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Journal Article
Kafka, K. I., & Kostis, P. C. (2024). Unravelling the innovation puzzle: The interplay between uncertainty, economic institutions, and innovation performance in advanced and developing economies. Technological Forecasting and Social Change, 198, 123027. WebsiteAbstract
Uncertainty profoundly shapes modern production models and the institutional framework of economies. This study investigates the assumption that heightened uncertainty leads to reduced innovation outcomes. Using an unbalanced panel dataset of 143 countries from 1997 to 2020, the analysis reveals that increased uncertainty significantly affects economies' innovation performance. Economic institutions play a critical role in this process, acting as safeguards or enhancers under high uncertainty. Uncertainty and economic institutions work in synergy, with uncertainty exerting a more prominent impact. In advanced economies, uncertainty and economic institutions negatively influence innovation outcomes, but these economies counteract uncertainty by increasing research and development (R&D) spending. Economic institutions may limit R&D expenditure but create an environment conducive to higher researcher employment. On the other hand, developing economies experience a stronger negative effect of uncertainty compared to advanced economies, and economic institutions require support to foster innovation production. Moreover, these economies have limited capacity to mitigate uncertainty through R&D investments. Overall, this study underscores the complex relationship between uncertainty, economic institutions, and innovation outcomes across different types of economies.
Kremmydas, C., & Kostis, P. C. (2024). Advancing Sustainability: Green Product Satisfaction, Circularity, and Sustainable Development. International Journal of Social Ecology and Sustainable Development (IJSESD), 15(1), 1 - 12. presented at the 2024, Hershey, PA, USA. Publisher's VersionAbstract
This research focuses on sustainable consumption and production (SCP) to balance economic growth with ecological preservation. It assesses Greek consumers' attitudes, satisfaction, and knowledge about green products through questionnaires, analyzing the interplay of these factors in consumer satisfaction and highlighting the role of awareness in the green market. The study also compares these findings with Romanian consumer behavior to understand cultural and socioeconomic influences. Results show that positive attitudes towards green products and access to information significantly enhance consumer satisfaction, a trend consistent across different cultures. However, a lack of sustainability knowledge among youth presents an educational opportunity. The study advocates for strategic educational efforts to support SCP, emphasizing the need for well-informed product design, fair pricing, and clear communication to promote sustainable consumer habits, contributing to the broader SCP discourse and guiding future sustainable economy policies.
Kostis, P. C., & Kafka, K. I. (2023). Examining the Interplay of Climate Change, Cultural Dynamics, and Sustainable Development: A Global Perspective. Sustainability, 15(18). Publisher's Version
Carayannis, E. G., Kostis, P. C., Dincer, H., & Yuksel, S. (2023). Quality function deployment-oriented strategic outlook to sustainable energy policies based on Quintuple Innovation Helix. Journal of the Knowledge Economy. Publisher's Version
Carayannis, E. G., Kostis, P. C., Dincer, H., & Yuksel, S. (2022). Balanced scorecard-based evaluation of knowledge-oriented competenciesof distributed energy investments. Energies, 15(21), 8245. Publisher's Version
Kafka, K. I., Kostis, P. C., & Petrakis, P. E. (2022). Institutional Effects on Innovation and the Requirements for Structural Reforms. Journal of the Knowledge Economy, 13, 211-235.
Kostis, P., Dincer, H., & Yüksel, S. (2022). Knowledge-Based Energy Investments of European Economies and Policy Recommendations for Sustainable Development. Journal of the Knowledge Economy.
Kostis, P. C. (2021). Uncertainty Shocks, Cultural Behaviors and Economic Development. Journal of Business Accounting and Finance Perspectives. Publisher's Version
Kostis, P. C. (2021). Culture, innovation, and economic development. Journal of Innovation and Entrepreneurship, 10.
Kostis, P. C. (2021). Economic Development and Performance of Eurozone Economies: The Growing Imbalances During the Crisis. Journal of the Knowledge Economy.
Kafka, K. I., & Kostis, P. C. (2021). Post-materialism and economic growth: Cultural backlash, 1981?2019. Journal of Comparative Economics, 49, 901-917.
Kostis, P. C. (2020). Increased uncertainty, credit supply, and non-performing loans in the Eurozone. Journal of Business Accounting and Finance Perspectives, 2(1), 11.
Bakas, D., Kostis, P., & Petrakis, P. (2019). Culture and labour productivity: An empirical investigation. Economic Modelling. presented at the jun, Elsevier {BV}. Website
Kostis, P. C., Kafka, K. I., & Petrakis, P. E. (2018). Cultural change and innovation performance. Journal of Business Research, 88, 306-313.
