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Article
Publication date: 1 November 2000

Morris Altman

Details a behavioral theory of economic welfare that overlaps and extends the global theoretical framework contained in Pareto Optimality, with significant public policy…

3200

Abstract

Details a behavioral theory of economic welfare that overlaps and extends the global theoretical framework contained in Pareto Optimality, with significant public policy implications. The essence of this framework is contained in Adam Smith’s the Wealth of Nations where it is argued that the economic welfare of society cannot be augmented if the material level of well‐being of the working population is reduced, even if the economy experiences growth. Moreover, it is argued that there need not be an equity‐efficiency trade‐off in a competitive market economy to the extent that wages positively affect productivity and do not increase production costs. Therefore, shifting from a low to a high wage economy is welfare improving. Smith, in effect, argues that one can have economic ‘justice’ and economic efficiency where the former is necessary to the latter. The behavioral model of economic welfare paints a dynamic picture of economic welfare in contradistinction to the static framework provided by Pareto Optimality wherein the conditions of Pareto Optimality need not be violated.

Details

International Journal of Social Economics, vol. 27 no. 11
Type: Research Article
ISSN: 0306-8293

Keywords

Article
Publication date: 12 August 2020

Gaurav Goyal and Pankaj Dutta

This study investigates the performance of Indian states based on infrastructural investment in social and economic sectors using data envelopment analysis (DEA). Most of…

Abstract

Purpose

This study investigates the performance of Indian states based on infrastructural investment in social and economic sectors using data envelopment analysis (DEA). Most of the studies in the literature are based on how different elements of infrastructure such as transport, energy, education, healthcare system affect the economy of different countries/regions. In this study, we consider these elements under two different sub-systems, namely, social and economic infrastructure and measure the cooperative efficiency for competitive growth.

Design/methodology/approach

A four-stage DEA approach is proposed for the analysis of a sample of 28 Indian states for the years 2011, 2013 and 2015 under consideration. First stage calculates the per capita GDP contribution, while stage-2 evaluates the efficiency of investments in social infrastructure followed by the efficiency analysis in economic infrastructure in stage-3. Finally, fourth stage evaluates the co-operative efficiency for the overall performance.

Findings

The findings of three different cases based on population sizes, viz., highly populated, moderately populated and less populated regions suggest that the government can identify the top and poor performers. It also studies the variations in efficiency tally of states using Malmquist indices.

Practical implications

This kind of study will vigilant government and local authorities on the investments made in all the states for social and economic infrastructure and establish a competitive environment among state governments to compete for improved infrastructural growth.

Originality/value

This study is the first of its kind in developing countries like India, which focuses on efficiency analysis using DEA based on two sub-sectors of social–economic infrastructural investments.

Details

International Journal of Productivity and Performance Management, vol. 70 no. 8
Type: Research Article
ISSN: 1741-0401

Keywords

Article
Publication date: 25 May 2022

Masrizal, Raditya Sukmana, Bayu Arie Fianto and Rifyal Zuhdi Gultom

This paper aims to examine the relationship between economic freedom and Islamic rural banks' efficiency in the case of Indonesia.

Abstract

Purpose

This paper aims to examine the relationship between economic freedom and Islamic rural banks' efficiency in the case of Indonesia.

Design/methodology/approach

The study covers 40 Islamic rural banks in 34 Indonesian regions from 2014 to 2020. Tobit regression is utilized to expose the impact of economic freedom on the efficiency of Islamic rural banks, and nonparametric frontier data envelopment analysis is used to acquire banks' technical efficiency.

Findings

The findings reveal that overall economic freedom has a strong favorable impact on the efficiency of Islamic rural banks. The study’s breakdown components suggest that business freedom, government spending and investment freedom are favorable indicators, whereas government integrity and tax burden are negative indicators, and all indicators agree with previous studies.

