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Major aim of the paper is to explain how Keynesian multiplier model can be used to estimate the effect of expenditure changes on regional economy especially regional income and employment. Among many factors, marginal propensity to consume locally produced goods plays a crucial role in determining regional multiplier effects. A critical feature of the regional multiplier is an extent to which expenditure injections leak out of a region and special attention has therefore been paid to identifying the nature of this leakage. Regional multiplier analysis has undoubtedly proved to be of a substantial value not only for defining and operating regional policy but also in providing an explanation of how regional economies actually function. It nevertheless has its weaknesses, the primary one being that it does not provide detailed information of economic effects of the expenditure injections. As a response to this criticism, regional econometric models which provide far greater details have been developed.

Regional policy has been dominated by use of micro-policy instruments to bring about a reallocation of capital and labor. Instruments designed to stimulate an increase of regional mobility of labor, have played a relative minor role in regional economy theory to date. Much greater emphasis has been placed on instruments designed to move capital into disadvantage regions. However, instruments to reallocate labor, has a developed conceptual and methodological basis, today. Its aim is to introduce labor to located in areas which would not normally been chosen by those making the location decision. This involves not only locate labor in regions where jobs are available but also inducting disadvantage areas to produce their own jobs through indigenous development.

This paper examines, from the perspective of Post-Keynesian economics, the
effects of Foreign Direct Investment (FDI) on the employment rate in 18
post-transitional European countries from 1995 to 2021. Using a two-step
system Generalised Method of Moments (GMM) panel data estimator, we test the
hypothesis that the employment impact of investment depends on the
interaction of FDI and domestic investment in terms of crowding-in and
crowding-out relationships, assuming that this relationship is sensitive to
the sectoral distribution of FDI stock. Our findings suggest that the
reallocation of FDI inflows from the manufacturing sector to the less labour
intensive financial and information and communication technology (ICT)
sectors tends to reduce the employment effect of FDI both directly and
indirectly by reducing the magnitude of the crowding- in effect of FDI on
domestic investment. The outcome of our study is of great interest to
economic policy makers. If foreign investment displaces domestic investment
and reduces employment in high value-added sectors, policies intended to
attract foreign capital could be challenged and undermined. Otherwise, if
foreign and domestic investment in sectors with high added value are
complementary, it justifies policies aimed at attracting foreign investment.

Institutionalist and neoclassical views on income distribution are
characterized by different assumptions about the inequality - savings -
economic progress relationship. By questioning the neoclassical arguments,
the paper promotes the attitude that economic progress results not from
savings as ?abstain from current consumption? but from society?s ability to
continuously develop technological arts and crafts. Empirical analysis of
panel data from OECD countries using a dynamic GMM model shows a positive
relationship between income concentration and aggregate savings, but there
is no robust evidence of a positive relationship between aggregate savings
and economic progress. Furthermore, we find robust evidence that technology
and human capital are the key determinants of economic progress, implying
that accumulation of physical and human capital is more important for
economic progress than accumulation of financial capital.

The aim of this paper is to contribute, in the theoretical and empirical sense, to better understanding the challenges of the EU welfare regimes and how particular regimes react on them. Despite significant differences among the EU welfare regimes, it is real to expect that they will converge because of the common challenges confronting them. In this paper, using the model of sigma and beta convergence, we are trying to predict the possible direction of convergence in the sense that Europe will go toward to more or less generosity or in other words it will converge downward or upward. The downward convergence means the strengthen competition among existing welfare regimes, in order to maintain and/or attract capital, that could reduce the social spending generosity. On the other hand, the upward convergence above involves the strengthening of coordination among existing welfare regimes according to the values of solidarity and social justice, which characterise not only the most developed EU countries but also the supranational European social model. .

The paper provides insight into the relationship between foreign and domestic
investment, and its effect on income distribution in the post-communist EU
member states. The analysis is conducted using the general method of moment
(GMM) estimator on panel data of the 10 Central and Eastern European (CEE)
new member states from 1993-2017. The results reveal that a greater level of
foreign direct investments (FDI) contributed to eliminating the negative
effects of domestic investment on income distribution, particularly mass
layoffs and the transfer of wealth into the hands of a small economic and
political elite. It leads to the conclusion that FDI has played a
significant role in reducing income inequality and rebuilding the middle
class in the post-communist EU member states.

This paper provides an explanation of income dynamics in the posttransition
EU countries from the perspective of institutional changes. As a result of
seemingly-unrelated regressions analysis on panel data from 1990-2014, we
find robust evidence of the relationship between income shares and
institutional reforms. The impact of reforms on the top and below-average
income shares is negative, whereas this effect on above above-average income
share is positive. Decline of income share for the richest class during the
post-transitional period can be attributed to the loss of privileges
associated with the existence of an institutional vacuum in the first years
of transition. Although transition increased wages for workers at the end of
income distribution, the job losses had a stronger effect than wage
increase, so the overall effect on income share of this group is negative.
The winners of reforms appear as the workers with above-average income,
whose skills are complementary to the changes instituted by transition to
market economy and integration in the EU.

