in the hidden debt of the state's public finance system (from 2020)? What are the economic effects if the extra money finances mainly an increase in consumption compared to an increase in investment?

He hereby proposes a discussion on the issue of extra-budgetary introduction of additional money into the economy as part of government covid programs and funds, financing specific goals recognized as priorities of anti-crisis measures and the level of debt of the state's public finance system. In the country where I operate under the so-called covid funds, well over PLN 200 billion of additional money was introduced into the economy off-budget, which did not have parity in the goods and services produced. This was no exception to the anti-crisis measures of economic state interventionism used during the SARS-CoV-2 (Covid-19) coronavirus pandemic. As part of these anti-crisis measures of economic state interventionism, various financial support programs were used in individual countries, differing in their functionality and impact on the macroeconomics of the national economy. In some countries, such as Poland, the effects were mainly pro-inflationary and generated mainly by an increase in consumption. In Poland, the simplest solutions of this kind have generated a particularly high level of core inflation and a high level of loss of purchasing power of money that citizens receive in salaries, even taking into account the wage increases for employed employees applied by entrepreneurs. The anti-crisis measures of state economic interventionism implemented in Poland during the SARS-CoV-2 (Covid-19) coronavirus pandemic in the formula of mainly government programs, the so-called Anti-Crisis Shields consisting mainly in the transfer of public financial aid to commercially operating business entities, under which the largest amount of money from the public finance system was allocated by the government to non-repayable subsidies transferred to companies and enterprises in the form of subsidies to employees' salaries and refinancing fixed costs of business activity. The purpose of this type of the simplest and most primitive anti-crisis solution was to limit the scale of employment reduction and the scale of bankruptcy of business entities caused by scientifically unjustified, large-scale lockdowns imposed on selected sectors of the economy and the so-called. national quarantines. Unfortunately, the real level of unemployment was still growing during the pandemic, despite the fact that the statistics of the Central Statistical Office did not show it, because a significant part of entrepreneurs, in order to receive the aforementioned non-repayable subsidies, reduced the employment of employees from e.g. full-time to part-time. In addition, this type of anti-crisis measures of economic state intervention, applied in the simplest and most primitive formula, did not motivate companies and enterprises to implement pro-development investments. However, in some other countries, the mechanism of the applied anti-crisis actions of state economic interventionism was much more investment and pro-development, and even pro-climate and pro-environmental. For example, in the most economically and technologically developed countries of Europe, such as in Germany, the anti-crisis measures of economic state interventionism used during the SARS-CoV-2 (Covid-19) coronavirus pandemic had to a large extent precisely this type of investment, pro-development, pro-climate and pro-environmental character . In Poland, this extra money was only unproductively consumed and generated a restoration of consumption to pre-coronavirus levels and an increase in inflation from 2021. In Germany, additional money was allocated to investments, in addition to green investments, i.e. the implementation of the key anti-crisis assumption, Keynesian state interventionism, taking into account the issue of achieving sustainable development goals, accelerating the processes of green transformation of the economy, i.e. pragmatic, pro-social and at the same time pro-climate and pro-environmental measures were applied approach in the field of anti-crisis and pro-development activities. In Poland, however, the additional, printed, anti-crisis money introduced into the economy as part of off-budget Covid funds was consumed, generated another wave of economic downturn resulting from growing inflation, and contributed to an increase in the real debt of the public finance system, although hidden from the above-mentioned prudential indicators. In addition, due to the government slowing down the process of green transformation of the energy sector in recent years, more than 3/4 of electricity and heat in Poland is still generated from dirty combustion power generation based on the combustion of hard coal and lignite, which resulted in a crisis that was particularly costly for Polish citizens energy in 2022. Therefore, the anti-crisis socio-economic policy programs applied in individual countries during the coronavirus (Covid-19) pandemic were significantly diversified in many respects, including issues recognized by governments as priorities and key investment objectives financed with additional anti-crisis extra-budgetary money introduced into economy. In some countries, it was noticed that during the pandemic there is a possibility of accelerating the processes of pro-environmental, pro-climate, green transformation of the economy and this opportunity was taken advantage of. On the other hand, unfortunately, there are still countries, including EU Member States, such as Poland, in which the priorities of the anti-crisis, monetarist, historically large-scale economic state interventionism completely ignored the issue of emerging opportunities, including the financial possibilities of accelerating the processes pro-environmental, pro-climate, green transformation of the economy.

In view of the above, I am addressing the Honorable Community of scientists and researchers with the following question: What were the different purposes of financing specific anti-crisis measures that were identified as priorities during the SARS-CoV-2 (Covid-19) coronavirus pandemic? What anti-crisis economic processes were activated by the extra-budgetary introduction of a large amount of additional money into the economy, which resulted, among others, in a significant increase in inflation (from 2021) and an increase in the hidden debt of the state's public finance system (from 2020)? What are the economic effects if the extra money finances mainly an increase in consumption compared to an increase in investment? What were the key priorities and effects of applying public financial aid programs under the so-called anti-crisis interventionist activities financed with additional extra-budgetary money introduced into the economy through covid programs and earmarked funds? What were the various investment objectives financed by the additional off-budget money introduced into the economy since the beginning of the SARS-CoV-2 (Covid-19) coronavirus pandemic?

What is your opinion on this topic?

What is your opinion on this issue?

Please reply,

I invite everyone to the discussion,

Thank you very much,

The above text is fully my original work written by me on the basis of my research. In writing this text, I did not use any other sources or automatic text generation systems, such as ChatGPT. Copyright by Dariusz Prokopowicz

