Purpose: The main aim of this article is to conduct an econometric analysis and to examine relations between institutional factors pertaining to the quality of governance and the level of GDP per capita in 28 member states of the European Union. Design/Methodology/Approach: The analysis of public governance and good governance concepts is based on critical analysis of the recent literature. Institutional quality of the public sector is analyzed as a part of New Institutional Economics theory. This allows to indicate the institutional dimensions of the quality of public sector. In the empirical part, focus was given to measuring governance and examining relations between institutional factors pertaining to the quality of public governance and the level of GDP per capita in 28 member states of the European Union. To this end, World Bank data were used, and six indicators proposed by this institution were assumed as synthetic measures of governance quality (The Worldwide Governance Indicators-WGI). Findings: The conducted analyses resulted in positively verifying the model of relations between dimensions of governance quality and the pace of economic growth in the EU-28. Based on correlation studies, out of the six analyzed dimensions of governance quality i.e. voice and accountability, political stability, government effectiveness, regulatory quality, rule of law and control of corruption, only political stability transpired not to be correlated to the level of GDP per capita in the studied economies. Practical Implications: The results are especially important for policy makers to understand the importance and the role of good governance. As for society, research results can increase awareness in assessing the quality of governance in each country. Originality/Value: The scientific results fill the gap in the research area of institutional quality of the public sector, and also show the significant relationship between the quality of governance and the economic outcomes (economic growth).

Cel-Celem artykułu jest analiza zakresu samodzielności finansowej gmin w Polsce w kontekście koncepcji good governance (jakość rządzenia). Artykuł jest próbą odpowiedzi na pytanie o to, czy zakres przedmiotowej samodzielności jest spójny z wymiarami jakości rządzenia

This article traces the development of the concept of homo oeconomicus, a fundamental principle of mainstream economics. The concept is compared against alternative approaches proposed by representatives of other schools of thought such as heterodox economics, behavioural economics and...

Purpose: The aim of the research is to build an index of fiscal illusion to assess the size of the problem in regards to the euro area countries in the period 2004-2016. Design/Methodology/Approach: The analysis of fiscal illusion phenomenon is based on critical analysis of public finance literature which helped in indicating the main sources of fiscal illusion and capturing its different dimensions. In addition, literature analysis enabled the selection of the most appropriate measures related to various aspects of illusion. Initially, the principal component analysis (PCA) was conducted to identify main factors which should be included in the formula of index. The selected factors were built on the basis of different measures and indicators that can be assigned to the selected dimensions of fiscal illusion. This allowed to construct the index of fiscal illusion. Findings: The authors noticed that economies characterized by a relatively high fiscal illusion and low quality of public finance may find it difficult to achieve fiscal sustainability in the long-term. In the analyzed period, the highest average value of the fiscal illusion index was recorded in Italy (the average FII 0,935), while the lowest in Estonia (the average FII 0,07). The results of the study revealed the significance of institutional determinants, which both influence the quality of public finance and the size of fiscal illusion. Practical Implications: The results are important not only for policymakers to understand the consequences of their decisions for public finance sustainability, but also for society, increasing its awareness of current tax burdens paid and benefits received. Originality/Value: The paper discusses the most important issues regarding fiscal illusion which seems to be obstacle in achieving public finance sustainability. The results of the research certainly enriched the existing knowledge on the phenomenon of fiscal illusion, its causes and ways of measurement.

Research background: The research area on the quality of public finance (QPF) appears to be intellectually attractive. In the light of the challenges of the 21st century, public finance should be characterized by adequate quality, ensuring effective implementation of the economic functions of government. The problem of QPF is increasingly more frequent in the face of a deteriorating fiscal situation of most countries in Europe and around the world. Hence, it is worth considering which factors determine the quality of public finance. Purpose of the article: This article aims to show the possibility of assessing the quality of public finance in the light of fiscal governance concept. The identification of the key components of QPF seems to be useful from the point of view of empirical research, and can be implemented to assess the quality of public finance in the EU–28. Methods: Descriptive analysis along with principal component analysis (PCA) was implemented to indicate dimensions of QPF. Findings & Value added: The quality of public finance consists of a well-designed fiscal rules (numerical and non-numerical) and institutions, as well as structural reforms. The obtained results allow to characterize the quality of public finance through the prism of six identified principal components. They have a mixed character, two of them are partly or totally related to the institutional aspects of public finance, which proves their importance in the process of improving the quality of public finance. Improving the quality of public finance remains a key challenge for policy makers in the EU. The growing impact of globalization and the aging population also cause the need to improve the qualitative aspects of fiscal policy. The study contributes to the literature on public finance, particularly in the empirical dimension through broadening the knowledge on institutional factors which can be used to measure QPF index. The results of research have certainly enriched the existing knowledge on the phenomenon of QPF and the ways of its measurement.

W artykule została przedstawiona natura kryzysu w perspektywie humanistyczno-społecznej. W przeświadczeniu autorów wyjaśnieniu procesu pojawiania i rozprzestrzeniania się kryzysów powinna towarzyszyć nie tylko ekonomia, lecz także refleksja z obszaru filozofii, a nawet sfery nauk politycznych. Opracowanie ma charakter przeglądowy. Zostało przygotowane przy wykorzystaniu metody analizy i krytyki piśmiennictwa. Zastosowano podejście deskryptywne i interdyscyplinarne. Wielowątkowy charakter rozważań na temat architektury kryzysu powinien pobudzić dyskusję, która, być może, stanie się fundamentem do bardziej precyzyjnej interpretacji zjawisk kryzysowych (spojrzenie holistyczne na pojawiające się wokół nas problemy ma znaczenie). Celem artykułu jest wskazanie różnych możliwości analizy istoty kryzysów. Za punkt wyjścia prowadzonych rozważań przyjęto ukazanie złożoności kryzysów, a także ich trajektorii. W dalszej kolejności są eksponowane problemy ekonomistów z przewidywaniem wystąpienia zakłóceń w funkcjonowaniu gospodarki. Dyskusję zamyka część poświęcona debacie polskich ekonomistów nad anatomią kryzysu (interpretacją źródeł kryzysów oraz ich implikacji dla szeroko rozumianej sfery życia człowieka). W zakończeniu sformułowano wnioski dotyczące kontestacji przestarzałego myślenia ekonomicznego o szeroko rozumianych zjawiskach kryzysowych. Okazuje się bowiem, że kryzysy coraz bardziej obnażają obszary nieładu w różnych sferach życia człowieka. Wskazują również na zawodność teorii ekonomii w kształtowaniu rzeczywistości w przestrzeni społecznej, ekonomicznej, a także politycznej.