Journal of Scientific Papers

ECONOMICS & SOCIOLOGY


© CSR, 2008-2015
ISSN 2071-789X



Directory of Open Access Journals (DOAJ)


Strike Plagiarism

Partners
  • General Founder and Publisher:


    Centre of Sociological Research

  • Publishing Partners:

     
     
    University of Szczecin (Poland)


    Mykolas Romeris University (Lithuania)

     

     
     
    Alexander Dubcek University of Trencín, Faculty of Social and Economic Relations (Slovak Republic)



     
    University of Entrepreneurship and Law, (Czech Republic)

     

  • Membership:


    American Sociological Association


    European Sociological Association


    World Economics Association (WEA)

     


    CrossRef

     


Quality of Institutions for Knowledge-based Economy within New Institutional Economics Framework. Multiple Criteria Decision Analysis for European Countries in the Years 2000–2013

Vol. 9, No 4, 2016

Adam P. Balcerzak,

 

Nicolaus Copernicus University, Toruń, Poland,

adam.balcerzak@umk.pl

QUALITY OF INSTITUTIONS FOR KNOWLEDGE-BASED ECONOMY WITHIN NEW INSTITUTIONAL ECONOMICSFRAMEWORK. MULTIPLE CRITERIA DECISION ANALYSISFOR EUROPEAN COUNTRIES IN THE YEARS 2000-2013

Michał Bernard Pietrzak,

 

Nicolaus Copernicus University, Toruń, Poland,

michal.pietrzak@umk.pl

Abstract. The article concentrates on the problem of quality of institutions in European Union countries in the context of their compatibility with the global knowledge- based economy. The main objective of the article is to evaluate the progress obtained in that field by New Member States of the European Union in the years 2000- 2013. The empirical research is based on the following hypothesis: the integration process of Central European countries with the European Union has influenced the acceleration of changes leading to improvement in the quality of their institutional systems in the context of global knowledge-based economy. The first part of the paper presents the most important determinants of the ability of a country to utilize the potential of the knowledge-based economy. This analysis is conducted on the basis of institutional economics specifically transaction cost theory. In the empirical part multiple criteria decision analysis methodology (MCDA) (the modified TOPSIS method) is applied. Data from Fraser Institute data base for Economic Freedom of the World Report has been used. The empirical research is the source of significant arguments in favor of the hypothesis of the paper.

 

Received: June, 2016

1st Revision: October, 2016

Accepted: November, 2016

 

DOI: 10.14254/2071-789X.2016/9-4/4

JEL Classification: C38, D02, O38

Keywords: institutional economics, quality of institutions, transaction cost theory, global knowledge-based economy, multiple criteria decision analysis (MCDA), TOPSIS, EU.