is an associate professor in the Department of Market and Consumption at University of Warmia and Mazury in Olsztyn, Poland. He is vice-chairman of Polish Economic Society Branch in Toruń. Adam Balcerzak is an editor in Chief of the journal Oeconomia Copernicana, which is indexed in Clarivate Analytics Social Science Citation index with impact factor 2019 2.128 (Quartile in Category Economics: Q2). He is the author of more than 50 publications indexed in Web of Science Core Collection with H-index 19. Research interests: institutional economics, influence of entrepreneurship on regional and macroeconomic productivity, determinants of sustainable growth, the role of financial markets in growth dynamics.