best wishes,

Dariusz Prokopowicz

Among the important issues of the efficiency of the tax system's operation is the specific structure of the introduced various direct taxes, including mainly income and property taxes, and indirect taxes, including mainly VAT, excise taxes and tributes related to the import of certain products or services, customs duties and so on. In addition to this, the effectiveness of the tax system, which is determined by the level of tax revenues that feed the system of state public finances, i.e. revenues to the central state budget and revenues to the budgets of local government units, municipalities is the issue of the so-called tightness of the fiscal system, the effectiveness of the institution of the tax office and customs and fiscal control, the efficiency of the procedures for serving taxpayers' citizens by the institution of the tax office, the level of developed remote service to citizens via the Internet, the scale of digitization of the institutions of the tax system, etc. These issues determine the level of the emerging shadow economy, in which some citizens, entrepreneurs do not register their business activities in order to thus avoid the tax system, not to pay taxes. In many countries, receipts to the central state budget and to the local budgets of local government units account for most of the total financial receipts that feed the state's public finance system with money, which is then used by the government and local government authorities to provide citizens with public services and public goods. A larger scale of tax revenues means more money at the state's disposal and higher-quality provision of public services and/or more investment, which also produces durable economic goods within the framework of public goods. Accordingly, the Ministry of Finance should strive to improve procedures, legal norms, organizational systems, etc., so that the institutions of the tax system operate as efficiently as possible and so that as much tax money as possible enters the state's public finance system. However, this does not mean the need for frequent changes in the normatives of the law, frequent changes in the tax system, changes in the structure of taxes, changes in tax scales, their level determined for particular types of taxes imposed on certain types of economic entities. Citizens and entrepreneurs are unlikely to prefer frequently changing regulations of the tax system, tax law, tax accounting methods, etc. Frequent changes are burdensome for citizens and business entities. On the other hand, the technological advances taking place, the emerging new ICT and Industry 4.0/5.0 technologies are being implemented into information systems for remote data transfer and tax settlements carried out online. Such processes of digitization and Internetization of fiscal system institutions have been developing for many years. During the Covid-19 pandemic, the aforementioned digitization and internetization processes accelerated in some countries. At times, the digitization and Internetization of tax system institutions and information systems that enable remote transfer of tax data and online accounting also make it possible to increase the sealing of the tax system and reduce the level of the shadow economy. On the other hand, the increase in the scale of digitization and Internetization of the tax system, i.e. the increase in the scale of remote transfer of tax data and online tax settlement, also increases the risk of cyber-attacks on online tax settlement platforms. For several years now, cybercriminals have been constantly creating new cybercrime techniques, new types of viruses, including, for example, ransomware viruses spread in fake e-mails imitating the e-mail correspondence of tax authority institutions, new phishing techniques, etc. with the aim of stealing money or extorting ransom payments from a company successfully attacked by cybercriminals. In this regard, it is also necessary to increase spending on the permanent improvement of the information systems of tax system institutions. In terms of the generic structure of taxes, the tax scales applied, the level of tax assessments established against certain types of economic entities, it is the state's over-maximization of these issues that can lead to an increase in the shadow economy. According to the Philips curve, once a certain high level of established tax levels is exceeded, tax revenues, rather than increasing, will decrease due to an increase in the scale of the shadow economy. In such a situation, the tax system does not work efficiently. In addition, tax receipts feeding into the state's public finance system from year to year can change significantly regardless of the tax system itself, i.e. even when nothing is changed in this system. The reason for such changes in the level of tax revenues to the state budget is the issue of cyclicality of economic processes on a multi-year scale, the occurrence of business cycles, within which there can be significant differences in the rate of economic growth, the level of activity of economic processes, the economic activity of companies and enterprises, the level of entrepreneurship, and so on. On a multi-year scale, cyclical changes in the rate of economic growth are usually strongly correlated with changes in the level of entrepreneurship, production, offering of services, income, investment, spending, consumption, savings and also the situation in labor markets, i.e. the level of employment and unemployment. As some sectors of the economy are particularly cyclical, i.e. changes in the level of economic activity of companies and enterprises of a particular sector or branch of the economy are strongly correlated with changes in the rate of economic growth of the economy as a whole, so how the generic structure of taxes with which the aforementioned economic entities are burdened is designed is also important in determining cyclical changes in the level of tax revenues to the state's public finance system derived from changes in the rate of economic growth, changes in the level of Gross Domestic Product, multi-year business cycles. However, in the situation of taking into account all of the above-mentioned factors when designing certain new taxes and/or improving the tax system, i.e. in the situation of striving to create a financially efficient fiscal system, considerations also arise on the issue of social justice relating to the tax system. These considerations often include the search for possible correlations between the efficiency of the tax system and something that could be described as a socially just tax system. In my opinion, the question of the efficiency of the tax system can correlate to a significant degree with the question of a socially just tax system. However, this correlation need not always occur and not always in the same scale and dependence. The question of the scale and dependence of this correlation is determined by what is considered social justice in relation to the tax system, how a socially just tax system can be defined, and whether such social issues are taken into account at all when reconstructing the tax system.

In view of the above, I address the following question to the esteemed community of scientists and researchers:

I have researched and described specific economic and social aspects relating to the tax system in the following article on the plan to introduce a banking tax in Poland:

What do you think about this topic?

What is your opinion on this issue?

Please answer,

I invite everyone to join the discussion,

Thank you very much,

Best wishes,

Dariusz Prokopowicz

I am just trying to find out if Anser Press is legit-there is a journal "Economic Analysis Letters" that wants me to referee for them.

In recent years, the scale of the occurrence of serious economic and financial crises in some regions of the world and/or on a global scale has been intensifying. The scale of the appearance of certain types of economic, financial, energy, etc. crises has been increasing since the 1970s. The abolition of gold parity for the U.S. dollar, oil crises, deregulation and liberalization of the functioning of financial markets, increasing the active role of central banks in shaping monetary policies with the possibility of adding money injected into the economy through direct purchase of treasury bonds by the central bank, abolishing some of the previously introduced systemic prudential instruments used in credit risk management, increasing the scale of international operations of investment banks and investment funds making speculative transactions in foreign capital markets are just some of the sources of the increase in the scale and frequency of financial and economic crises since the 1970s. Some types of the aforementioned crises have appeared with increasing frequency and magnitude in the current 21st century. The day on September 15, 2008, when the world's fourth-largest investment bank Lehman Brothers went bankrupt was considered the beginning of the global financial crisis. This crisis was generated by, among other things, erroneously conducted overly lax monetary policies that were supposed to favor financial markets even when assets were overvalued in capital markets, overly liberalized credit policies in mortgage lending, disregarding safety standards in credit risk management and practicing moral gambling in investment banking, and so on. In 2020, there was a pandemic economic crisis, which initially developed through the Covid-19 pandemic to then be exacerbated by large-scale lockdowns imposed in some countries on economic entities operating in selected, certain industries, mainly service sectors of the economy, and the introduction of so-called national quarantines. In some countries, where, such as Poland, the development of the cheapest renewable energy sources was blocked and slowed down in 2022, when the price of fossil fuels rose strongly, a deep energy crisis occurred. Beginning in 2021, inflation began to rise rapidly in many countries, generated by pumping large amounts of printed money into the economies, whose task was to mitigate the scale of the recession generated by the lockdowns and national quarantines introduced repeatedly during the Covid-19 pandemic. In order to limit the growth of inflation, which, as in Poland, rose to double-digit levels, the central bank raised interest rates. The effect of such anti-inflationary measures was to reduce liquidity in the financial sector, increase the cost of borrowed money, make credit more expensive and reduce the scale of investment in many sectors of the economy. The result was a recession of the economy, which in many countries appeared in the 1st half of 2023. In view of the above, the misapplied measures of monetary and/or fiscal policy eased too much led to the generation of a financial and/or economic crisis. Subsequently, the anti-crisis instruments applied more than once led to the generation of another economic crisis. In addition, a climate and environmental crisis is also developing in the long term as a result of continued high greenhouse gas emissions, ignoring issues of protecting the planet's climate, biosphere and biodiversity, slowing down the development of renewable energy sources and implementing the green transformation plan for the economy on a limited scale. In view of the above, some crises like the pandemic economic crisis of 2020, among others, were generated by new factors like the Covid-19 pandemic, which could later be referred to as so-called “black swans” due to their uniqueness, atypicality and unexpected appearance by no one. On the other hand, the key root factors of some economic and financial crises include misguided state interventionism, errors in forecasting and analysis of the macroeconomic situation, misapplied pro-growth and/or anti-crisis instruments within the framework of certain economic, fiscal, budgetary, sectoral and monetary policies pursued by the government and conducted by the central bank. In view of the above, it is probably not possible to conduct economic, monetary, etc. policies without making mistakes. It is not possible to forecast all, future impact factors, determinants shaping the macroeconomic situation and potentially all events that may lead to further economic and/or financial crises in the future. However, it is possible to learn from past mistakes, and given this knowledge, a more sustainable, secure economy can be built, processes and instruments for managing credit risk and other categories of risk can be continuously improved, financial markets, including capital markets, commodity markets, securities markets can be systemically strengthened through prudent use of prudential instruments, not ignoring the principles of financial security, not practicing moral gambling in investment banking, and so on. Perhaps in the future, the next financial and economic crises that will occur will be the result of, on the one hand, still not adequately refined systemic prudential instruments, institutional financial security arrangements, credit risk management instruments, etc., and new factors and events that are difficult to forecast, which can probably later be called the next black swans. however, there are crises that we know will worsen in the future and/or will be the source of the occurrence of increasingly serious negative effects on the economy and humans. this kind of long-term crisis already in operation is the ever-developing and worsening climate crisis and, at the same time, the environmental crisis, which is associated with the process of rapid loss of biodiversity of the planet's natural ecosystems.

The key issues of the impact of the Covid-19 pandemic on the economy and financial markets are described in my article below:

IMPACT OF THE CORONAVIRUS PANDEMIC (COVID-19) ON FINANCIAL MARKETS AND THE ECONOMY

IMPACT OF THE SARS-COV-2 CORONAVIRUS PANDEMIC (COVID-19) ON GLOBALIZATION PROCESSES

The key issues of the problematic sources of Poland's exceptionally deep energy cross in 2022 are described in my co-authored article below:

POLAND'S 2022 ENERGY CRISIS AS A RESULT OF THE WAR IN UKRAINE AND YEARS OF NEGLECT TO CARRY OUT A GREEN TRANSFORMATION OF THE ENERGY SECTOR

Zarzadzanie kryzysowe w przedsiebiorstwie opisałem w artykule:

CRISES IN THE ENVIRONMENT OF BUSINESS ENTITIES AND CRISIS MANAGEMENT

I described the key issues of opportunities and threats to the development of artificial intelligence technology in my article below:

Anti-crisis state intervention and created in media images of global financial crisis

In view of the above, I address the following question to the esteemed community of scientists and researchers:

What do you think about this topic?

