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1 – 10 of over 10000Mirjana Pejić Bach, Berislav Žmuk, Tanja Kamenjarska, Maja Bašić and Bojan Morić Milovanović
This paper aims to explore and analyse stakeholders’ perceptions of the development priorities and suggests more effective strategies to assist sustainable economic growth in the…
Abstract
Purpose
This paper aims to explore and analyse stakeholders’ perceptions of the development priorities and suggests more effective strategies to assist sustainable economic growth in the United Arab Emirates (UAE).
Design/methodology/approach
The authors use the World Bank data set, which collects various stakeholders’ opinions on the UAE development. First, the exploratory factor analysis has been applied to detect the main groups of development priorities. Second, the fuzzy cluster analysis has been conducted to detect the groups of stakeholders with different attitudes towards the importance of extracted groups of priorities. Third, clusters have been compared according to demographics, media usage and shared prosperity goals.
Findings
The two main groups of development priorities have been extracted by the exploratory factor analysis: economic priorities and sustainability priorities. Four clusters have been detected according to the level of motivation when it comes to the economic and sustainability priorities: Cluster 1 (High economic – High sustainability), Cluster 2 (High economic – Medium sustainability), Cluster 3 (High economic – Low sustainability) and Cluster 4 (Low economic – Low sustainability). Members of the cluster that prefer a high level of economic and sustainability priorities (Cluster 1) also prefer more diversified economic growth providing better employment opportunities and better education and training for young people in the UAE.
Research limitations/implications
Limitations stem from the survey being conducted on a relatively small sample using the data collected by the World Bank; however, this data set allowed a comparison of various stakeholders. Future research should consider a broader sample approach, e.g. exploring and comparing all of the Gulf Cooperation Council (GCC) countries; investigating the opinions of the expatriate managers living in the UAE that are not from GCC countries; and/or including other various groups that are lagging, such as female entrepreneurs.
Practical implications
Several practical implications were identified regarding education and media coverage. Since respondents prioritize the economic development factors over sustainability factors, a media campaign could be developed and executed to increase sustainability awareness. A campaign could target especially male citizens since the analysis indicates that males are more likely to affirm high economic and low sustainability priorities than females. There is no need for further diversification of media campaigns according to age since the analysis did not reveal relevant differences in age groups, implying there is no inter-generational gap between respondents.
Originality/value
This paper contributes to the literature by comparing the perceived importance of various development goals in the UAE, such as development priorities and shared prosperity indicators. The fuzzy cluster analysis has been used as a novel approach to detect the relevant groups of stakeholders in the UAE and their developmental priorities. The issue of media usage and demographic characteristics in this context has also been discussed.
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The socialist political economy with Chinese characteristics reflects the characteristics of ushering into a new era, and the research object thereof shifts to productive forces…
Abstract
Purpose
The socialist political economy with Chinese characteristics reflects the characteristics of ushering into a new era, and the research object thereof shifts to productive forces. Emancipating and developing productive forces and achieving common prosperity become the main theme. Wealth supersedes value as the fundamental category of economic analysis.
Design/methodology/approach
The theoretical system of socialist political economy with Chinese characteristics cannot proceed from transcendental theories but is problem-oriented. Leading problems involve development stages and research-level problems.
Findings
The economic operation analysis is subject to the goal of optimal allocation of resources with micro-level analysis focused on efficiency and macro-level analysis focused on economic growth and macroeconomic stability also known as economic security. The economic development analysis explores the laws of development and related development concepts in compliance with laws of productive forces. The new development concepts i.e. the innovative coordinated green open and shared development drive the innovation of development theory in political economy.
Originality/value
Accordingly, the political economy cannot study the system only, but also needs to study the problems of economic operation and economic development. Therefore, the theoretical system of the political economy tends to encompass three major parts, namely economic system, economic operation and economic development (including foreign economy). The basic economic system analysis needs to understand the relationship between public ownership and non-public ownership, between distribution according to work and factor payments, and between socialism and market economy from the perspective of coexistence theory, thus transforming institutional advantage into governance advantage.
