Institutional changes in function of improving efficiency of the economy

Summary: Establishing of the New institutional economics as dominant institutional theoretical perspective, has contributed to the theoretical affirmation of the institution and to the recognition that institutions and institutional changes are an important part of the overall dynamics of economic reality. Therefore, the importance of defining the “new” institutional paradigm is reflected not only in the "endogenization" of the institutions as the relevant economic variables, but also in the possibilities of a broader consideration of the potential contribution of institutions to the overall macroeconomic performances. However, despite to the significant theoretical achievements in the economic recognition of the multiple institutional importances, in the observation of institutional change as a determinant of economic development, many questions remain open. For instance, it is still not known which institutions, in which specific forms required, or rather useful for economic development, or in which context. Although it is known the role that specific institutions can play in the process of the economic development, the problem is how to build such institutions. If developmental effects generally depend on the quantity and quality of institutional changes, than how to explain the fact that the establishment of the same institutional forms in the countries with approximate developmental preconditions, usually in practice does not led to the equal developmental results? This study, in form of a doctoral dissertation, is exactly driven by such issues. Therefore, as its primary goal assumes the theoretical development of the concept of institutional contributions to the development and identification of institutional criteria and mechanisms for improving economic performance. The basic assumption on which this dissertation is based implies that institutions and institutional changes are necessary, but not sufficient condition for good macroeconomic performance of the country. This additional requirement is contained precisely in the implementation of „good governance“, namely the establishment of the basic principles of this concept. The research is based on an analytical basis of the theoretical framework of the New institutional economics. Starting of the known information about the nature of institutions and institutional change, as well as on the basic assumptions of institutional sustainability and efficiency, there are theoretical elaborated concept of the institutional contributions to the development. Special attention was given to comparative institutional analysis. By combining information from different comparative economics, there are studied the relationship between institutional quality and economic efficiency. An attempt was made in order to identify main channels through which institutional quality determined economic performance, and therefore which is a possible causes of institutional inefficiency. Through the analysis of several representative cases in practice, the empirical validity of the findings is further checked. Since development issues become topical, especially during the crisis, it is clear incentives to explore the institutions and mechanisms of institutional change and use this knowledge in achieving, in a greater degree, controlled development

Cyber-Physical Manufacturing Metrology Model (CPM3) for Sculptured Surfaces - Turbine Blade Application

Cyber-Physical Manufacturing (CPM) and digital manufacturing represent the key elements for implementation of Industry 4.0 framework. Worldwide, Industry 4.0 becomes national research strategy in the field of engineering for the following ten years. The International Conference USA-EU-Far East-Serbia Manufacturing Summit was held from 31st May to 2nd June 2016 in Belgrade, Serbia. The result of the conference was the development of Industry 4.0 Model for Serbia as a framework for New Industrial Policy - Horizon 2020/2030. Implementation of CPM in manufacturing systems generates " smart factory". Products, resources, and processes within smart factory are realized and controlled through CPM model. This leads to significant advantages with respect to high product/process quality, real-time applications, savings in resources consumption, as well as, lower costs in comparison with classical manufacturing systems. Smart factory is designed in accordance with sustainable and service-oriented best business practices/models. It is based on optimization, flexibility, self-adaptability and learning, fault tolerance, and risk management. Complete manufacturing digitalization and digital factory are the key elements of Industry 4.0 Program. In collaborative research, which we carry out in the field of quality control and manufacturing metrology at University of Belgrade, Faculty of Mechanical Engineering in Serbia and at Department of Mechanical Engineering, University of Texas, Austin in USA, three research areas are defined: (a) Digital manufacturing - towards Cloud Manufacturing Systems (as a basis for CPS), in which quality and metrology represent integral parts of process optimization based on Taguchi model, and (sic) Cyber-Physical Quality Model (CPQM) - our approach, in which we have developed and tested intelligent model for prismatic parts inspection planning on CMM (Coordinate Measuring Machine). The third research area directs our efforts to the development of framework for Cyber-Physical Manufacturing Metrology Model (CPM3). CPM3 framework will be based on integration of digital product metrology information through metrology features recognition, and generation of global/local inspection plan for free-form surfaces; we will illustrate our approach using turbine blade example. This paper will present recent results of our research on CPM3