What is your opinion on this issue?

Please answer,

I invite everyone to join the discussion,

Thank you very much,

Best wishes,

Dariusz Prokopowicz

According to the prevailing macroeconomic forecasts, the Polish economy in 2024 and 2025 should be in a trend of improving economic growth rates. In February and March 2024, inflation fell to a low level close to the inflation target. In addition, in the second half of 2023, there was a clear improvement in the residential real estate sector, due to the introduction of a government program to activate the purchase of real estate by citizens on credit, i.e. the “2% Safe Credit” program.” A year ago, the macroeconomic situation in Poland indexically looked much weaker than now. The level of economic growth was lower and was below zero, i.e. there was a recession. This was the second recession since the Covid-19 pandemic, i.e. since 2020, and the first after the end of the pandemic. The recession of the first half of 2023 was due to a decline in the economic activity of companies and businesses, as a result of the various crises that occurred during and after the Covid-19 pandemic. These downturn factors include the pandemic economic crisis with the deep recession of the economy, which occurred mainly during the first wave of the pandemic, i.e. in the spring of 2020. In addition to this, the rapid increase in inflation, which in Poland began from the 2nd quarter of 2021. This growth continued until February 2023, when consumer inflation, according to the Central Statistical Office, reached 18.4 percent. In 2022, Poland experienced a deep energy crisis generated by the increase in fossil fuel prices. The energy crisis was deep in Poland due to the still high share of up to three-fourths of conventional energy sources, i.e. based on burning fossils, mainly coal and lignite, against the background of the overall mix of energy sources. The increase in costs associated with high fossil fuel prices, high energy prices, and more expensive bank loans generated a downturn in the economy in the 2022-2023 period. The increase in interest rates on bank loans, including business loans, investment loans offered to companies and businesses by commercial banks was a derivative of the anti-inflationary raising of interest rates by the central bank, i.e. the National Bank of Poland, which lasted from October 2021 to September 2022. In addition, the changes in the fiscal system carried out in 2022 under the government's Polish Deal program also caused many organizational and financial problems in a significant part of the functioning business entities. In addition, all of the aforementioned crises and the changes applied by the central bank in terms of the monetary policy pursued also negatively affected the PLN exchange rate against other currencies and generated a high amplitude of changes in the PLN exchange rate, which also negatively affected many business entities operating in non-financial sectors of the economy. The increased scale of exchange rate volatility primarily negatively affected enterprises that exported a significant part or most of their production to countries with a different currency. The amount and share in terms of production of products against the economy for such enterprises has increased significantly since 2004, when Poland became a member of the European Union. An important issue confirming the not-so-good economic and financial situation of companies and enterprises in Poland recently is the fact that in 2023 the historically largest scale of declared bankruptcies of business entities and the termination of their activities occurred. All of the above-mentioned issues have negatively affected the operation of many companies and enterprises operating in Poland over the past few years. Currently, in 2024, positive in its content forecasts of macroeconomic developments in the domestic economy determined for the next few quarters prevail. In addition to the currently low inflation and stabilized economic situation, there has recently emerged an important pro-development factor, which is additional subsidies from the European Union. Well, at the end of 2023, previously granted EU subsidies and low-interest loans were unblocked for Poland under a financial program referred to as the National Recovery Plan. Because the funding Poland will receive in the 2024-2025 period from the National Reconstruction Plan program and also funding under the European Union's Cohesion Programs will be historically record high. Consequently, many new investment projects will probably be carried out using this money. In view of the above, the macroeconomic situation is highly complex and presents an ambiguous picture when it comes to diagnosing the sources of the decline in investment.

The key issues of the impact of the Covid-19 pandemic on the economy and financial markets are described in my article below:

In view of the above, I address the following question to the esteemed community of scientists and researchers:

What do you think about this topic?

What is your opinion on this issue?

Please answer,

I invite everyone to join the discussion,

Thank you very much,

Best wishes,

Dariusz Prokopowicz

In recent years, in economies characterized by a high level of development of ICT, Internet and Industry 4.0/5.0 information technologies, the scale of the impact of these technologies on the economic processes taking place is also growing. The aforementioned technologies are becoming one of the important factors of production in developed knowledge-based economies. More and more companies, enterprises, financial and public institutions are implementing the aforementioned technologies in order to improve economic processes, to increase the efficiency of the processes carried out in various spheres of economic and business activities. The implementation of the aforementioned new technologies into various spheres of business entities and public institutions increases the scale of digitization and Internetization of the economy. One of the spheres of the aforementioned process of digitization and Internetization of the economy is also the digitization and Internetization of the tax settlement system carried out by various entities operating in the economy, including citizens and business entities paying taxes to the institutions of tax offices. On the other hand, the issue of communication carried out remotely via the Internet between public institutions, including institutions of the fiscal system with citizens and business entities, companies and enterprises may improve. For citizens and business entities, the increase in the scale of digitization and Internetization of the economy may be associated with the convenience associated with the development of Internet-based remote communication. On the other hand, increasing the scale of digitization and Internetization of remote communication processes and tax settlements carried out online between citizens, business entities and institutions of the fiscal system may also contribute to reducing the scale of development of the shadow economy, avoidance of paying taxes to the state and, consequently, to increasing the scale of sealing the tax system.

In view of the above, I address the following question to the esteemed community of scientists and researchers:

And what is your opinion on this topic?

What is your opinion on this issue?

Please answer,

I invite everyone to join the discussion,

Thank you very much,

Best wishes,

Dariusz Prokopowicz

The combination of various analytical techniques, ICT information technologies, Industry 4.0/5.0, including Big Data Analytics, cloud computing, multi-criteria simulation models, digital twins, Business Intelligence and machine learning, deep learning up to generative artificial intelligence, and quantum computers characterized by high computing power, opens up new, broader possibilities for carrying out complex analytical processes based on processing large sets of data and information. Adding generative artificial intelligence to the aforementioned technological mix also opens up new possibilities for carrying out predictive analyses based on complex, multi-factor models made up of various interrelated indicators, which can dynamically adapt to the changing environment of various factors and conditions. The aforementioned complex models can relate to economic processes, including macroeconomic processes, specific markets, the functioning of business entities in specific markets and in the dynamically changing sectoral and macroeconomic environment of the domestic and international global economy. Identified and described trends of specific economic and financial processes developed on the basis of historical data of the previous months, quarters and years are the basis for the development of forecasts of extrapolation of these trends for the following months, quarters and years, taking into account a number of alternative situation scenarios, which can dynamically change over time depending on changing conditions and market and sectoral determinants of the environment of specific analyzed companies and enterprises. In addition to this, the forecasting models developed in this way can apply to various types of sectoral and macroeconomic analyses, economic and financial analyses of business entities, fundamental and technical analyses carried out for securities priced in the market on stock exchanges. Market valuations of securities are juxtaposed with the results of the fundamental analyses carried out in order to diagnose the scale of undervaluation or overvaluation of the market valuation of specific stocks, bonds, derivatives or other types of financial instruments traded on stock exchanges. In view of the above, opportunities are now emerging in which, based on relevant historical economic data, generative artificial intelligence can be trained so as to build a system that automatically conducts sectoral and macroeconomic analyses, economic and financial analyses of business entities, fundamental and technical analyses for securities priced on stock exchanges.

