Central European Economic Journal, Dluga 44/50, Warsaw (2025)

31/12/2024

🌟 Reflecting on a Remarkable Year at Central European Economic Journal – 2024 in Review! 🌟

As 2024 draws to a close, we are thrilled to celebrate a year of exceptional achievements at the Central European Economic Journal (CEEJ)! This year, we proudly published 24 outstanding papers, showcasing cutting-edge research and fostering critical discussions in economics.

📚 Highlights of 2024:

🚀 Thematic Collections: Curated selections that dive deep into timely economic challenges, providing fresh perspectives for our readers.

📰 Special Issue: Dedicated to celeberate 70th Birthday of Professor Jak Jakub Michałek , drawing significant attention and engagement.

👏 and then - Welcoming Professor Jan Jakub Michałek as our new Editor-in-Chief! With his leadership, we’re poised to expand CEEJ’s impact and outreach.

✨ Looking Ahead:

2024 was a foundation for even bigger aspirations. We’re committed to:

Enhancing our journal's global visibility and impact factor.

Attracting a broader community of authors and readers.

Exploring new formats and initiatives to further enrich the academic discourse.

🙏 A heartfelt THANK YOU to our dedicated reviewers, associate editors, and contributors. Your expertise, time, and passion are the backbone of our success.

Here’s to continued collaboration and innovation in 2025! 🚀

https://ceej.wne.uw.edu.pl/

30/12/2024

🎉 Last Episode of the Series: Wrapping Up the Year with Z as ... the Altman Z-Score 📊

As the year comes to an end, we’re excited to present the final episode of our Monday Alphabet Series, where we’ve been introducing key economic terms all year long. To close out the series, let’s dive into a crucial financial tool: the Altman Z-Score.

The Altman Z-Score is a statistical model developed by Professor Edward Altman in the 1960s to predict a company's likelihood of bankruptcy. By combining key financial ratios, the Z-score gives an overall score that helps investors, analysts, and financial professionals assess a company's stability and financial health.

🧮 How It Works:

The Z-score formula integrates five financial ratios, including:

Working Capital/Total Assets – Measures liquidity.

Retained Earnings/Total Assets – Indicates profitability and longevity.

Earnings Before Interest and Taxes (EBIT)/Total Assets – Measures productivity.

Market Value of Equity/Total Liabilities – Reflects market perception.

Sales/Total Assets – Demonstrates asset efficiency.

A Z-score of 3 or higher signals a low risk of bankruptcy, while a score below 1.8 suggests high risk. Scores between 1.8 and 3 fall into a "grey area," indicating moderate risk.

🔍 Why It Matters:

In the world of financial analysis, the Altman Z-Score is considered a reliable early warning system. It helps investors and stakeholders identify potential problems before they become critical, enabling proactive decisions to avoid financial loss.

With its roots in rigorous research, the Z-score has stood the test of time—proving to be a useful tool not just for individual companies but also in evaluating broader market health.

💡 Key Takeaway:

For anyone involved in finance or investment, understanding the Altman Z-Score is essential for assessing the financial health of companies and making more informed decisions.

Thank you for joining us in this year-long journey through key economic terms. We look forward to bringing you even more insights in the year ahead!

See more in research paper Liquidity and solvency of a company and the rate of return – an analysis of the Warsaw Stock Exchange

by Justyna Zalewska and Natalia Nehrebecka https://sciendo.com/pl/article/10.2478/ceej-2019-0013

27/12/2024

🌟Last in 2024: Insights from Economic Cycles in the Financial Sector 🌟

As we close out the year, let’s revisit a thought-provoking study published in the Central European Economic Journal:

📊 "Cyclical Fluctuations in the Banking Services Market and the Changes in the Situation of Entities from the Financial Services Sector" by Robert Skikiewicz and Józef Garczarczyk https://sciendo.com/pl/article/10.1515/ceej-2018-0014

This paper explored the intricate connections between cyclical fluctuations in the banking sector and the broader financial services industry in Poland, categorized under Section K (financial and insurance activities). Key findings include:

Early Indicators: Changes in the economic situation tend to appear earlier in the banking sector than in the entire financial services sector.

Cross-Sector Links: Fluctuations in the banking market strongly correlate with those in the broader Section K, demonstrating the interconnectedness of financial and economic dynamics.

Methodology: Using cross-correlation analysis and identifying turning points in time series data, the study provided robust evidence of these relationships.