Cyber-Physical Manufacturing Metrology Model (CPM3) - Big Data Analytics Issue

Internet of Things (IoT) is changing the world, and therefore the application of ICT (Information and Communication Technology) in manufacturing. As a paradigm based on the Internet, IoT utilizes the benefits of interrelated technologies/smart devices such as RFID (Radio Frequency Identification) and WSAN (Wireless Sensor and Actuator Networks) for the retrieval and exchange of information thus opening up new possibilities for integration of manufacturing system and its cyber representation through Cyber-Physical Manufacturing (CPM) model. On the other hand, CPM and digital manufacturing represent the key elements for implementation of Industry 4.0 and backbone for "smart factory" generation. Interconnected smart devices generate huge databases (big data), so that Cloud computing becomes indispensable tool to support the CPM. In addition, CPM has an extremely expressed requirement for better control, monitoring and data management. Limitations still exist in storages, networks and computers, as well as in the tools for complex data analysis, detection of its structure and retrieval of useful information. Products, resources, and processes within smart factory are realized and controlled through CPM model. In this context, our recent research efforts in the field of quality control and manufacturing metrology are directed to the development of framework for Cyber-Physical Manufacturing Metrology Model (CPM3). CPM3 framework will be based on: 1) integration of digital product metrology information obtained from big data using BDA (big data analytics) through metrology features recognition, and 2) generation of global/local inspection plan for CMM (Coordinate Measuring Machine) from extracted information. This paper will present recent results of our research on CPM3 - big data analytics issue

Serbian cognitive reserve index questionnaire: Adaptation and validation

Cognitive reserve (CR) is defined as the ability to optimize or maximize usage of neural networks when facing tasks with greater cognitive load serving as a protective factor from cognitive decline. In clinical population, it is assumed that CR has the role of minimizing effects of brain pathology on cognitive functioning through more flexible alterations between engaged neural networks. In the earliest stages of construct development, it was predominately expressed via levels of education or verbal intelligence. However, accumulated research evidence suggested that CR is a multidimensional construct and that various lifelong activities should be taken into account when assessed. Following this line of studies, Cognitive Reserve !ndex questionnaire (CR!q) was developed providing a standardized procedure for measuring CR that includes years of formal and informal education, professional occupational background and engaging in various cognitively stimulating activities. The goal of this study was exploring the utility of Serbian translation and adaptation of CR!q using a sample of 117 (61% female) healthy adult participants with age ranged from 19 to 86 (M = 41.37, SD = 21.91). Study results suggested the same pattern of age differences as reported in previous studies, while gender differences were not detected. Testing correlations between CR!q scores and measures of cognitive functioning such as intelligence, verbal fluency, categorical fluency, and executive functions yielded significant results only for Education subscale and !ntelligence and executive functions (CTT Form A). Future implications for CR assessment and practical utility of CR!q were offered

Institutional changes in function of improving efficiency of the economy

Summary: Establishing of the New institutional economics as dominant institutional theoretical perspective, has contributed to the theoretical affirmation of the institution and to the recognition that institutions and institutional changes are an important part of the overall dynamics of economic reality. Therefore, the importance of defining the “new” institutional paradigm is reflected not only in the "endogenization" of the institutions as the relevant economic variables, but also in the possibilities of a broader consideration of the potential contribution of institutions to the overall macroeconomic performances. However, despite to the significant theoretical achievements in the economic recognition of the multiple institutional importances, in the observation of institutional change as a determinant of economic development, many questions remain open. For instance, it is still not known which institutions, in which specific forms required, or rather useful for economic development, or in which context. Although it is known the role that specific institutions can play in the process of the economic development, the problem is how to build such institutions. If developmental effects generally depend on the quantity and quality of institutional changes, than how to explain the fact that the establishment of the same institutional forms in the countries with approximate developmental preconditions, usually in practice does not led to the equal developmental results? This study, in form of a doctoral dissertation, is exactly driven by such issues. Therefore, as its primary goal assumes the theoretical development of the concept of institutional contributions to the development and identification of institutional criteria and mechanisms for improving economic performance. The basic assumption on which this dissertation is based implies that institutions and institutional changes are necessary, but not sufficient condition for good macroeconomic performance of the country. This additional requirement is contained precisely in the implementation of „good governance“, namely the establishment of the basic principles of this concept. The research is based on an analytical basis of the theoretical framework of the New institutional economics. Starting of the known information about the nature of institutions and institutional change, as well as on the basic assumptions of institutional sustainability and efficiency, there are theoretical elaborated concept of the institutional contributions to the development. Special attention was given to comparative institutional analysis. By combining information from different comparative economics, there are studied the relationship between institutional quality and economic efficiency. An attempt was made in order to identify main channels through which institutional quality determined economic performance, and therefore which is a possible causes of institutional inefficiency. Through the analysis of several representative cases in practice, the empirical validity of the findings is further checked. Since development issues become topical, especially during the crisis, it is clear incentives to explore the institutions and mechanisms of institutional change and use this knowledge in achieving, in a greater degree, controlled development