I described the key issues of opportunities and threats to the development of artificial intelligence technology in my article below:

OPPORTUNITIES AND THREATS TO THE DEVELOPMENT OF ARTIFICIAL INTELLIGENCE APPLICATIONS AND THE NEED FOR NORMATIVE REGULATION OF THIS DEVELOPMENT

In view of the above, I address the following question to the esteemed community of scientists and researchers:

What do you think about this topic?

What is your opinion on this issue?

Please answer,

I invite everyone to join the discussion,

Thank you very much,

Best regards,

Dariusz Prokopowicz

Chun-Hung Chen*, Kuan-Wei Chen, Yu-Fan Chen, Chia-Yin Lin (2023), “The New Form Agency Problem: Cooperation and Circular Agency,” The B.E. Journal of Economic Analysis and Policy. 1-20. ISSN (Online): 1935-1682; ISSN (Print): 2194-6108. https://doi.org/10.1515/bejeap-2022-0188.

I would like to clarify that the first authorship belongs to me, and not to "Chun-Hung Chen, PhD Professor (Full) at George Mason University." I am the legitimate author of this article.

In Poland, during the SARS-CoV-2 (Covid-19) coronavirus pandemic, the government introduced a large amount of additional printed money into the economy from April 2020, which was introduced off-budget in a procedure specially created for this purpose. The central bank also participated in the procedure, buying additional new series of Treasury bonds issued by the Treasury directly. The printed money was introduced into the economy through special purpose funds created mainly in government-controlled institutions, such as the Polish Development Fund and Bank Gospodarstwa Krajowego, among others. A large amount of the printed money thus went to government-controlled state-owned companies, including, among others, the monopolistically operating large companies in the energy, fuel and mining sectors, which contribute to the leading part of the national energy industry, which produces energy mainly on the basis of dirty combustion energy, i.e. on the basis of burning fossil fuels. In Poland, still thanks to government subsidies, more than 3/4 of energy is generated from burning fossil fuels. If the subsidies provided from governments to the combustion power sector since the 1990s had fueled the development of renewable and emission-free energy, Poland would now be a modern and energy-secure country, where most of the energy would now be produced by clean renewable energy. With the aforementioned subsidies, several large nuclear power plants, many wind farms and thousands of solar installations could have been built. Unfortunately, the government preferred to be in comity with the unions operating in coal mines, lignite mines, power and fuel companies in order to support the development of combustion energy and inhibit and block the development of renewable and carbon-free energy. Thanks to the topic that hard coal is sourced from deep-sea high methane mines in the country, the government has been subsidizing coal mining for many years with many billions of zlotys. Surcharging was a permanent part of this pseudo-business, since mining had already been permanently loss-making, unprofitable for many years. In addition, thanks to the government's comity with the aforementioned trade unions, the level of wages in the loss-making fossil fuel extraction sector was high and growing despite the declining business efficiency of these companies. Since the SARS-CoV-2 (Covid-19) coronavirus pandemic, more than 300 billion in added PLN has been injected extra-budgetarily into the economy. According to some estimates compiled by scientific institutes independent of the government, this is even an amount of about 400 billion PLN. The printed money was introduced into the economy on the basis of specially introduced for this purpose regulations, covid laws, on the basis of which, on the one hand, lockdowns were introduced, temporarily excluding from real economic activity many companies, mainly service sectors. On the other hand, on the basis of covid laws introduced specifically for this purpose, printed money was transferred to the majority of companies and enterprises operating in the economy as subsidies to pay fixed costs and surcharges on salaries of employed workers on the condition that employment was maintained. Non-repayable said financial subsidies were also given to many companies and enterprises, including state-owned companies, whose business activities were not subject to lockdowns. Since in recent years the annual budget of the state is about 500 billion PLN so the estimated scale of the SARS-CoV-2 (Covid-19) coronavirus printed since the pandemic almost matches the mentioned amount. This was possible because the introduction of covid-based regulations into the economy of printed money continued until the parliamentary elections held on 15.10.2023 despite the fact that the pandemic ended much earlier. The magnitude of the negative impact on the community and on the economy quickly began to decline as early as January 2021, when a mass vaccination program was introduced on the basis of millions of coronavirus vaccines purchased by the government from several pharmaceutical companies. However, the practice of injecting printed money into the economy on the basis of covid regulations continued. The result was an increase in inflation as early as Q2. 2021. Inflation in Poland grew so fast that it was one of the highest in Europe from 2021 to 2023. With the aim of fighting inflation from October 2021, the central bank, i.e. the National Bank of Poland, rapturously began to raise interest rates. Raptly because surprising most financial analysts and economists with this action, since only two months earlier the president of the National Bank of Poland had assured during press conferences that these increases would begin in a year at the earliest. As a result, many citizens at the time took out extremely cheap long-term mortgages and business loans. Since, contrary to the banking standards of Western countries in Poland, for many years more than 90 percent of long-term loans were granted by commercial banks at variable interest rates, shifting the risk of interest rate changes to borrowers, so when the central bank raised interest rates, commercial banks quickly raised the oproc. of loans, including those previously granted, and slowly raised the oproc. of deposits and other bank investment products. Thus, the central bank's raising of interest rates had a very weak anti-inflationary effect and a fast and strong deconflationary effect. This was due to the rapidly declining creditworthiness of borrowers and falling investment levels in many sectors of the economy. For example, in the construction sector in Q3 2022, the level of investment fell by more than two-thirds on an annual basis. Because Poland's central bank raised the key benchmark interest rate from an interventionist, pandemic, anti-crisis level of 0.1 percent to 6.75 percent during the one-year period from the beginning of October 2021 to September 2022, so borrowing during the period of record, interventionist-low interest rates rapidly became more expensive. The period of the aforementioned interventionist, record-low interest rates lasted as long as a year and a half, and, according to assurances from the central bank governor, was expected to last much longer. As a result, the scale of mortgages and economic loans taken out at the time grew rapidly. When the central bank raised interest rates to a significant degree, the installments on repaid loans also increased significantly. For loans taken out at interventionist low interest rates, loan installments in the fall of 2022 were already more than double what they were at the beginning of the loan repayment. In addition, in 2022, producer inflation in some months was even more than 10 percent higher than consumer inflation. This was due to rapidly rising prices of energy and industrial raw materials, prefabricated products, semi-finished goods, wages and other production factors. Enterprises and companies, by passing on the increase in the prices of production factors to the prices of the products they sold, generated record high profits on the one hand and added to the rapidly rising inflation on the other. Commercial banks also generated record profits from mid-2021 onward as the central bank rapidly raised lending opc. rates and much slower deposit rates as interest rates rose. Despite the fact that the central bank had already stopped raising interest rates at 6.75 percent (the basic reference rate) in September 2022, the rate of economic growth was declining rapidly, the downturn was worsening and, interestingly, despite the Central Statistical Office showing no significant increase in unemployment. This happened because entrepreneurs converted full-time employment to part-time employment for many of their employees, and/or forced some of their employed staff to switch to self-employment in the setting up of sole proprietorships, i.e., establishing a sort of mini-company with which they continued to work. In this way, most of the large banks and companies have significantly improved their economic and financial situation since the pandemic, while most citizens have become poorer. For most citizens, the level of real wages, the level of savings since the pandemic has dropped significantly. Even the increase in wages in the corporate sector since Q2 2022 no longer compensated for the decline in the purchasing value of money as a result of high inflation. In addition, despite the fact that the central bank in Poland stopped relatively early, more than a year earlier than the Federal Reserve Bank and the European Central Bank to continue raising interest rates at the aforementioned level of 6.75 percent, Poland's economy went into recession in the 1st half of 2023. According to recently published data by the Central Statistical Office, Poland's recession reached 0.6 percent in April 2023. It is interesting to note that the Polish economy in 2023 experienced one of the highest downturns compared to other European Union countries, and this despite the government's continued social programs, electricity price subsidies, reduced VAT on food since the pandemic, and previously also on motor fuels (until December 2022). Despite soft fiscal policy and the government subsidy programs being developed, financed from the state's public finance system, Poland has experienced a recession. The government's energy price subsidies are due to the fact that the government was planning its re-election in the parliamentary elections, which took place in October 2023. This was one of many financial shielding instruments for citizens, which was intended to provide short-term, ad hoc some relief for citizens from rising household maintenance bills before the parliamentary elections. On the other hand, if the government's energy price subsidy system had not been in place then market energy prices would have been the highest in Poland. They would have been the highest due to the fact that Poland's energy production is extremely expensive, and mainly based on dirty combustion energy. This is a result of the government's restriction and blocking of the development of renewable and emission-free energy sources. The procedure of limiting the development of renewable energy sources and subsidizing dirty combustion energy from the system of state finances since the 1990s. While the procedure of blocking the development of renewable and emission-free energy sources, including onshore wind power since 2016 and solar power since April 2022. The result is a low level of energy security of the energy sector in Poland and some of the highest costs of energy production, not only against the background of the European Union, but also on a global scale. The lack of undertaken, necessary investments in new energy technologies, the limited scale of investments in the development of clean, renewable and emission-free energy, on the basis of which energy could now be produced in the cheapest way, is one of the key determinants limiting economic development, including the prospective development of the Polish economy. In view of the above, in recent years Poland has had an exceptionally chaotic, short-sighted pseudo-economic policy, which led, among other things, to the fact that Poland experienced a recession in Q2 2023. In April 2023, the CSO showed a 0.6 percent recession. In addition, the pseudo-economic policies pursued in recent years have resulted in a large increase in the debt of the state's public finance system. Citizens have finally noticed how irrationally the aforementioned pseudo-economic policies have been carried out in recent years, and voted overwhelmingly against the incumbent government in the parliamentary elections held on 15/10/2023. Perhaps the new government will repair all that has been destroyed in the Polish economy in recent years. Perhaps the new government will restore rationality, pro-social, pro-climate, pro-environmental, etc. in terms of its economic policies.