🔎 Why It Matters:

Understanding these patterns is critical for policymakers, industry leaders, and researchers to anticipate and navigate economic cycles. With data spanning 15 years (2003–2018), the study offers a long-term view of how the banking sector can serve as an early warning system for shifts in the broader financial landscape.

As we head into a new year, this research serves as both a reminder and an inspiration to explore the predictive power of economic data in understanding financial systems. What trends in your sector are you watching for 2024?

20/12/2024

🚀 Cryptocurrencies as an asset class in portfolio optimisation by Olha Holovatiuk

Cryptocurrencies as an Emerging Asset Class: A Research Overview
A study published in the Central European Economic Journal explores the role of cryptocurrencies as investment instruments and examines their classification as an asset class. The analysis uses the CRIX index as a representative proxy for crypto assets, alongside six indices for traditional asset classes.

Key findings include:

✔️ Cryptocurrencies satisfy 7 critical asset class criteria, including stable aggregation, investability, and diversification properties.

✔️ Incorporating cryptocurrencies into portfolios using the Modern Portfolio Theory improved the Sharpe ratio, demonstrating their potential to enhance portfolio efficiency.

❗ However, the Post-Modern Portfolio Theory highlighted increased downside risk, as reflected in a lower Sortino ratio.

The research underscores the dual nature of crypto assets: offering significant diversification benefits while posing notable risks.

📖 The full study provides insights into the implications for investors and portfolio managers: https://sciendo.com/pl/article/10.2478/ceej-2020-0004

13/12/2024

🚆 Job Satisfaction on the Rails: Insights from Economic Research 💼🌍

What drives job satisfaction among employees in dynamic industries like transport services? The research article "Working Conditions and Satisfaction of Transport Service Employees" by Ewelina Wawer published in the Central European Economic Journal in 2020, dives deep into this question, offering valuable insights into the evolving nature of work in a globalized and technology-driven economy.

🔍 Key Findings:

Using an innovative discrete choice experiment method and econometric analysis, the study highlights:

💸 While remuneration remains significant, non-wage factors play a pivotal role.

🧩 Key determinants of satisfaction include:

Opportunities for personal development 📈

Levels of social respect associated with a position 🤝

Autonomy and alignment of skills with job requirements ⚙️

🌟 Broader Implications:

The study reveals how job satisfaction in transport services, such as railways, is shaped by more than just paychecks. These findings call attention to the importance of holistic workplace improvements, from skill matching to fostering respect and opportunities for growth.

💬 Let’s Talk!

How do you see non-wage factors influencing job satisfaction in your industry? What lessons can be applied to other sectors? Share your thoughts below! 👇

📖 Discover more: Read the full article in the Central European Economic Journal to explore how this research contributes to the discussion on labor market transformations and employee satisfaction https://sciendo.com/pl/article/10.2478/ceej-2020-0019

11/12/2024

Wage Differences in Poland at the County Level and their Determinants

by Agata Luśtyk, Anna Połeć and Inna Vonzyuk https://sciendo.com/pl/article/10.2478/ceej-2024-0028

🌍 Exploring Wage Dynamics at the Local Level in Poland 💼

How do unemployment and labour productivity impact wages in Polish counties? This study provides key insights from 2008–2021, using advanced econometric models and data from Statistics Poland. Key findings reveal:

✔️ Unemployment's Strong Effect: A significant negative influence on wages.

✔️ Spatial Spillovers: Wage and unemployment changes in one county affect neighboring areas.

✔️ Labour Productivity Matters: A positive, measurable impact.

As Polish labour markets evolve—especially post-COVID—understanding these local dynamics is vital for policymakers. 📊 Discover how these findings bridge regional gaps in labour economics research.

Would love to hear your thoughts! 👇

09/12/2024

V for .. 📉 A Key Player in Economic Research 🌍📊

In the world of economics and finance, volatility is more than just market jitters—it’s a fundamental concept that helps us understand risk, asset performance, and decision-making across diverse timeframes and regions. Here’s a closer look at volatility and its implications, inspired by recent studies from the Central European Economic Journal.

🔎 What is Volatility?

In simple terms, volatility measures the degree of variation in the price of an asset over time. It reflects uncertainty and the magnitude of price swings, providing a lens to analyze financial stability, risk, and opportunity.