Practical implications

This research can serve as a guideline for Islamic rural bank management in terms of maintaining financial efficiency. The government should think about the ramifications of financial sector liberalization and reforms, according to these findings. When financial intermediaries operate in a less constrained environment, they are more likely to pursue competitive practices that increase their operating rate and other efficiency metrics. Finally, academics might utilize this information to investigate the economic flexibility of Islamic rural banks.

Originality/value

The novelty of this study is in using data envelopment analysis and Tobit regression to identify economic freedom and Islamic rural banks' efficiency. To the best of the authors' knowledge, the study of the role of economic freedom in Islamic rural bank's efficiency is limited, particularly in the context of Indonesia.

Details

International Journal of Productivity and Performance Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1741-0401

Keywords

Article
Publication date: 27 January 2021

Nazratul Aina Mohamad Anwar, Hafezali Iqbal Hussain, Fakarudin Kamarudin, Fadzlan Sufian, Nurazilah Zainal and Che Mun Wong

Microfinance institutions (MFIs) play a significant role in society to help low-income consumers that liaise with sustainable development goals. Therefore, the purpose of…

Abstract

Purpose

Microfinance institutions (MFIs) play a significant role in society to help low-income consumers that liaise with sustainable development goals. Therefore, the purpose of this paper is to examine the effects of two economic freedom components, namely, regulatory efficiency on business freedom and monetary freedom; and market openness on investment freedom and financial freedom. Their influence on the efficiency of MFIs in both social and financial ways is examined.

Design/methodology/approach

This study collected a total of 88 MFIs from Thailand and the Philippines for the years 2011 to 2017. The data envelopment analysis approach has been used to measure the MFIs’ efficiency level. Then, the ordinary least squares and generalised least square estimation methods serve to analyse the effects of economic freedom and other determinants on efficiency.

Findings

The results show that overall MFIs operate at an encouraging level. However, they were managerially inefficient when exploiting resources to achieve both social and financial efficiency. Therefore, MFIs should focus more on managerial operations to improve the level of efficiency. Results from panel regression analysis showed a mixed outcome for the relationship between economic freedom and MFIs’ efficiency both financially and socially. This suggested that different freedoms will result in different outcomes and significantly influence MFIs’ financial and social efficiency.

Originality/value

Regulatory efficiency and market openness are the vital aspects of economic freedom components that may significantly influence MFI’s performance specifically on social and financial efficiency. This study fills the research gap by examining the relationship between economic freedom components and specific MFIs’ social and financial efficiency, to ensure MFIs work to achieve sustainable development goals.

Details

Society and Business Review, vol. 16 no. 3
Type: Research Article
ISSN: 1746-5680

Keywords

Article
Publication date: 1 June 1986

Li‐teh Sun

Among developing countries, the Republic of China in Taiwan (hereinafter Taiwan) has been experiencing economic growth accompanied by improving income distribution…

Abstract

Among developing countries, the Republic of China in Taiwan (hereinafter Taiwan) has been experiencing economic growth accompanied by improving income distribution. Between 1964 and 1980, the average annual growth rate of the real gross national product was 9.92 per cent (Council for Economic Planning and Development (CEPD), 1982, p. 23). In the same period, the income ratio between the top 20 per cent and the bottom 20 per cent of families dropped from 5.33 to 4.17 and the Gini coefficient decreased from 0.36 to 0.30 (CEPD, 1982, p. 54; Directorate‐General of Budget Accounting and Statistics, 1980, (DGBAS), p. 44). To put it somewhat dif‐ferently, in 1964 the lowest fifth of households received 7.71 per cent of total personal income, and the highest fifth 41.07 per cent. But in 1980, the income share of the lowest fifth increased to 8.82 per cent while that of the highest fifth decreased to 36.80 per cent. The condition of greater equality in income distribution appears more obvious in the capital city of Taipei. In 1981, for instance, its Gini coefficient was estimated to be only 0.28 (Taipei Bureau of Budget, Accounting and Statistics, 1981, (TBBAS), P. 24).