In view of the above, I address the following question to the esteemed community of scientists and researchers:

And what is your opinion about it?

What is your opinion on this issue?

Please answer,

I invite everyone to join the discussion,

Thank you very much,

Best regards,

Dariusz Prokopowicz

During the recent economic and financial crises in many countries in the framework of anti-crisis measures and stimulating the rate of economic growth, in the framework of the monetary policy pursued, the formation of the money supply, the change of interest rates formally and/or informally cooperate with the government, which also in the framework of the anti-crisis programs undertaken, instruments for the activation of economic activity of companies and enterprises, the activation of consumption and investment carries out fiscal, social, budgetary, housing, etc. policies. If coordinated mild fiscal policy and mild monetary policy are appropriately synergistically applied within the framework of interventionist anti-crisis and pro-development measures, then stimulating the economic activity of firms and enterprises, stimulating consumption and investment development, reducing the development of the economic crisis can work more effectively. However, the scale of the applied anti-crisis and pro-development measures should be precisely adjusted to the sectoral and industry structure of the economy and the specifics of the macroeconomic processes being implemented, and thus should not lead to a significant and sustained increase in the indebtedness of the state's public finance system, too high a level of creditization of economic processes, too high levels of acceptable credit risk by commercial banks, a strong increase in inflation, a decline in the value of the national currency, a decline in the interest of foreign financial institutions in securities issued by the state treasury and capital companies of the country, etc. Unfortunately, during the SARS-CoV-2 (Covid-19) coronavirus pandemic, first the government in Poland applied anti-pandemic, interventionist measures, including lockdowns imposed on selected sectors of the economy thus causing a deep recession of the economy and then through further interventionist measures highly costly for the state's public finance system, financial subsidies coming from the state's public finance system limited the growth of unemployment. Another negative effect of the applied interventionist measures of the government was the rapid increase in inflation, which began as early as the 2nd quarter of 2021. This was an example of erroneously applied interventionist actions of the government on too large a scale, actions involving the application of selected instruments of state interventionism, instruments of synergistically conducted extremely mild both monetary and fiscal policies, which, as a consequence of their synergistic application, negatively affected the economic processes taking place in the Polish economy. On the other hand, some of the interventionist instruments used, due to the specially created mechanism of their operation and their high scale, may have violated the norms set forth in the Basic Law, i.e. the Constitution of the Republic of Poland. This type of interventionist measure applied on an exceptionally large scale in Poland was the purchase of Treasury bonds by the National Bank of Poland to generate additional, printed money, which was then introduced extra-budgetarily into the economy mainly in the form of non-refundable financial subsidies transferred to many companies and enterprises operating in various sectors of the economy in order to limit the growth of unemployment in a situation of deep economic crisis and economic recession generated by lockdowns. However, the government's main concern was that the unemployment rates shown by the Central Statistical Office did not change significantly despite the real decline in the level of employment, entrepreneurs changing the terms and conditions of employment of employees by, for example, reducing the duration and scale of employment of the same employees, a decline in the economic activity of companies and enterprises, a reduction in the scale of activities carried out by business entities, a reduction in the development opportunities of business entities affected by lockdowns, etc. The state interventionism thus applied during the pandemic consisted of actions and instruments of an also informally coordinated, politically politically ultra-mild monetary policy through an interventionist reduction of interest rates by the central bank and an ultra-mild fiscal policy based on the application of historically large-scale financial, non-refundable state aid. Synergistically and in a coordinated manner, the aforementioned mild monetary policy and fiscal policy applied effectively first limited the development of the economic crisis to then generate further economic problems in the economy. It is estimated that in Poland, since the 1st wave of the coronavirus pandemic, the central bank has created and transferred money to the government with a total value of almost 400 billion zlotys. On the other hand, in the framework of the economic policy unjustifiably described in the media by the government as an economic policy pursuing sustainable economic development, the opportunities that arose during the pandemic have not been used to accelerate the processes of green transformation of the economy, and this despite the fact that opportunities for this have arisen.

In view of the above, I address the following question to the esteemed community of scientists and researchers:

And what is your opinion on this topic?

What is your opinion on this issue?

Please answer,

I invite everyone to join the discussion,

Thank you very much,

Best wishes,

Dariusz Prokopowicz

The ongoing technological advances in ICT and Industry 4.0/5.0, including Big Data Analytics, Data Science, cloud computing, generative artificial intelligence, Internet of Things, multi-criteria simulation models, digital twins, Blockchain, etc., make it possible to carry out advanced data processing on increasingly large volumes of data and information. The aforementioned technologies contribute to the improvement of analytical processes concerning the operation of business entities, including, among others, in the field of Business Intelligence, economic analysis as well as in the field of predictive analytics in the context of forecasting processes, trends, economic phenomena. In connection with the dynamic development of generative artificial intelligence technology over the past few quarters and the simultaneous successive increase in the computing power of constantly improved microprocessors, the possibilities of improving predictive analytics in the context of forecasting economic processes may also grow.

In view of the above, I address the following question to the esteemed community of scientists and researchers:

And what is your opinion on this topic?

What is your opinion on this issue?

Please answer,

I invite everyone to join the discussion,

Thank you very much,

Best regards,

Dariusz Prokopowicz

According to the following points, describe your opinion:

Dear researchers,

I have a question on the concept or definition of 2 similar terms, which are effects and impacts, respectively. To the best of my knowledge, the "effects"means some sort of single and direct influence caused by a policy or an event, while "impacts" means a comprehensive influence of a policy or an event. Is that correct? If not, what is the clear concept of these 2 terms?