Research Highlights

📄 1. Cross-Country Differences in Return and Volatility Metrics of World Equity Indices by Iskandar Sheraliev and Robert Ślepaczuk, PhD https://sciendo.com/pl/article/10.2478/ceej-2023-0006

This study examined equity indices from 51 to 75 countries, categorizing them into frontier, emerging, early-developed, and developed markets based on GDP per capita.

💡 Findings:
While returns showed no significant difference across these groups, volatility varied considerably.
Emerging markets displayed significantly higher volatility compared to other groups, underscoring their susceptibility to external shocks and market instability.
📄 2. Volatility Implications on Asset Returns Correlation by Illia Ivanov https://sciendo.com/pl/article/10.2478/ceej-2024-0027

This research expanded the scope to 35 asset classes, analyzing how volatility (measured via the VIX) impacts correlations over different time horizons.
💡 Findings:
Volatility’s influence was most pronounced in mid-term horizons (e.g., 1 year), where market reactions and structural economic factors intersect.
Over shorter horizons, immediate market reactions dominate, while longer horizons see structural trends diluting volatility’s impact.
🌟 Why Volatility Matters
Risk Management: Understanding volatility helps investors and policymakers mitigate risks and optimize portfolios.
Market Insights: High volatility often signals uncertainty but can also present opportunities for strategic decision-making.
Economic Policy: For countries, especially emerging markets, managing volatility is key to attracting investments and ensuring stability.
💬 Let’s Discuss!
How do you see volatility shaping decision-making in your industry or field? Share your insights below! 👇
📖 Read More: Explore these articles in the Central European Economic Journal for a deeper dive into how volatility shapes equity markets and asset correlations.

06/12/2024

💡 How Laboratory Experiments Uncover Behavioral Insights in Consumer Valuation 🧪🛍️
Hypothetical bias and framing effect in the valuation of private consumer goods
by Magdalena Brzozowicz
What influences the way consumers value products? In a controlled laboratory experiment, our Central European Economic Journal study examined two key behavioral effects: hypothetical bias and the framing effect.
📘 What the experiment revealed:
1️⃣ Hypothetical Bias: Participants’ willingness to pay (WTP) was significantly different in hypothetical scenarios versus real ones.
2️⃣ Framing Effect: Whether product attributes were framed positively or negatively had no impact on WTP.
3️⃣ No Interaction Found: Hypothetical bias and framing effects don’t interact—they work independently.
🌟 Why it matters:
This experiment challenges assumptions about the limitations of hypothetical research methods, showing they can produce data as reliable as those from real-world contexts. It also highlights the potential for laboratory experiments to disentangle complex consumer behaviors.
👉 Explore the full study to see how experimental economics sheds light on valuation:https://sciendo.com/pl/article/10.1515/ceej-2018-0024?tab=article
What role do you think controlled experiments should play in understanding real-world economic behaviors? Let’s discuss!

04/12/2024

🚀exploring 🌍The Trade Potential of Infrastructure Partnerships: The Case of EU Global Gateway by Andre and Eleonora Poli
🌍
The EU’s Global Gateway Initiative is more than a geopolitical strategy—it’s a bold vision to foster global partnerships through infrastructure investment. But what about its long-term trade impact?
📘 In our latest Central European Economic Journal article, we take a deep dive into:
✅ How the Global Gateway could reshape EU trade patterns.
✅ The trade potential for green transition products, essential for sustainable development.
✅ Why improved infrastructure alone might not significantly boost trade volumes without complementary reforms.
🔍 Key Findings:
Even under optimistic scenarios for infrastructure upgrades in partner countries, the direct impact on EU trade volumes is modest. For the initiative to truly succeed, it must:
Drive economic growth in partner countries.
Reduce regulatory barriers to trade.
Foster stronger local institutions for sustained cooperation.
🌟 Why it matters:
By aligning infrastructure investment with broader economic reforms, the Global Gateway could become a transformative force, unlocking growth for partner nations and creating mutual benefits for the EU and beyond.
👉 Read the full study to understand the untapped potential of this ambitious initiative: https://sciendo.com/pl/article/10.2478/ceej-2024-0025
What do you think are the key success factors for international infrastructure partnerships like this? Let’s discuss!
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02/12/2024