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Juan Gabriel Brida, Emiliano Alvarez, Gaston Cayssials and Matias Mednik
Our paper studies a central issue with a long history in economics: the relationship between population and economic growth. We analyze the joint dynamics of economic and…
Abstract
Purpose
Our paper studies a central issue with a long history in economics: the relationship between population and economic growth. We analyze the joint dynamics of economic and demographic growth in 111 countries during the period 1960–2019.
Design/methodology/approach
Using the concept of economic regime, the paper introduces the notion of distance between the dynamical paths of different countries. Then, a minimal spanning tree (MST) and a hierarchical tree (HT) are constructed to detect groups of countries sharing similar dynamic performance.
Findings
The methodology confirms the existence of three country clubs, each of which exhibits a different dynamic behavior pattern. The analysis also shows that the clusters clearly differ with respect to the evolution of other fundamental variables not previously considered [gross domestic product (GDP) per capita, human capital and life expectancy, among others].
Practical implications
Our results indirectly suggest the existence of dynamic interdependence in the trajectories of economic growth and population change between countries. It also provides evidence against single-model approaches to explain the interdependence between demographic change and economic growth.
Originality/value
We introduce a methodology that allows for a model-free topological and hierarchical description of the interplay between economic growth and population.
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Carlos J.O. Trejo-Pech, Karen L. DeLong and Robert Johansson
The United States (US) sugar program protects domestic sugar farmers from unrestricted imports of heavily-subsidized global sugar. Sugar-using firms (SUFs) criticize that program…
Abstract
Purpose
The United States (US) sugar program protects domestic sugar farmers from unrestricted imports of heavily-subsidized global sugar. Sugar-using firms (SUFs) criticize that program for causing US sugar prices to be higher than world sugar prices. This study examines the financial performance of publicly traded SUFs to determine if they are performing at an economic disadvantage in terms of accounting profitability, risk and economic profitability compared to other industries.
Design/methodology/approach
Firm-level financial accounting and market data from 2010 to 2019 were utilized to construct financial metrics for publicly traded SUFs, agribusinesses and general US firms. These financial metrics were analyzed to determine how SUFs compare to their agribusiness peer group and general US companies. The comprehensive financial analysis in this study covers: (1) accounting profit rates, (2) drivers of profitability, (3) economic profit rates, (4) trend analysis and (5) peer comparisons. Quantile regression analysis and Wilcoxon–Mann–Whitney statistics are employed for statistical comparisons.
Findings
Regarding various profitability and risk measures, SUFs outperform their agribusiness peers and the general benchmark of all US firms in terms of accounting profit rates, risk levels and economic profit rates. Furthermore, compared to other US industries using the 17 French and Fama classifications, SUFs have the highest return on investment and economic profit rate―measured by the Economic Value Added® margin―and the second-lowest opportunity cost of capital, measured by the weighted average cost of capital.
Originality/value
This study finds nothing to suggest that the US sugar program hinders the financial success of SUFs, contrary to recent claims by sugar-using firms. Notably in this analysis is the evaluation of economic profit rates and a series of robustness techniques.
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Tadhg O’Mahony, Jyrki Luukkanen, Jarmo Vehmas and Jari Roy Lee Kaivo-oja
The literature on economic forecasting, is showing an increase in criticism, of the inaccuracy of forecasts, with major implications for economic, and fiscal policymaking…
Abstract
Purpose
The literature on economic forecasting, is showing an increase in criticism, of the inaccuracy of forecasts, with major implications for economic, and fiscal policymaking. Forecasts are subject to the systemic uncertainty of human systems, considerable event-driven uncertainty, and show biases towards optimistic growth paths. The purpose of this study is to consider approaches to improve economic foresight.
Design/methodology/approach
This study describes the practice of economic foresight as evolving in two separate, non-overlapping branches, short-term economic forecasting, and long-term scenario analysis of development, the latter found in studies of climate change and sustainability. The unique case of Ireland is considered, a country that has experienced both steep growth and deep troughs, with uncertainty that has confounded forecasting. The challenges facing forecasts are discussed, with brief review of the drivers of growth, and of long-term economic scenarios in the global literature.