ICT information technologies have already been implemented in banking and large companies operating in non-financial sectors of the economy since the beginning of the third technological revolution. Subsequently, the Internet was used to develop online and mobile banking. Perhaps in the future, virtual banking will be developed on the basis of the increasing scale of application of technologies typical of the current fourth technological revolution and the growing scale of implementation of Industry 4.0 technologies to businesses operating in both the financial and non-financial sectors of the economy. In recent years, various technologies for advanced, multi-criteria data processing have increasingly been applied to business entities in order to improve organisational management processes, risk management, customer and contractor relationship management, management of supply logistics systems, procurement, production, etc., and to improve the profitability of business processes. In order to improve the profitability of business processes, improve marketing communications, offer products and services remotely to customers, etc., such Industry 4.0 technologies as the Internet of Things, cloud computing, Big Data Analytics, Data Science, Blockchain, robotics, multi-criteria simulation models, digital twins, but also machine learning, deep learning and artificial intelligence are increasingly being used. In the field of improving the processes of equity investment management, the processes of carrying out economic and financial analyses, fundamental analyses concerning the valuation of specific categories of investment assets, including securities, i.e. improving the processes carried out in investment banking, ICT information technologies and Industry 4.0 have also been used for many years now. In this connection, there are also emerging opportunities to apply machine learning, deep learning and/or artificial intelligence technologies to the analysis of the securities market, including the analysis of the stock market, bonds, derivatives, etc., i.e. key aspects of business analytics carried out in investment banking. Improving such analytics through the use of the aforementioned technologies should, in addition to the issue of optimising investment returns, also take into account important aspects of the financial security of capital markets transactions, including issues of credit risk management, market risk management, systemic risk management, etc.

In view of the above, I would like to address the following question to the esteemed community of scientists and researchers:

What is your opinion on the subject?

What do you think about this topic?

Please respond,

I invite you all to discuss,

Thank you very much,

Best regards,

Dariusz Prokopowicz

Can economic growth occur in the short term? If the answer is no, what is the reason behind economic growth not occurring in the short term and occurring only in the long term?

In my opinion, it makes sense to create a new generation of something similar to ChatGPT, which will use databases built solely on the basis of continuously updated data, information, objectively verified knowledge resources, a kind of online business advisor, using defined business websites and portals, financial and economic information portals, which will answer the questions of entrepreneurs, businessmen, managers in charge of companies and enterprises, who will ask questions about the future development of their business, their company, enterprise, corporation. Such intelligent systems drawing on large data and information resources, processing large sets of economic and financial information and data in real time on Big Data Analytics platforms, providing current analytical data to business intelligence systems supporting business management processes, can prove very useful as tools to facilitate organizational management processes, forecasting various scenarios of abnormal events and scenarios of developments in the business environment, diagnosing escalation of risks, supporting early warning systems, diagnosing and forecasting opportunities and threats to the development of the company or enterprise, providing warning signals for contingency and risk management systems.

In view of the above, I address the following question to the esteemed community of scientists and researchers:

What do you think about this topic?

What is your opinion on this issue?

Please answer,

I invite everyone to join the discussion,

Thank you very much,

The key issues of opportunities and threats to the development of artificial intelligence technologies are described in my article below:

OPPORTUNITIES AND THREATS TO THE DEVELOPMENT OF ARTIFICIAL INTELLIGENCE APPLICATIONS AND THE NEED FOR NORMATIVE REGULATION OF THIS DEVELOPMENT

Please write what you think in this issue? Do you see rather threats or opportunities associated with the development of artificial intelligence technology?

What is your opinion on this issue?

I invite you to familiarize yourself with the problems described in the article given above and to scientific cooperation on this issue.

Best wishes,

Dariusz Prokopowicz

There is a growing body of data suggesting that innovative startups may be created using the next generation of ChatGPT-like smart tools and/or whose business activities would be helped by such smart tools and/or certain new business concepts would be based on such smart tools. On the one hand, there are already emerging Internet startups based on artificial intelligence systems specialized in specific areas of creating textual, graphic, video, etc. elaborations that are variants of something similar to ChatGPT. On the other hand, arguably, some of these kinds of solutions may in the future turn into a kind of online business advisors generating advice for entrepreneurs developing new innovative startups.

In view of the above, I address the following question to the esteemed community of scientists and researchers:

What do you think about this topic?

What is your opinion on this issue?

Please answer,

I invite everyone to join the discussion,

Thank you very much,

Best wishes,

Dariusz Prokopowicz

What do you think?

What is your opinion on the subject?

Please reply,

I invite you all to discuss,

Thank you very much,

Warm regards,

Dariusz Prokopowicz

What are the potential applications of machine learning, deep learning, artificial intelligence, Big Data Analytics and other Industry 4.0 technologies in conducting multi-criteria economic and financial analyses of the historical and current performance of economic entities and making predictions about the future development of their business, analyses carried out on computerised Business Intelligence platforms?

As a result of technological advances, the potential for the application of machine learning, deep learning, artificial intelligence, Big Data Analytics and other Industry 4.0 technologies to perform multi-criteria economic and financial analyses of the historical and current functioning of businesses and to make predictions about the future development of their business, analyses carried out on computerised Business Intelligence platforms, is rapidly increasing. New ICT information technologies and Industry 4.0, including Artificial Intelligence, Machine Learning, Deep Learning, Big Data Analytics but also Data Science, Smart Technologies, Cloud Computing, Machine Learning, Personal and Industrial Internet of Things, Autonomous Robots, Horizontal and Vertical Data System Integration, Multi-Criteria Simulation Models, Digital Twins, Additive Manufacturing, Blockchain, Cyber Security Instruments, Virtual and Augmented Reality and other Advanced Data Mining technologies support the management processes of a company, enterprise or financial institution. In recent years, the aforementioned new technologies are helping to improve the management processes of supply logistics, procurement, production, service offering; marketing communication and customer relationship management; risk management; cyber security management; economic and financial analysis management, financial auditing, etc. Therefore, within the framework of the technological advances taking place, including the increasing computational capabilities of successive generations of processors and operational memory installed in computers, increasing disk capacities, storage media, increasing data transfers, etc., the possibilities of applying artificial intelligence and Big Data Analytics in carrying out multi-criteria economic and financial analyses of business entities, analyses carried out on computerised Business Intelligence platforms, are successively increasing. Consequently, the possibilities for the application of multi-criteria analytics carried out on computerised Business Intelligence platforms are also increasing year on year, which also contributes to the improvement of organisational management processes.

In view of the above, I address the following question to the esteemed community of scientists and researchers:

What do you think about this topic?

What is your opinion on this subject?

Please respond,

I invite you all to discuss,

Thank you very much,

Best wishes,

Dariusz Prokopowicz

Some stock market investors, citizens and business entities, investment fund managers, investment banks operating in the capital markets use both technical analysis and fundamental analysis in their analysis and investment activities. The use of both of these analyses is usually based on the assumption that these two significantly different analyses can complement each other. Fundamental analysis consists of, among other things, several analytical segments on specific spheres of the economy, impact factors and risks acting on the operation of certain business entities, internal and external impact factors. In the environment of the company and the enterprise, the closer environment is analyzed, e.g. the competitive environment, relations with key competitors, with business counterparties, customers, with recipients of product and service offerings, with suppliers of raw materials, prefabricated components, subassemblies and other production factors necessary for business operations, with cooperators, with financial counterparties, lenders, etc. Strategic analysis, including, for example, SWOT analysis, marketing analysis, technical-economic analysis, organization analysis, financial analysis, including ratio analysis based on financial indicators based on quantitative data contained in financial statements, also plays an important role in fundamental analysis.

Technical analysis, on the other hand, involves analyzing changes in the rates and trading volumes of securities, currencies or commodities. This analysis is concerned with studying and interpreting the shapes of charts to forecast future prices (rates) based on an analysis of past price formation. Unlike fundamental analysis of a company, which takes into account both information about the global, macroeconomic, regional and industry environment in which it operates, as well as reports announced by the company itself, in the case of technical analysis these are not taken into account in the investment decision-making process. All the information needed for technical analysis is read directly from charts showing the historical price changes of the security, currency or raw material under analysis. Technical analysis assumes that stock market phenomena precede economic phenomena in time, and that the market is a mechanism for discounting the future. Technical analysts prefer to analyze the trend of the market instead of statistical data. Technical analysis is based on three basic rules: 1. Changes in supply and demand on the stock market are reflected in stock prices, 2. Changes in stock prices are subject to trends that persist over a long period of time, 3. Processes occurring on the stock market are repeated.