Details

International Journal of Social Economics, vol. 13 no. 6
Type: Research Article
ISSN: 0306-8293

Book part
Publication date: 1 July 2004

John B Kirkwood

This is the first paper in a volume devoted exclusively to antitrust law and economics. It summarizes the other papers and addresses two issues. First, after showing that…

Abstract

This is the first paper in a volume devoted exclusively to antitrust law and economics. It summarizes the other papers and addresses two issues. First, after showing that the federal courts generally view consumer welfare as the ultimate goal of antitrust law, it asks what they mean by that term. It concludes that recent decisions appear more likely to equate consumer welfare with the well-being of consumers in the relevant market than with economic efficiency. Second, it asks whether a buyer must possess monopsony power to induce a price discrimination that is not cost justified. It concludes that a buyer can often obtain an unjustified concession simply by wielding bargaining power, but the resulting concession may frequently – though not always – improve consumer welfare.

Details

Antitrust Law and Economics
Type: Book
ISBN: 978-0-76231-115-6

Article
Publication date: 23 August 2022

Hylmee Matahir, Jain Yassin, Herniza Roxanne Marcus, Nur Aima Shafie and Nor Farizal Mohammed

This paper aims to examine the dynamic relationship among energy efficiency, health expenditure and economic growth in Malaysia over the sample period of 1980–2016.

Abstract

Purpose

This paper aims to examine the dynamic relationship among energy efficiency, health expenditure and economic growth in Malaysia over the sample period of 1980–2016.

Design/methodology/approach

This study uses autoregressive distributed lag cointegration analysis and the causality approach by the vector error correction model to analyse the relationship among energy efficiency, which is proxied by energy intensity and the determinant factors.

Findings

The findings of this paper suggest long-run cointegration causal links between economic growth and health expenditure. However, a mixed conclusion for both determinants exists: an increase in real income contributes to more efficient use of energy sources, whereas an increase in government spending on health intensifies energy usage.

Originality/value

Most previous relevant research has focussed on energy efficiency as measured by economic intensity and economic growth and do not relate to the issue of health expenditure. The recent health catastrophe brought on by the COVID-19 epidemic emphasises the significance of allocating more resources to health care. The findings will be helpful in the development of energy efficiency and economic policies in pursuit of sustainable development goals.

Details

International Journal of Ethics and Systems, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2514-9369

Keywords

Article
Publication date: 30 March 2021

Yaoteng Zhao, Supat Chupradit, Marria Hassan, Sadaf Soudagar, Alaa Mohamd Shoukry and Jameel Khader

Recently, the financial sector has faced significant challenges regarding the market competition, its technical efficiency and risk factors around the globe and gain…

Abstract

Purpose

Recently, the financial sector has faced significant challenges regarding the market competition, its technical efficiency and risk factors around the globe and gain recent researchers' intentions. Thus, the present study aims to examine the impact of technical efficiency, market competition and risk in banking performance in Group of Twenty (G20) countries.

Design/methodology/approach

Data have been obtained from the World Development Indicator from 2008 to 2019. For analysis purpose, random effect model and generalized method of moments (GMMs) have been executed using Stata.

Findings

The results revealed that market competition and banks' capital efficiency have a positive impact on banking performance, while banks' lending efficiency and non-performing loans have a negative association with the banking sector performance of G20 countries. These outcomes provide the guidelines to the regulators that they should formulate the effective policies related to the lending practices and non-performing loans that could improve the banking sector performance worldwide.