U for ...💭 : The Silent Driver of Economic Behavior
In the world of economics, uncertainty is more than just "not knowing"—it’s a key force shaping decisions made by individuals, businesses, and governments. Distinct from risk, where probabilities are known, uncertainty refers to situations where outcomes and their likelihoods are unclear. This concept has profound implications across various economic fields.
🔑 Why is uncertainty so important?
1️⃣ Investment Decisions:
Uncertainty about future markets, policies, or global events often causes businesses to delay investments. This "wait-and-see" behavior, while rational, can slow down economic growth. For example, geopolitical instability or sudden policy shifts like Brexit can freeze investments for years.
2️⃣ Consumer Behavior:
Faced with uncertainty, consumers often engage in precautionary saving rather than spending. This reduces demand, further dragging on economic recovery. Think of how global crises like the COVID-19 pandemic reshaped household spending patterns.
3️⃣ Policy Making:
For central banks and governments, uncertainty complicates decision-making. Should interest rates rise or fall? Should fiscal stimulus be increased? Misjudging uncertainty can lead to ineffective policies or unintended consequences.
📚 How economists approach uncertainty
Knightian Uncertainty: Frank Knight distinguished between measurable risk and true uncertainty. This distinction has fueled debates about how markets cope with unknown unknowns.
Behavioral Economics: Studies show people often overestimate uncertainty, leading to suboptimal decisions (e.g., panic selling in financial markets).
Macroeconomic Models: Concepts like "stochastic shocks" or "uncertainty indexes" are used to simulate the effects of uncertainty on economies.
🌍 Uncertainty Today: The Global Context
In today’s interconnected world, uncertainty comes from many directions:
Climate change and the unpredictability of its economic impact.
Technological disruption, where AI and automation create winners and losers.
Geopolitical instability, like trade wars or conflicts, which impact global supply chains.
Understanding and managing uncertainty is crucial for fostering resilience in economic systems.
💡 Practical Takeaway:
Whether you're an economist, business leader, or policymaker, dealing with uncertainty means embracing flexibility and preparedness. Diversification, scenario planning, and adaptive strategies are your best allies in an unpredictable world.
READ ALSO in paper 👉 Solving Systems of Linear Equations under Conditions of Uncertainty on the Example of the Leontief Model by Dariusz Kacprzak
https://sciendo.com/pl/article/10.1515/ceej-2018-0017
How do you or your organization navigate uncertainty? Share your strategies and thoughts below 👇

29/11/2024

💼 Unveiling Global Research Trends in Transfer Pricing and Related Party Transactions (RPT) 🌎

How have multinational corporations shaped global trade through transfer pricing? Dive into our in-depth bibliometric study published in the Central European Economic Journal, where we explore 3885 academic papers on transfer pricing and RPT between 1968 and 2021.

Transfer Pricing and Related Party Transactions: A Bibliometric Analysis by Neli Capatina-Verdes

📊 What you’ll discover:

🔍 The evolution of transfer pricing research across decades.

📚 Key topics such as taxation, accounting, sustainability, innovation, ethics, and fraud in transfer pricing and RPT.

🌐 Insights into the most influential journals, authors, institutions, and countries driving this field.

📈 Trends in earnings management, firm performance, and RPT disclosure.

Using VOSviewer, we visualized eight major research directions, offering clarity on the interconnectedness of ideas and identifying fruitful areas for collaboration and future inquiry.

💡 This paper serves as a roadmap for scholars and professionals to navigate transfer pricing literature, uncover potential collaborators, and pinpoint impactful journals for publication.

👉 Read the full article to enrich your understanding of this vital economic and managerial issue: https://sciendo.com/pl/article/10.2478/ceej-2022-0014

28/11/2024

🌍 New Insights into Cross-Border Cooperation: Polish-Ukrainian Border under the European Neighbourhood Policy 📘
Our latest article in the Central European Economic Journal The Role of the European Union’s Neighbourhood Policy in Developing Cross-Border Cooperation in the Polish-Ukrainian Borderland
by Tomasz Studzieniecki, Monika Szyda and Katarzyna Szelągowska-Rudzka

EU-funded cross-border cooperation in fostering socio-economic development at the EU’s external borders.
This study focuses on the Polish-Ukrainian border and evaluates projects financed under the Poland-Belarus-Ukraine Cross-Border Cooperation Program (2014–2020), a key initiative of the European Neighbourhood Policy. With Ukraine facing the ongoing conflict, this topic gains critical relevance for understanding and enhancing future cooperation efforts.