In view of the above, combining both analyses, i.e. fundamental and technical analysis, can give a kind of analytical added value. Accordingly, some stock market investors use both fundamental and technical analysis.

In view of the above, I address the following question to the esteemed community of scientists and researchers:

What do you think about this topic?

What is your opinion on this issue?

Please answer,

I invite everyone to join the discussion,

Thank you very much,

Warm regards,

Dariusz Prokopowicz

Could any expert try to examine the new interesting methodology for multi-objective optimization?

A brand new conception of preferable probability and its evaluation were created, the book was entitled "Probability - based multi - objective optimization for material selection", and published by Springer, which opens a new way for multi-objective orthogonal experimental design, uniform experimental design, respose surface design, and robust design, etc.

It is a rational approch without personal or other subjective coefficients, and available at https://link.springer.com/book/9789811933509,

DOI: 10.1007/978-981-19-3351-6.

Best regards.

Yours

M. Zheng

Economics is a constantly evolving field, with new theories and ideas being developed over time. In recent years, there has been a growing focus on issues such as inequality, sustainability, and the role of technology in the economy. Additionally, there has been a growing interest in behavioral economics, which incorporates insights from psychology into economic analysis. Additionally, new area of study like green economics, digital economics and more are been focus to understand the economic development with time.

Studying newly published articles that have been economically analyzed raises an important question. The values ​​reported in this type of analysis are very different. By what criteria do you claim that your articles are economically acceptable? Have you ever thought about such a thing or are you just reporting numerical values?

Since the second half of the twentieth century economic theory, unable to explain economic reality, has been moved increasingly away from traditional price theory to more modern trends such as game theory, decision theory, behavioral-empirical-experimental economics, heterodox economics etc. There is no doubt that reality is always far from the ideal state of theory and any attempt to complete theory with assumptions and parameters closer to reality is welcome. But what about if a big amount of divergence between reality and theory is due to mistakes of the theory itself?

I believe that traditional (mainstream) economics have a series of serious fundamental mistakes, which, if revised, lead to a totally different theory about how economy works. And as we always need a basic theory before we proceed to any completions and improvements of it to better match reality, we should first consider this revised basic theory. To be more concrete, the fundamental mistakes of the traditional mainstream economics are, in my opinion, the following:

Price taking of course prevails in the market after the equilibrium has taken place, but the question is how the equilibrium is determined beforehand, by the forces of demand and supply, which certainly remain the same before and after equilibrium (meaning that a sloping demand curve can not be horizontal at the time of equilibrium). The revision here is simply that the individual demand for the firm is the total demand equally distributed to the number of firms, because buyers certainly do not have a preference for some firms in buying the product since it is an homogeneous product. This means that the individual demand curves for the firms are sloping and not horizontal and this has tremendous implications on the economic theory and its outcomes (the equilibrium point is not at the minimum average cost, which invalidates the maximization of social welfare and the optimization of Pareto efficiency, etc).

The question here is which the supply curve is, the average cost or the marginal cost curve? According to Marshall it was the average cost curve, but according to the Marginalists, who eventually prevailed in mainstream economics, it is the marginal cost curve. This latter however creates a big inconsistency: the equilibrium point, that is the intersection of total supply and total demand curves, does not maximize the profits of firms, as this maximization occurs at the intersection of total supply (marginal cost) and the total marginal revenue (and not the total demand). Yet, the profit maximization is a basic assumption in mainstream economics and should be hold at market level if it holds at firm level (it is simply a matter of aggregation). The revision here is that the supply curve is the average cost curve, and its intersection with the demand curve gives the zero (economic) profit, which is the fundamental feature in perfect competition with the continuous entry of firms till the zeroing of profit.

Traditional theory sought the solution of the market equilibrium question in the intersection of two curves, demand and supply, to determine the equilibrium pair of price (p) and quantity (Q), while ignoring another factor involved in the determination of equilibrium, namely the number of firms (n), which is absolutely necessary to determine the equilibrium since this factor shapes the total supply and thus its intersection with the total demand. So we need one more equation to determine the additional unknown (n), and this equation could be none other than the equation of profit maximization, that traditional theory lacks at market level as said before. Thus the system of three equations (Demand, Supply, Profit maximization) determines the three unknowns (price, quantity, number of firms); and furthermore the number of firms in perfect competition is definite and not infinite or indefinite, as the traditional theory assumes.

These revisions bring about dramatic changes in the whole economic theory and in the social welfare, with tremendous political implications. For more analysis and for the outcomes of this research, please refer to my articles (available at ResearcgGate and ssrn):

I would be very appreciative to have your opinion, thesis and comments on this discussion.

Greetings respectable community of ResearchGate. I encountered some issues while gathering data from the World Bank Database, hence I would like to know if there are alternatives or other websites like the World Bank Database in which we can gather raw data.

The website can contain whatever form of indicators such as (developments, governance, competitiveness, economics, financial sector, etc.….) Thank you in advance for your assistance.

Are the inflationary increases of mid-2022, among other things, the result of a developing price-wage spiral realised objectively in the commercial sectors of the economy or rather the result of an income-price spiral generated by subsidies, handouts, subsidies, etc. realised by interventionist government programmes of populist social policy and soft fiscal policy, carried out by public sector institutions of socio-economic policy programmes realised using the state's public finances?

If there are significant differences between countries on the above issue, what are these differences determined by? Are the sectoral/industrial structure of the economy and the extent of state interventionism applied by the government among the key determinants of the aforementioned differences?

What is your opinion on this topic?

Please reply,

I invite you all to discuss,

Thank you very much,

Best regards,

Dariusz Prokopowicz

If so, how should such an economic policy be structured? And if not, how to reconcile some mutually contradictory instruments for activating economic processes and curbing inflation? How can a tightened monetary policy (anti-inflationary interest rate hikes) and a soft (social) fiscal policy (subsidies, handouts, allowances) be effectively conducted so as to limit the scale of the development of a downturn and at the same time curb the growth of inflation? How should these two policies be conducted so that they do not cancel each other out? How to rationally conduct a policy mix consisting of tightening monetary policy and mild fiscal policy?

What is your opinion on this?

What do you think about this topic?

Please respond,

I invite you all to discuss,

Thank you very much,

Best regards,

Dariusz Prokopowicz

What will become the priority of the pre-election populist economic policy: energy price subsidies and an increase in inflation, or the lack of these subsidies and a decrease in inflation?

In a country where I operate under the government management of state interventionism based on an analysis of public sentiment and pre-election political marketing, a specific economic policy is conducted, known as a real policy mix, consisting of a mild fiscal policy (additional pensions, government subsidies to salaries of employees during a pandemic, subsidies). and benefits for citizens to reduce the effects of rising energy and fossil fuel prices, subsidies for the purchase of coal under the anti-climate and anti-ecological policy, etc.) and the tightening monetary policy of the central bank from October 2021. On the one hand, high inflation, which has been rising almost from the beginning of 2021 and was caused by the record-breaking use of money printing and subsidies to employee wages, to the operating costs of companies and enterprises that were in lockdowns, did not conduct economic activity, were in the economic crisis in 2020. Then, in order to limit the scale of the rapidly growing inflation, the central bank began raising interest rates from October 2021. This increased the cost of money borrowed by commercial banks. Credits have become more expensive, the creditworthiness of citizens and business entities has decreased, and the level of investments in various sectors and sectors of the economy is falling. Additionally, due to negligence of the government and limiting the development of renewable energy sources, the level of security and energy independence of the country is low. The increase in fossil fuel prices caused an energy crisis in the country due to the fact that key energy companies are state-owned companies and do not implement the pro-climate energy transformation, did not invest in the development of renewable and emission-free energy sources, the government has for years supported the development and vegetation of dirty combustion energy based on burning coal. This led to the situation that currently 3/4 of heat and electricity in Poland is generated from the combustion of fossil fuels, the prices of which have recently been rising rapidly. Energy companies operating as state-owned companies raise the prices of their refined petroleum products and electricity prices disproportionately much higher in relation to the increase in raw material prices on commodity exchanges, and even more so in relation to domestic raw material markets, domestic mines, from which they also purchase raw materials in the form of certain categories of fossil fuels. As citizens, through independent media and non-governmental organizations, signal their dissatisfaction with this kind of unreliable, anti-social, anti-climatic, anti-environmental, pro-crisis economic policy, the government ignoring the issue of increasing the debt of the state finance system and preparing for the parliamentary elections to be held in autumn 2023 introduces new subsidy programs for the purchase of fossil fuels. In this way, the government continues its policy of supporting dirty combustion energy, creates further pro-inflationary impulses in the economy and increases the indebtedness of the state's public finance system. In addition, due to the high risk of a deepening of the national energy crisis in the heating season, it allows municipalities to lift the previously introduced anti-smog regulations, and allows the sale of lignite for citizens to burn it in home-type furnaces. As a result, the exceptionally low quality of the air in Poland compared to Europe will worsen further and will have a negative impact on the health of citizens. I wonder why some citizens still support this type of economic policy conducted by the current government in Poland. Clearly there is a high level of relevance to government propaganda driven by government-controlled meanstream media in this regard. The above-mentioned problems may worsen if economic policy is conducted as it has been so far. The problem of the current energy crisis and the prospective climate crisis may worsen in the future. On the other hand, in the short-term, ad hoc perspective, the government is currently considering what should become the priority of the pre-election populist economic policy: subsidies to energy prices and an increase in inflation or the lack of these subsidies and a decrease in inflation?