Petrakis, P. E., Kostis, P. C., & Kafka, K. I. (2016). Secular stagnation, faltering innovation, and high uncertainty: New-era entrepreneurship appraisal using knowledge-based thinking. Journal of Business Research, 69, 1909-1913.
Petrakis, P. E., Kostis, P. C., & Valsamis, D. G. (2015). Innovation and competitiveness: Culture as a long-term strategic instrument during the European Great Recession. Journal of Business Research, 68, 1436-1438.
Petrakis, P. E., & Kostis, P. C. (2015). The Role of Knowledge and Trust in SMEs. Journal of the Knowledge Economy, 6, 105-124.
Petrakis, P. E., Valsamis, D. G., & Kostis, P. C. (2014). Uncertainty Shocks in Eurozone Periphery Countries and Germany. Cyprus Economic Policy Review, 9(2), 87=106.
Petrakis, P. E., & Kostis, P. C. (2014). Medium term effects of culture, transactions and institutions on opportunity entrepreneurship. Journal of Innovation and Entrepreneurship, 3.
Petrakis, P. E., & Kostis, P. C. (2013). The Effects of Cultural Background, and Knowledge Creation and Impact on Self‐Employment and Entry Density Rates. Review of Economics and Finance, 3(2).
Petrakis, P., & Kostis, P. (2013). Economic growth and cultural change. Journal of Socio-Economics, 47, 147-157.
Book Chapter
Kostis, P. C. (2023). Identifying Smart Growth Policies for Economic Diversification and Inclusive Growth in the Greek Economy. In Petrakis P.E. (Ed.) Interconnections in the Greek Economy: Added Value and Network Connections in the Greek Economy. Palgrave MacMillan.
Kostis, P. C., & Kafka, K. I. (2022). The European Experience in Lifelong Learning and the Restructuring of the Economy. In Petrakis P.E. (Ed.) Human Capital and Production Structure in the Greek Economy: Knowledge Abilities, Skills (Vol. Chapter 8). Palgrave MacMillan. Publisher's Version
Kostis, P. C., & Kafka, K. I. (2021). Uncertainty and Culture. In European Social Survey Report – Exploring public attitudes, informing public policy: Selected findings from the first nine rounds. Publisher's Version
Κωστής, Π. Χ. (2021). Οι Επιδράσεις της Οικονομικής Αβεβαιότητας στο Λιανικό Εμπόριο της Ελληνικής Οικονομίας. In Αρανίτου Β. (Επιμ.) Η ιστορία, η οικονομία και οι μετασχηματισμοί του λιανικού εμπορίου και η ελληνική περίπτωση. Εκδόσεις Κέρκυρα - Economia Publishing.
Kafka, K. I., Kostis, P. C., & Petrakis, P. E. (2020). Why Coevolution of Culture and Institutions Matters for Economic Development and Growth?. In Yong R.M. (Ed.) Perspectives on Economic Development - Public Policy, Culture, and Economic Development. ISBN 978-1-78985-938-6: Intech Open Publications.
Kostis, P. C. (2020). Preface. In Kostis P.C. (Ed.), Bridging Microeconomics and Macroeconomics and the Effects on Economic Development and Growth. IGI Global. Publisher's Version
Kostis, P. C. (2019). Are IMF Stabilization Programs in the European Union Disastrous? From the Maastricht Treaty up to Recent Bailouts. In Bayer Y. (Ed.) Handbook of Research on Social and Economic Development in the European Union (Vol. Chapter 1). IGI Global Publications. Publisher's Version
Kostis, P. C., Kafka, K. I., & Valsamis, D. G. (2016). The Greek Growth Decoupling. In A New Growth Model for the Greek Economy (pp. 33–57). Palgrave Macmillan {US}. Website
Petrakis, P. E., Kostis, P. C., & Valsamis, D. G. (2014). The Crisis and the Setting of the Recovery. In The Rebirth of the Greek Labor Market (pp. 3–18). Palgrave Macmillan {US}. Website
Tsionas, E. G., Petrakis, P. E., & Kostis, P. C. (2014). Medium-Term Projections: 2014–2020. In The Rebirth of the Greek Labor Market (pp. 103–123). Palgrave Macmillan {US}. Website
Petrakis, P. E., Kostis, P. C., & Kafka, K. I. (2014). Structural and Cyclical Unemployment. In The Rebirth of the Greek Labor Market (pp. 39–48). Palgrave Macmillan {US}. Website
Petrakis, P. E., & Kostis, P. C. (2014). Macromodels for the Greek Economy. In The Rebirth of the Greek Labor Market (pp. 67–84). Palgrave Macmillan {US}. Website
Petrakis, P. E., Kostis, P. C., & Valsamis, D. G. (2014). The crisis and the setting of the recovery. In The Rebirth of the Greek Labor Market: Building Toward 2020 After the Global Financial Meltdown (pp. 3-18).