Key highlights:

✅ The evolution and impact of the European Neighbourhood Policy on cross-border initiatives.

✅ A detailed analysis of Polish-Ukrainian cooperation: project structures, partner dynamics, and collaboration areas.

✅ Practical recommendations for managing and improving cross-border cooperation programs.

By addressing challenges and leveraging existing successes, the findings contribute to shaping the future of EU-Ukraine collaboration and other cross-border partnerships.

👉 Read more and gain insights into this crucial area of policy and development: https://sciendo.com/article/10.2478/ceej-2024-002

26/11/2024

🌟 Word of the Year: CEEJ Edition! 🌟

As the end of the year approaches and “Word of the Year” selections are trending everywhere, we at the Central European Economic Journal decided to join in with our own take—highlighting the words that capture the essence of our journey in 2024.

💡 Interdisciplinarity: Reflecting our commitment to bridging economics with sociology, demography, law, and beyond, we celebrate the richness that diverse perspectives bring to academic research.

💡 Collaboration: From authors to editors and reviewers, our achievements are built on the tireless efforts of an exceptional global community.

💡 Impact: With a mission to address socio-economic challenges relevant to Central and Eastern Europe, our focus remains on advancing knowledge with meaningful relevance.

💡 Accessibility: Open access has always been at the heart of CEEJ—sharing knowledge freely to strengthen the academic dialogue.

And since "demure" is trending as the Word of the Year—don’t worry, we’ll keep our modest confidence in check as we celebrate these successes! 😉

Thank you to everyone who has been part of this year’s success. Let’s continue shaping the future of economic sciences together in 2024! ✍️🚀

What would your “Word of the Year” for CEEJ be? Share your thoughts below! ⬇️

25/11/2024

📘 T for ... Transfer Pricing

Let’s talk about Transfer Pricing—a fascinating concept at the intersection of economics, taxation, and global business. 🌍

📣 What is it?

Transfer pricing refers to the prices set for goods, services, or intangible assets traded between divisions, subsidiaries, or affiliated companies within a multinational enterprise. For instance, when a subsidiary in Germany sells parts to its parent company in the U.S., the price they agree on is the "transfer price."

🔔 Why does it matter?

Transfer pricing isn’t just an internal bookkeeping matter—it’s a critical tool in tax optimization. However, it’s also a potential gray area for tax authorities, as pricing can be manipulated to shift profits to low-tax jurisdictions. 🌐 Governments and organizations like the OECD have developed rules to ensure that transfer pricing reflects the “arm’s length principle”—prices that would be charged between unrelated parties in a free market.

In economic research:

Transfer pricing studies are essential for understanding tax policy, global trade flows, and corporate strategies. Economists analyze its implications for revenue distribution, economic growth, and even fairness in the global economy.

💡 Fun fact: Transfer pricing cases have led to some of the most significant international tax disputes in history, involving big names like Google, Apple, and Amazon.

You can read about it in our paper by Neli Transfer Pricing and Related Party Transactions: A Bibliometric Analysis

https://sciendo.com/pl/article/10.2478/ceej-2022-0014

How does this concept play a role in your industry or research? Let’s discuss in the comments!

22/11/2024

🌍 Health and Wealth: Untangling the Causal Relationship

At the Central European Economic Journal, we love diving into complex, interdisciplinary topics that redefine our understanding of economics. Recently, we explored how economic research intersects with healthcare. Building on that discussion, as a we’re spotlighting a fascinating study published in our journal: "On the Relation Between Health and Income: A Cross-Country Analysis." by Katarina Kobylinski and Joanna Tyrowicz

This paper tackles a fundamental question:

👉 Do we get richer because we’re healthy, or do we get healthy because we’re rich?

Using innovative methods, the study examines causality, leveraging geographic factors like population-weighted temperature and precipitation as instrumental variables to determine how health impacts wealth. By focusing on tuberculosis (TBC) as a proxy for health, the authors aimed to uncover whether healthier nations experience greater prosperity.

🧠 Key insights from the study:

While wealth clearly impacts access to healthcare (as Acemoglu suggests), there’s mounting evidence that health itself drives economic productivity and individual income, as Weil argues.

The study challenges this view by revealing that OLS estimates of health’s effect on wealth may be biased, and instrumental variable estimates question whether the relationship is truly causal.

Innovatively, it shifts the focus from growth to wealth—making a significant contribution to the discourse.