The political economy approach that entails critical arguments in relation to
the processes of migration in neoliberal terms is developed in the paper.
Starting with the account that migration covers as broad issues as politics,
economics and population dynamic, the authors address the issue of migration
in the political economy circuits of neoliberalization. In fact, the main
line of argument is connected to the political economy as the relevant
discursive frame and explanatory principle for the articulation of the
complexity of migration. Critical arguments relating to the processes of
migration in the neoliberal context thematize the mechanism of implemented
flexibilisation and deregulation of labor. Demographic dynamics is essential
in this context, but the authors intend to identify those political economy
processes that lead to high precariousness, to various forms of temporary
labor which are closely associated with forced labor forms. The category of
forced labor is emphasized in the contemporary forms of migration, because
this mode of labor facilitates the migration throughout the world.
Furthermore, the authors point out the contradictory position of the state in
relation to the migration-processes and analyse the authoritarian statism.
This argumentation leads to articulation of the contradictory position of
neoliberalization. The neoliberal discourses bring out the critical stance
concerning the supremacy of the state, but it plays a key role in the
regulation of migration. The state exposed to migration is faced with the
contradictory demands. The globalization indicates the world without borders
but is faced with the same contradictions. It is no coincidence that the
intention of the reconceptualizations of globalization are interested in
promoting global public goods. The processes of privatization in the sphere
of the regulation of migration sharpen the contradictions of migration in the
context of neoliberalization. The political economy approach is faced with
the tension between the two approaches. The first proposed regulation and
workforce management at the supranational level. The other remains in the
framework of ?methodological nationalism?: the appropriate starting point is
the national state. Given the fact that structural inequalities should be
recognized at a global level, and that processes of migration show that there
is a certain hierarchical global flow in the context of the dynamics of
workforce, the first approach proves to be inadequate. In other words, the
second approach could not articulate the relevant tendencies. Accordingly,
the political economy approach that intends to include complex determination
regarding the migration should integrate the national trends in the
supranational framework. But, proper research should take into account that
globalization and its complex order consist of a number of interventions and
interferences. This means that the aforementioned approach must develop
sufficiently complex methodology in order to articulate its selected subject.

The authors of this argumentative article emphasize that the range of the current crisis cannot be depleted in the diagnosis which is based on cyclic consideration. It is both systematic and structural, which is derived from the genesis and the modus of neoliberalism, which has become dominant during the previous decades. Other than that, it is emphasized that the current crisis is 'great', because it forces relevant actors to face the structural characteristics of contemporary shareholder-capitalism. The crisis also puts to a test the self-reflection of the economic science which faces certain deficits. The authors believe that, given the tendencies in today's economy, there can be different scenarios for exiting the crisis and projecting a new modus of capitalism in the following period. Having in mind the openness of the present and the uncertainty of the future, the authors describe those scenarios without projecting which one of them will be dominant.

The purpose of this paper is to shed more light on the effects of changes in
quality of economic, legal and political institutions on income inequality
in the advanced countries over the last two decades. Using the robust panel
model on a sample of 21 OECD countries, it is found that the impact of
elitization of society is more pronounced than the impact of unionization on
income redistribution, but both effects are less expressed in comparison to
the influence of institutional changes on redistribution. In a globalized
economy, insufficient redistribution and high inequality might be
interpreted as the consequence of institutional inertia to disruptive
technological and business changes.

The aim of this paper is to determine whether, and to what extent, the migrations from the EU-8+2 to the EU-15 were motivated by differences in earnings and productivity and to what extent by differences in welfare state generosity during the period of the transitional arrangements. On these grounds, a distinction emerges between "favourable" and "unfavourable" migrations on one hand and immigration net winners and losers on the other hand. The obtained results represent an empirical ground for the discussion on the thesis according to which more generous welfare state regimes will be more susceptible to the influx of unfavourable immigrants during the upcoming period of the free movement of labour, while the less generous welfare state regimes will be a magnet for the favourable immigration influx within the EU-27. First published online:02 Jan 2014

The aim of this paper is to determine whether, and to what extent, the migrations from the EU-8+2 to the EU-15 were motivated by differences in earnings and productivity and to what extent by differences in welfare state generosity during the period of the transitional arrangements. On these grounds, a distinction emerges between "favourable" and "unfavourable" migrations on one hand and immigration net winners and losers on the other hand. The obtained results represent an empirical ground for the discussion on the thesis according to which more generous welfare state regimes will be more susceptible to the influx of unfavourable immigrants during the upcoming period of the free movement of labour, while the less generous welfare state regimes will be a magnet for the favourable immigration influx within the EU-27. First published online:02 Jan 2014

This inquiry considers some effects of migration on the labour markets and
the welfare systems found in the EU-15, and from the perspectives of
sustainability of the current welfare state regimes. Our inquiry aims to
determine whether and to what extent different approaches in regulation of
migration flows between the new and old member states are compatible with
related economic and demographic findings. Within this context, our research
considers regulations affecting migration flows. Our findings suggest that
some effects of migration from the EU8+2 on the labour markets and social
protection systems found in the EU-15, both with respect to level and
structure, do indeed generate effects on migration, especially considering
whether migration is based upon economic or welfare decisions. In addition,
our inquiry considers perspectives upon restrictive versus liberal migration
policies.