Köz-gazdaság December 2011 [antikvár]

EDITORIAL ACTIVATING THE DORMANT KNOWLEDGE CAPABILITIES Following the staggering world economic developments of the financial crisis and the disappearance of growth in the developed world along the years of 2008-2011, the credibility of the economics profession has been seriously questioned. It looked as though the entire profession was in crisis, or at least was suffering from a major disease: predictions proved to be fiat wrong, crisis management philoso-phies, long known recipes and techniques liave met with strong opposition, or have resulted in outright failures. The value of "objective", science-based economic analysis, one relying on fundamental principles and hard facts, lost its value in a rapid fashion. Interpretations of many kinds soon emerged on the same issue, and there was a massive flood of diverging professional opinions. The ensuing disen-chantment from economic sciences has created a lot of confusion on what is to be done in bringing back economic growth and prosperity; in reorganizing and regu-lating international financial markets; in making the European Union work and adding to its cohesion, in keeping the euro-zone together; and in redefining the mandate of global institutions. The long list of challenges can go on. For sure, there is lot to be done to help regain credit in economic analysis in the post crisis international setting. To this end, the present volume wishes to provide a small contribution. It attempts to go back to the basics in giving somé fresh economic analysis on a hand-ful of current issues of international economics. The studies at hand will use somé long proven economic principles, present thoroughly checked hard facts, apply good methodology and will mix them with a solid knowledge of economic history. The evolution of the concept of international competitiveness is thoroughly checked and carefully revised by Prof. Szentes's study emphasizing the complexity of providing a single and meaningful synthetic measure and ranking of counties and regions. The competitiveness debate never comes to an end. The pressing issues of financial globalization, the international business cycle and the adjustment problems of large and small open economies are dealt with at great length in the work of Prof. Magas. The harmonization of economic policy goals, driven by domestic and foreign markét needs is becoming ever more diffi-cult for small and large countries alike. Somé of the new difficulties come from poorly regulated global financial liberalization, somé can be linked to the floating exchange rate regimes, and to the very strange currency markét behaviors tliat tend to defy traditional theories. The wider and indeed truly global perspective alsó gets a serious analytic look in the study on the measurable economic effects of climate change written by a young dynamic research team, led by Gábor Kutasi. Their results are well balanced and reflect fresh insights into the multi-dimensional world climate research. We trust that the many small steps macle by the studies of this particular volume will help economic science regain somé its lost currency, at least in the respective, however narrow, fields of international economics.