This article resonates with our broader conversation about the interplay between economics and health, as seen in our recent post on diabetes and socioeconomics. It's another example of how CEEJ delves into diverse, global questions to uncover actionable insights.

📖 Curious to learn more? Read the full article on our website and join the conversation! https://sciendo.com/pl/article/10.1515/ceej-2018-0020 https://ceej.wne.uw.edu.pl/

21/11/2024

📊 Economics Meets Health: A Surprising Intersection 🌍❤️

At the Central European Economic Journal (CEEJ), we encourage authors to explore how economics intersects with a wide array of disciplines, uncovering impactful insights that extend far beyond markets and finance. 🔔 One fascinating area where economics has made a profound impact is healthcare, particularly in addressing challenges like diabetes.

Did you know that economic research has made groundbreaking contributions to healthcare? For instance, economists have played a pivotal role in understanding and tackling diabetes, a global health crisis.

🔈 One fascinating example: Nobel Laureate James Heckman’s work on early interventions in disadvantaged populations showed how investing in childhood health and education can lead to better long-term outcomes, including reduced prevalence of chronic diseases like diabetes. Economic insights revealed that socioeconomic factors—like income, education, and access to healthy food—significantly influence diabetes rates.

💡 Another economic lens comes from studying healthcare incentives. Research on behavioral economics has shaped policies encouraging healthy behaviors. For instance, programs using financial incentives to promote regular glucose monitoring or lifestyle changes in diabetes patients have proven highly effective.

Why does this matter? It highlights that tackling major health issues isn’t just about medicine—it’s about systems, incentives, and investments. Economists help craft smarter policies, ensuring resources are allocated where they make the greatest impact.

💡 The takeaway: Economics isn't confined to markets or finance—it’s a toolkit for solving complex human challenges, from diabetes to global health equity. By integrating economic research, we’re creating healthier societies, one insight at a time.

What are some surprising cross-disciplinary insights you've encountered in your field? Let’s discuss! 💬

This ties seamlessly with CEEJ’s commitment to advancing discussions on diverse and interdisciplinary economic topics. Let’s connect and explore how economics can drive meaningful change across fields!

20/11/2024

🌍 Game-Changing Economic Research: Shaping How We Understand the World

Some studies in economics don’t just analyze data—they transform how we think about everything from poverty to decision-making, and even the value of happiness. Here’s a look at some of the most groundbreaking research that has fundamentally shifted our understanding of economics and society:

Behavioral Economics and the Limits of Rationality 🤔

Groundbreaking work by Nobel laureates like Daniel Kahneman and Richard Thaler challenged the classical view that people are rational actors. Their research on behavioral economics reveals how biases, heuristics, and emotions shape economic decisions, giving rise to a whole new field that now influences policy, finance, and even health decisions globally.

The Mystery of Economic Growth 📈

The Solow-Swan Model, created by Robert Solow, offered the first major insights into what drives economic growth. By understanding the roles of capital, labor, and technology, this research set the stage for economic policies that foster growth and development. This work inspired further breakthroughs in growth theory, leading to our understanding of sustainable and inclusive economic development.

The Role of Institutions in Prosperity 🌍

Daron Acemoglu and James Robinson’s Why Nations Fail challenged traditional economic thinking by highlighting how institutions—rather than resources or geography—determine a nation’s success. Their work shifted focus to the importance of governance, rule of law, and political stability as key factors in economic prosperity, sparking new waves of policy focus on institution-building.

Measuring Happiness Beyond GDP 😊

GDP has long been the standard for measuring economic success, but research by economists like Richard Layard has shown us that happiness and well-being can tell us much more about human prosperity. This has led to new indices, like the Human Development Index (HDI) and the World Happiness Report, which are reshaping how we assess societal progress.

Universal Basic Income and Redistribution 🔄

Economists like Thomas Piketty and Rutger Bregman have revived discussions around income inequality and wealth distribution, with empirical research showing how inequality affects social cohesion, health, and economic stability. Their work has brought concepts like Universal Basic Income (UBI) from the fringes to mainstream policy discussions.

Each of these studies pushed boundaries, challenged traditional beliefs, and broadened our understanding of economics in the real world. These groundbreaking ideas continue to shape policies and influence lives, showing that economics is far more than just numbers—it’s about the pursuit of solutions for a better, more equitable world.

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