In view of the above, I would like to address the following question to the Distinguished Community of Researchers and Scientists:

What is your opinion on this topic?

And what is your opinion on this topic?

What do you think about this topic?

Please respond,

I invite you all to discuss,

Thank you very much,

Warm regards,

Dariusz Prokopowicz

Central banks are raising interest rates in an attempt to contain rising inflation, to curb the rise in inflation and, in the next quarters or perhaps years, to bring inflation down to a low single-digit level, to the inflation target of monetary policy. However, commercial banks are raising interest rates on deposits and bank deposits to a limited extent. Interest rates on new government bond issues are also rising slowly. By contrast, interest rates on bank loans offered by commercial banks are rising much faster. The rising cost of money causes a decline in lending of mortgages, business loans, consumer loans, etc. The rate of economic growth is falling. Enterprises ai companies are holding back on new investments. Repayment instalments on long-term loans that have been granted at a variable interest rate are rising. Financial risks are increasing, including credit risks, liquidity risks, debt risks, and the profitability of production processes is falling. The risk of a significant rise in unemployment and the emergence of stagflation in 2023 is emerging. The scale of social unrest in many countries around the world is increasing. In addition, the economic downturn is being exacerbated by rising energy and fossil fuel prices, i.e. the currently developing energy crisis.

In view of the above, I address the following question to the esteemed community of researchers and scientists:

What do you think about this topic?

What is your opinion on this subject?

Please respond,

I invite you all to discuss,

Thank you very much,

Regards,

Dariusz Prokopowicz

Greetings everyone! could anyone kindly tell me where I can get data concerning the stock and bonds market?

What can a populist social and fiscal policy based on subsidies and handouts lead to with the money of the public finance system in a situation of economic downturn, falling state budget revenues and growing indebtedness of the public finance system?

What can the ever-increasing subsidy- and welfare-based populist social policy and the soft fiscal policy with money from the state's financial system lead to through increased public debt and the printing of national money?

The political objective of the socio-economic policies implemented in this way, including social, budgetary and fiscal policies, is the plan to win the next parliamentary elections by the political party currently holding the reins of power. However, the economic consequences and the impact on the state's finances in the years ahead could be seriously negative.

Such socio-economic policies may contribute to continued high levels of inflation in the coming months.

What other negative effects could arise from such socio-economic policies in the future?

What can the ever-increasing populist social policy based on government subsidies and handouts and the soft fiscal policy implemented with the money of the state financial system, which is raised through the increase of public debt and the printing of national money, lead to?

What is your opinion on this topic?

What is your opinion on this subject?

Please reply,

I invite you all to discuss,

Thank you very much,

Best wishes,

Dariusz Prokopowicz

How should an anti-inflationary and at the same time pro-development, growth-activating (medium-term) and growth-activating (long-term) economic, anti-crisis, counter-cyclical, pro-development socio-economic policy be constructed?

How should such a multi-faceted socio-economic policy be designed?

In designing such an anti-inflationary and anti-crisis socio-economic policy, how should some mutually contradictory instruments for activating economic processes and curbing inflation be reconciled?

What is your opinion on this topic?

Please reply,

I invite you all to discuss,

Thank you very much,

Best regards,

Dariusz Prokopowicz

Continued high inflation for many more months, interest rates raised by the central bank, rising factor prices, falling consumption and investment will probably trigger a downturn in the economy in the following quarters and possibly also a significant rise in unemployment.

If such a scenario unfolds, could stagflation (high inflation and high unemployment at the same time) occur in 2023?

And if the risk of the emergence of stagflation in 2023 is high, what kind of anti-crisis socio-economic policy should the government apply to limit the scale of the economy's downturn?

What is your opinion on this topic?

Please reply,

I invite you all to discuss,

Thank you very much,

Best wishes,

Dariusz Prokopowicz

Is there any test like this in Stata?

Can ECM term be lower than -1? How to interpret a value lower than -1? Does it suggest that something wrong with the model?

Any help?

Thank you in advance.

How can rising inflation be effectively contained?

On the one hand, the various instruments of monetary policy , fiscal policy, ... that have previously been used to stop the rise of inflation are known. On the other hand, for some reason the various anti-inflationary measures applied in 2021 and 2022 are working to a very limited extent. Therefore, can the rise in inflation get out of hand? Could the rise in inflation, the increase in fuel and energy prices and the projected downturn in the economy lead to the emergence of an economic crisis in the following quarters? Could there be an economic recession and stagflation in 2023?

What do you think on this subject?

Please reply,

I invite you all to discuss,

Thank you very much,

Greetings,

Dariusz

I am using an ARDL model however I am having some difficulties interpreting the results. I found out that there is a cointegration in the long run. I provided pictures below.

I am trying to perform an economic analysis with one of the variables being GDP for market size in a cross-sectional analysis. Would it be better to use GDP constant prices or GDP current prizes in U.S. dollars?

Is Bartlett's test alone enough for hypothesis testing? or Chi square has to be tested along with in a dissertation for a Ph.D study in the field or social science?

I am trying to review the structures of Islanded microgrid, its economic analysis, and improving its efficiency and stability. so I need to know the best structure that is existing now.

The popularity and applications of the metaverse are expected to skyrocket in the near future, thanks to the entry of major players (Facebook, Microsoft, EA, and even McDonalds) in the industry. As ab opinion piece in The Drum puts it "many experts predict that the metaverse will change the way we live and work in the future, and it would be extremely negligent not to recognize the trend and continue to engage with it". Could someone suggest some preliminary studies that could be carried out using consumer data collected through online surveys? Thanks in advance.

AI and Big Data have recently seen widespread application in virtually every field. With the economy's increasing digitization, it is expected that massive amounts of data will be generated at every node. I wonder if primary data based research in consumer behavior, economics, agricultural economics, and related fields will become obsolete in the future as more sophisticated models aided by AI and Big Data provide a more accurate picture of various phenomena. Please share your thoughts on what will be the role of researchers in applied economics, business, and marketing etc (not including those in the fields of computer science).

I am currently looking for import, export, current account balance and Balance of payment data from the year 1960. WDI, unctadstat show lesser amount of data (starting from 1980s). Is there any reliable data streams/sources where i can access the data free of cost? How about the published data?

Dear Researchers,

I'm working on the research using the DEA(Data Envelopment Analysis) method to measure the provincial energy efficiency. However, due to the data constraint the provincial energy consumption data is not available. Can i assume the provincial energy consumption is proportional to provincial GDP?

(national energy consumption/national GDP x province i GDP)?