Petrakis, P. E., & Kostis, P. C. (2014). Macromodels for the greek economy. In The Rebirth of the Greek Labor Market: Building Toward 2020 After the Global Financial Meltdown (pp. 67-84).
Tsionas, E. G., Petrakis, P. E., & Kostis, P. C. (2014). Medium-term projections: 2014-2020. In The Rebirth of the Greek Labor Market: Building Toward 2020 After the Global Financial Meltdown (pp. 103-123).
Petrakis, P. E., Kostis, P. C., & Kafka, K. I. (2014). Structural and cyclical unemployment. In The Rebirth of the Greek Labor Market: Building Toward 2020 After the Global Financial Meltdown (pp. 39-48).
Petrakis, P. E., Kostis, P. C., & Valsamis, D. G. (2013). The Policy of the European Central Bank. In European Economics and Politics in the Midst of the Crisis (pp. 145–158). Springer Berlin Heidelberg. Website
Petrakis, P. E., Kostis, P. C., & Valsamis, D. G. (2013). The Role of the {IMF} in the European Evolution. In European Economics and Politics in the Midst of the Crisis (pp. 177–190). Springer Berlin Heidelberg. Website
Petrakis, P. E., Kostis, P. C., & Valsamis, D. G. (2013). The Supply Side Policies. In European Economics and Politics in the Midst of the Crisis (pp. 119–131). Springer Berlin Heidelberg. Website
Petrakis, P. E., Kostis, P. C., & Valsamis, D. G. (2013). The European Suboptimal and Segment Areas. In European Economics and Politics in the Midst of the Crisis (pp. 35–42). Springer Berlin Heidelberg. Website
Petrakis, P. E., Kostis, P. C., & Valsamis, D. G. (2013). The European Synthesis. In European Economics and Politics in the Midst of the Crisis (pp. 203–222). Springer Berlin Heidelberg. Website
Petrakis, P. E., Kostis, P. C., & Valsamis, D. G. (2013). The Evolution and the Current Status of the European Financial Crisis. In European Economics and Politics in the Midst of the Crisis (pp. 7–20). Springer Berlin Heidelberg. Website
Petrakis, P. E., Kostis, P. C., & Valsamis, D. G. (2013). Fiscal Policy and Consolidation. In European Economics and Politics in the Midst of the Crisis (pp. 97–117). Springer Berlin Heidelberg. Website
Petrakis, P. E., Kostis, P. C., & Valsamis, D. G. (2013). The Great European Recession. In European Economics and Politics in the Midst of the Crisis (pp. 21–32). Springer Berlin Heidelberg. Website
Petrakis, P. E., Kostis, P. C., & Valsamis, D. G. (2013). The Growth Lag and Strategic Choices. In European Economics and Politics in the Midst of the Crisis (pp. 81–95). Springer Berlin Heidelberg. Website
Petrakis, P. E., Kostis, P. C., & Valsamis, D. G. (2013). Introduction. In European Economics and Politics in the Midst of the Crisis (pp. 1–3). Springer Berlin Heidelberg. Website
Petrakis, P. E., Kostis, P. C., & Valsamis, D. G. (2013). The Medium-Term Future for the World and Europe. In European Economics and Politics in the Midst of the Crisis (pp. 223–233). Springer Berlin Heidelberg. Website
Petrakis, P. E., Kostis, P. C., & Valsamis, D. G. (2013). Monetary Policy. In European Economics and Politics in the Midst of the Crisis (pp. 133–143). Springer Berlin Heidelberg. Website
Petrakis, P. E., Kostis, P. C., & Valsamis, D. G. (2013). Restoration of the Banking System and the Banking Deleveraging Process. In European Economics and Politics in the Midst of the Crisis (pp. 159–175). Springer Berlin Heidelberg. Website
Petrakis, P. E., Kostis, P. C., & Valsamis, D. G. (2013). Culture, Institutions and Politics as Crisis Generators. In European Economics and Politics in the Midst of the Crisis (pp. 65–77). Springer Berlin Heidelberg. Website
Petrakis, P. E., Kostis, P. C., & Valsamis, D. G. (2013). Debates and Choices. In European Economics and Politics in the Midst of the Crisis (pp. 193–202). Springer Berlin Heidelberg. Website
Petrakis, P. E., Kostis, P. C., & Valsamis, D. G. (2013). Economy and Politics. In European Economics and Politics in the Midst of the Crisis (pp. 235–260). Springer Berlin Heidelberg. Website
Petrakis, P. E., Kostis, P. C., & Valsamis, D. G. (2013). European Flow Imbalances. In European Economics and Politics in the Midst of the Crisis (pp. 53–64). Springer Berlin Heidelberg. Website
Petrakis, P. E., Kostis, P. C., & Valsamis, D. G. (2013). European Stock Asymmetries. In European Economics and Politics in the Midst of the Crisis (pp. 43–52). Springer Berlin Heidelberg. Website
Book
Petrakis, P. E., Kostis, P. C., Kafka, K. I., & Kanzola, A. M. (2023). The Future of the Greek Economy. Economic Development Through 2035. ISBN 978-3-031-26871-7: Palgrave MacMillan.