Findings
Economic forecasting seeks to manage uncertainty by improving the accuracy of quantitative point forecasts, and related models. Yet, systematic forecast failures remain, and the economy defies prediction, even in the near-term. In contrast, long-term scenario analysis eschews forecasts in favour of a set of plausible or possible alternative scenarios. Using alternative scenarios is a response to the irreducible uncertainty of complex systems, with sophisticated approaches employed to integrate qualitative and quantitative insights.
Research limitations/implications
To support economic and fiscal policymaking, it is necessary support advancement in approaches to economic foresight, to improve handling of uncertainty and related risk.
Practical implications
While European Union Regulation (EC) 1466/97 mandates pursuit of improved accuracy, in short-term economic forecasts, there is now a case for implementing advanced foresight approaches, for improved analysis, and more robust decision-making.
Social implications
Building economic resilience and adaptability, as part of a sustainable future, requires both long-term strategic planning, and short-term policy. A 21st century policymaking process can be better supported by analysis of alternative scenarios.
Originality/value
To the best of the authors’ knowledge, the article is original in considering the application of scenario foresight approaches, in economic forecasting. The study has value in improving the baseline forecast methods, that are fundamental to contemporary economics, and in bringing the field of economics into the heart of foresight.
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Yin Kedong and Li Xuemei
Since 2000, China, along with the USA, UK, France, Japan and many other developed countries have drawn up new blueprints for the development of a marine economy. At present…
Abstract
Purpose
Since 2000, China, along with the USA, UK, France, Japan and many other developed countries have drawn up new blueprints for the development of a marine economy. At present, international marine economics research has entered into a new period of development, and the research methods of ocean econometrics are becoming more complex and mature. The purpose of this paper is to review the progress of international marine econometrics research and gives the development direction of marine econometrics.
Design/methodology/approach
The Web of Science core collection database was utilized, harvesting data from 1996 to May 2018, measuring the marine economy research from 1,489 articles as its sample, using CiteSpace visualization analysis tools.
Findings
Mapping the knowledge map from annual international marine economic metrology, literature identification, keywords, involving disciplines and related journals, countries (regions) and research and analyzing the research status of reveals the research frontiers of international marine economy measurement (learning) by using CiteSpace.
Originality/value
The conceptions and characteristics of marine econometrics are defined and analyzed, and the theoretical method of marine econometrics is sorted out. Mapping the knowledge diagram of marine econometrics and discussing the research status of international marine economics, and clarifying the existing problems, future opportunities and challenges of international marine econometrics research.
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The paper provides a detailed historical account of Douglass C. North's early intellectual contributions and analytical developments in pursuing a Grand Theory for why some…
Abstract
Purpose
The paper provides a detailed historical account of Douglass C. North's early intellectual contributions and analytical developments in pursuing a Grand Theory for why some countries are rich and others poor.
Design/methodology/approach
The author approaches the discussion using a theoretical and historical reconstruction based on published and unpublished materials.
Findings
The systematic, continuous and profound attempt to answer the Smithian social coordination problem shaped North's journey from being a young serious Marxist to becoming one of the founders of New Institutional Economics. In the process, he was converted in the early 1950s into a rigid neoclassical economist, being one of the leaders in promoting New Economic History. The success of the cliometric revolution exposed the frailties of the movement itself, namely, the limitations of neoclassical economic theory to explain economic growth and social change. Incorporating transaction costs, the institutional framework in which property rights and contracts are measured, defined and enforced assumes a prominent role in explaining economic performance.
Originality/value
In the early 1970s, North adopted a naive theory of institutions and property rights still grounded in neoclassical assumptions. Institutional and organizational analysis is modeled as a social maximizing efficient equilibrium outcome. However, the increasing tension between the neoclassical theoretical apparatus and its failure to account for contrasting political and institutional structures, diverging economic paths and social change propelled the modification of its assumptions and progressive conceptual innovation. In the later 1970s and early 1980s, North abandoned the efficiency view and gradually became more critical of the objective rationality postulate. In this intellectual movement, North's avant-garde research program contributed significantly to the creation of New Institutional Economics.