REGULATIVA EVROPSKE UNIJE I BANKARSKI SEKTOR REPUBLIKE SRBIJE

The process of transformation is inevitable in all areas of economic and social life, as well as in banking. Accordingly, the transformation process has not bypassed our country. The dynamics and pace of transformation depends on the level of development of the country and developments in the world economy and politics. In the last decade, the events in the global financial market, aimed at profit maximization at any price (without analysis and appreciation of the risks involved), led to the global economic crisis in late 2007. This is slowing down the process of transformation of the banking sector in Serbia, since it depends on the credit and development capacities of the clients and the overall socio-political situation in the country. Domestic banks are organized in a modern way, in compliance with the recommendations of the EU and the rules of the Basel agreement; they have electronic equipment and most professional staff. The strengthening of competition in the domestic market will deepen the differences between banks and provide space for consolidating the domestic banks through the process of mergers, acquisitions and privatization. Moreover, the aspects of faster capital strengthening, which carry other advantages of the organizational, technical and technological nature, may faciliate cost-effective operations and more efficient use of resources.Proces transformacije je neminovan u svim oblastima privrednog  i društvenog života , pa tako  i  u bankarstvu. Shodno tome, proces transformacije nije zaobišao ni našu zemlju. Dinamika i tempo transformacije zavisi od nivoa razvijenosti same zemlje i dešavanja u svetskoj ekonomiji i politici. Poznato je da su dešavanja na svetskom finansijskom  tržištu  u protekloj deceniji, usmerena na uvećanje profita po svaku  cenu  (bez analize i uvažavanja prisutnih rizika), doveli do  svetske ekonomske krizu krajem 2007. godine. To je usporavalo proces transformacije bankarskog sektora u Srbiji, s obzirom da on zavisi od kreditne i razvojne sposobnosti svojih klijenata i društveno-političkih prilika u zemlji. Domaće banke su organizovane na savremen način, uređene po ugledu na EU i pravila Bazelskog sporazuma, i raspolažu elektronskom opremom i uglavnom  profesionalnim  kadrom. Takođe, jačanjem  konkurencije na domaćem  tržištu će produbiti razlike između banaka i dati  prostor za ukupnjavanje domaćih banaka kroz proces spajanja, pripajanja i privatizacije, kao vidova bržeg kapitalnog  jačanja, koji nose i druge prednosti organizacione i tehničko-tehnološke prirode, a olakšavaju put do ekonomičnijeg poslovanja i efikasnije upotrebe sredstava

Methodological institutionalism in the context of economic science evolution

As the achievements of the modern civilization and the result of the dominant trend of modern science, the existing methodological concepts of scientific progress analysis are incomplete and inadequate. Institutionalization of science comes to redefining the hierarchy and heterarchy in the organization of scientific research, which raises the level of cognitive effects from the individual to the collective level, leading to the establishment of a new relationship between the individual, the scientific, and ideological institutions. Contradictions between cognitive status and interests of each of the agents (operative, scientific, and ideological institutions) must be reflected in a scientific paper and thus the overall trend of progress in science. Rationality of an agent is a function that influences cognitive and institutional interests

Cyber-physical manufacturing systems (CPMS)

Increased product variety that market needs impose to manufacturers, requires high level adaptability of manufacturing systems that can be achieved through introduction of reconfigurable manufacturing systems composed of interoperable devices with ever-changing architecture. Control and management of such a complex system of systems requires fast and reliable real-time virtualization of real world applications as well as real-time feedback from virtual (cyber) model to the real world. The border line between real-world manufacturing system and its cyber representation is characterized by extremely high information permeability thus composing these two systems into a unique system—Cyber-Physical Manufacturing System (CPMS). Recent advances in the fields of Cyber-Physical Systems (CPS) and Internet of Things (IoT) enable creation of CPMS. In this paper we provide an overview of the research works that are currently conducted in the field of CPMS, and we outline the interconnection between CPMS and Industry 4.0. The motivation of this overview is the identification of the R&D activities that are necessary for industry-wide application of CPMS

Antimicrobial Properties of Silver-Modified Denture Base Resins

The surface quality of denture base resins allows for easy colonization by microorganisms including Candida albicans and Staphylococcus aureus, which cause major diseases of the oral cavity such as denture stomatitis. The widespread use of silver nanoparticles (AgNPs) in various fields of medicine has led to research of their possible application in dentistry, mostly in the prevention of bacterial adhesion, proliferation, and biofilm formation. The aim of the study was to synthesize cold and heat-curing denture base resins modified with AgNPs and AgCl, and evaluate the potential of the modified resins to reduce the growth of C. albicans and S.aureus. The produced material was characterized by Fourier transform infrared spectroscopy (FTIR). The antimicrobial potential of the modified material was demonstrated by the disc-diffusion method, microdilution method, and a modified microdilution method (i.e., disk-diffusion method in broth with viable counting). Spectroscopy confirmed the incorporation of biocidal materials into the structure of the denture base resins. The AgCl and AgNPs modified resins showed an antimicrobial effect. The significance of the study is in the potential therapeutic effects of the modified materials for prevention and threating staphylococci and candida in elderly patients, who are in most cases denture wearers and have a greater susceptibility to develop opportunistic infections. Modified denture base resins can significantly reduce the presence of infection at the point of contact between the denture and the mucous membrane of the prosthetic restoration. Biological tests of modified denture base resins will follow