Petrakis, P. E., Kafka, K. I., Kostis, P. C., & Valsamis, D. G. (2021). Greek Culture after the Financial Crisis and the Covid-19 Crisis: An Economic Analysis. ISBN 978-3-030-81017-7: Palgrave MacMillan.
Petrakis, P. E., & Kostis, P. C. (2020). The Evolution of the Greek Economy: Past Challenges and Future Approaches. ISBN 978-3-030-47209-2: Palgrave MacMillan.
Petrakis, P. E., & Kostis, P. C. (2020). Policies for a Stronger Greek Economy: Actions for the Next Decade. ISBN 978-3-030-47078-4: Palgrave MacMillan.
Kostis, P. C. (2020). Bridging Microeconomics and Macroeconomics and the Effects on Economic Development and Growth. IGI Global. Publisher's VersionAbstract
At the eve of the global financial crisis, it is particularly interesting to find out which are the theoretical bases or theoretical models that we can use to analyze today's reality. Indeed, today’s mainstream micro- and macroeconomic models are proven to be insufficient for exploring the dynamic and complex interactions among humans, institutions, and nature in our real economy. This issue has again gained momentum because of the recent global financial crisis, as theoretical constructs or models have been unable to provide interpretations of what really happened and what has to be done from now on. More precisely it is proven that microeconomics is filled with black-box models that fail to study the actual contractual relations between firms and markets, while macroeconomics over the last three decades has been useless at best and harmful at worst, since economists using macroeconomics became blind to catastrophic macro failure because they mistook the beauty or elegance of theoretical models for truth. Thus, questions have arisen about using new theoretical and empirical structures that would better describe our complex economic systems.  This edited book aims to address issues related to how growth issues are treated as having individual origins, but also how aggregates affect parts of the economic system with the ultimate goal of highlighting important microeconomic factors that affect macroeconomic factors and finally the economic development and growth process. This is the question of whether and how theoretical constructs take account of the application of microeconomic approaches to macroeconomic theory and how economies can be driven to a sustainable economic development and growth path. Thus, the scope is to analyze the hypotheses that govern the relationships of aggregate structures (macroeconomic analysis) that may are compatible with the assumptions that govern the behavior of the individuals, households, and firms (micro analysis), and vice versa, in trying to achieve positive economic growth rates, sustainably. Moreover, the analysis of this edited volume is oriented to focus on deeper issues that affect the functioning of the economic systems; this is what mesoeconomics and metaeconomics analysis deals with, since the focus must be in factors that are the deep roots of economic development and growth that bridge the microeconomics to macroeconomics. This is the future of evolutionary growth thinking over the next decades.
Πετράκης, Π. Ε., Κωστής, Π. Χ., Καυκά, Κ. Η., & Βαλσαμής, Δ. Γ. (2018). Γενική Οικονομική Ανάπτυξη και Μεγέθυνση. ISBN 978-618-5289-22-5: Εκδόσεις Ροπή.
Petrakis, P. E., Kostis, P. C., & Valsamis, D. G. (2013). European Economics and Politics in the Midst of the Crisis: From the Outbreak of the Crisis to the Fragmented European Federation (pp. p.274). ISBN 978-3-642-41343-8: Springer Publications.
Κωστής, Π. Χ., & Καθαράκη, Μ. (2010). Μελέτες Περιπτώσεων στην Αξιολόγηση Επενδύσεων. Αθήνα: Εκδόσεις του Εθνικού και Καποδιστριακού Πανεπιστημίου Αθηνών.