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Julian Witjaksono, Xiaowen Wei, Suchun Mao, Wankui Gong, Yabing Li and Youlu Yuan
The purpose of this paper is to provide an overview of the current state of knowledge on the economic performance of genetically modified (GM) cotton worldwide based on a wide…
Abstract
Purpose
The purpose of this paper is to provide an overview of the current state of knowledge on the economic performance of genetically modified (GM) cotton worldwide based on a wide range of data and source from available literature, and second to assess yield gain and economic performance.
Design/methodology/approach
A systematic review was captured to provide the evidence of potential benefits of GM cotton. A country-specific analysis was conducted in order to compare economic indicators and employed meta-analysis to find out the significance of the different of GM cotton over its counterpart.
Findings
This paper depicts positive impact of commercialized GM cotton in terms of net revenue, and the benefits, especially in terms of increased yields, are greatest for the mostly farmers in developing countries who have benefitted from the spill over of technology targeted at farmers in industrialized countries.
Research limitations/implications
Due to the variability of the data which came from different methodologies, it is difficult to determine the differences of the performances each individual study.
Practical implications
This, it is believed that results from this study can be useful for operations of all sizes as the authors think about what needs to be focussed on for long-term producers survival.
Originality/value
The paper clearly indicates that China is the highest cotton yield of GM cotton, the lowest cost of GM seed and the lowest cost of chemical spray compare to any other countries. Therefore, this is the fact that the adoption of GM cotton has been widely spread among the farmers across the regions in China.
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Weliswa Matekenya and Clement Moyo
The purpose of this study is to investigate the effect of foreign direct divestments (FDD) on economic growth and development in South Africa for the period 1991–2019.
Abstract
Purpose
The purpose of this study is to investigate the effect of foreign direct divestments (FDD) on economic growth and development in South Africa for the period 1991–2019.
Design/methodology/approach
The non-linear autoregressive distributed lag technique is used for the empirical analysis. Two regression models are specified, one for economic growth and the other for development which is proxied by poverty.
Findings
The empirical results suggest that foreign divestments are detrimental to both economic growth and development. Furthermore, the results suggest that the negative effects of foreign divestments outweigh the positive effects of FDI inflows.
Practical implications
South African policymakers should thus use policies that promote the retention of FDI inflows together with those that attract inflows. Furthermore, policies that promote economic freedom such as transparency and reduction in the time frame for granting government permits for business operations are also of paramount importance.
Originality/value
Most of the available literature on FDD focuses on the firm perspective. Available studies on the effect of FDD on economic growth do not investigate the effect of divestment on economic development. Economic growth is a necessary but not a sufficient condition for the achievement of socioeconomic development.
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Hoang Thai Pham and Hyangsook Lee
A boom in e-commerce in Korea has sparked off high daily-volume demand for small-sized home delivery services, which poses a great challenge to distribution networks, especially…
Abstract
A boom in e-commerce in Korea has sparked off high daily-volume demand for small-sized home delivery services, which poses a great challenge to distribution networks, especially in urban areas where traffic congestion, accessibility, and pollution are serious problems. In addition, security issues for people who live in small townhouses and detached houses without security systems and guards have received increasing attention from the government and society. Thus, the introduction of a new alternative for home delivery services, unmanned parcel lockers, is urgent for residents living in these areas. This paper examines and compares potential socio-economic impacts in terms of costs and benefits when such lockers are installed at selected locations in residential areas. The results show that this policy is worthy of adoption, with several undeniable benefits to local communities. In addition, sensitivity analyses estimate the economic performance of this project at different social discount rates, and they check the sensitivity of economic performance based on variations in the variables. The value of travel time savings was identified as a critical and dominating factor directly affecting economic performance.
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