Research limitations/implications

The study has examined only three economic factors like the technical efficiency rate, market competition and risk element, and their influences on banking institutions' operational and economic performance. But the analysis has proved that except these factors, several factors affect banking institutions' operational and economic performance. Thus, future scholars recommend they analyze all the banking sector areas, pick more factors and enlighten their operational and economic performance influences. Moreover, the author of this article has chosen a particular source for collecting data to meet his study's objective. Only a single piece of software has been applied to analyze data; thus, the data collected for this paper may be incomplete, lack accuracy and reliability. Therefore, the future authors are recommended to use multiple sources to collect data and its analysis to ensure the comprehension, completeness and accuracy.

Originality/value

Last but not least, this study with the evidences from the banking sector of G20 countries tries to show on the banking management how the risk element matters in the banking sector in an economy. It makes it clear in which areas the banking institutions may be exposed to the risks, and how much sever different kinds of risks may be. Thus, it motivates the management to set a body of persons within the organization to monitor the risks, to try to avoid them and to overcome the problems created by these risks events.

Details

Business Process Management Journal, vol. 27 no. 7
Type: Research Article
ISSN: 1463-7154

Keywords

Article
Publication date: 14 January 2021

Yang Liu, Chunyu Liu and Mi Zhou

The development of digital inclusive finance appears to be able to solve the difficulty of traditional finance, which cannot completely cover agriculture and farmers and…

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Abstract

Purpose

The development of digital inclusive finance appears to be able to solve the difficulty of traditional finance, which cannot completely cover agriculture and farmers and provides better financial services and products to Chinese farmers. Thus, it improves the farmers' enthusiasm for agricultural production. The purpose of this paper is to clarify whether this goal is indeed being achieved.

Design/methodology/approach

This paper theoretically analyzes the mechanism that influences the effect of digital inclusive finance on rural households' agricultural production decisions and conducts an empirical study based on a sample from the Chinese family database (CFD).

Findings

First, the development of digital financial inclusion in general can encourage rural households to reduce agricultural production. Second, the negative effect of digital inclusive finance on households' agricultural output is realized by widening the gap between the efficiency of non-agricultural economic activities and the efficiency of agricultural production. The wider the gap is, the lower the enthusiasm of households for agricultural production. Third, the mediating effect of “digital financial inclusion – difference in efficiency – agricultural output” has a significant negative effect on households with low agricultural production efficiency, but not households with high agricultural production efficiency. Digital inclusive finance has no significant effect on the difference in efficiency between the two economic activities of high-efficiency households, but a greater difference in efficiency between the two economic activities corresponds to higher enthusiasm of households for agricultural production.

Originality/value

To the best of our knowledge, this paper is the first to analyze the impact of digital financial inclusion on Chinese farmers' agricultural production. The findings of this study can provide policy-related insights to help local governments promote the development of digital finance in China's agricultural economy.

Details

China Agricultural Economic Review, vol. 13 no. 2
Type: Research Article
ISSN: 1756-137X

Keywords

Article
Publication date: 1 December 2009

Mohammed Ibrahim Sultan Obeidat and Mohammed Abdullah Al Momani

This study investigates taxpayers’ perception to the Jordanian tax system efficiency according to the perspective of Keynes. Its main purpose is to determine whether…

Abstract

This study investigates taxpayers’ perception to the Jordanian tax system efficiency according to the perspective of Keynes. Its main purpose is to determine whether taxpayers perceive the Jordanian tax system as efficient, enough to influence taxpayers’ patterns of behavior, or inefficient and just used to collect revenue by the government. A self‐administered questionnaire is used to collect the primary data of the study, in order to measure the economical and socio‐cultural efficiency of the system. A convenience sample consisting of 175 respondents was selected to survey how taxpayers perceive the Jordanian tax system efficiency. The t‐test is used as a decision criterion for the acceptance or rejection of the hypotheses. Correlation analysis is also used to support the findings of the study. The study finds that taxpayers perceive the Jordanian tax system as efficient, and they perceive that the tax system is intentionally used to influence their behavior.

Details

Journal of Economic and Administrative Sciences, vol. 25 no. 2
Type: Research Article
ISSN: 1026-4116

Keywords

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