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Article

Anthony M. Endres

Indicators of economic and social phenomena can be useful descriptive and analytical inputs for public policy. The “social indicators movement” has emerged in the last…

Abstract

Indicators of economic and social phenomena can be useful descriptive and analytical inputs for public policy. The “social indicators movement” has emerged in the last decade and is devoted to the measurement of widely‐ranging dimensions of human welfare. For the most part, questions of systematic measurement for public policy are explored here. Drawing initially on some traditions of measurement in economics, the principal aim is to provide a broad theoretical frame of reference for policy indicator design. Questions of indicator development necessarily involve ideas of suitability or validity of indicators designed for a purpose. Approaches to indicator design for the purpose of enhancing collective decision‐making—including formal model building approaches—are subsumed as special cases once a more general theory is espoused in sections II and III.

Details

International Journal of Social Economics, vol. 9 no. 1
Type: Research Article
ISSN: 0306-8293

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Article

Carl Gordon Obst

This paper aims to increase awareness of work on accounting for natural capital at the national and international level that has been ongoing for many years and has…

Abstract

Purpose

This paper aims to increase awareness of work on accounting for natural capital at the national and international level that has been ongoing for many years and has recently culminated in the adoption of international statistical standards for environmental-economic accounting.

Design/methodology/approach

The paper provides the context for work on natural capital accounting with particular links to the measurement of progress and a brief history of the work on natural capital accounting from an official statistics perspective and summarizes the key aspects of the technical and accounting aspects of the new international statistical standards. The paper also outlines some of the limitations of the approach and required research.

Findings

The paper highlights that while natural capital accounting does not provide a complete basis for assessment of sustainable development, a broad body of work is now in place to use accounting approaches for the assessment of environmental sustainability.

Research limitations/implications

The paper observes that much of the work on natural capital accounting from the perspective of the official statistics community has not engaged the academic community and there is strong potential for collaboration to take this work forward particularly in the area of land and ecosystem accounting.

Social implications

The paper describes a framework for the organization of information on the links between environmental and economic issues and an indication of the relevance of this work for the broader measurement of progress. Compilation of data following the framework is intended to provide a broader base of information for public policy and other decisions and thus has the potential to influence social, economic and environmental outcomes.

Originality/value

The paper’s value lies in raising awareness of the work that has been developing outside of the academic community but which likely has many connections to existing research and ongoing policy discussions.

Details

Sustainability Accounting, Management and Policy Journal, vol. 6 no. 3
Type: Research Article
ISSN: 2040-8021

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Article

D.P. Doessel and Ruth F. Williams

The purpose of this paper is to provide an exposition of the concepts relevant to measuring the economic effect of premature mortality and the conception of how the social…

Abstract

Purpose

The purpose of this paper is to provide an exposition of the concepts relevant to measuring the economic effect of premature mortality and the conception of how the social loss from premature mortality can be incorporated into social welfare measurement. None of the conventional welfare measures currently pick up this welfare signal.

Design/methodology/approach

Various concepts are examined in the conventional and “new” literatures of welfare measurement. Six Venn diagrams show how various concepts “fit together”.

Findings

This paper outlines a framework for measuring the economic effect of premature mortality in a conceptually appropriate way. Thus the paper shows how the welfare loss associated with premature mortality can be incorporated into social welfare measurement.

Research limitations/implications

Accurate premature mortality measurement is difficult but this data problem hardly limits this exercise. Sensitivity analyses can alleviate this measurement problem.

Practical implications

The main practical implication is that empirical applications are feasible. Time series data can be analysed from this conceptual framework to determine whether the problem of the social loss from premature mortality is improving through time, or worsening.

Social implications

Knowing the size of the welfare impact of premature mortality is useful not only on policy fronts concerning premature mortality prevention.

Originality/value

“New welfare measurement” has not yet been applied to the notion of the social loss from premature mortality.

Details

International Journal of Social Economics, vol. 41 no. 9
Type: Research Article
ISSN: 0306-8293

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Article

Sriparna Ghosh and Bryan C. McCannon

We explore how economic freedom measurements can be used to guide policy.

Abstract

Purpose

We explore how economic freedom measurements can be used to guide policy.

Design/methodology/approach

We propose a method for creating a growth-enhancing economic freedom index, which allows for nonlinearities and interaction effects between the components to economic freedom. We use this method to illustrate that US states differ in which policy area generates the greatest gains.

Findings

To validate the method presented, we apply our index to state bond markets. Financial market participants have the incentive to properly evaluate states’ policies. If our measurement is useful, then it should correlate with bond ratings. Consistent with this hypothesis, we present evidence that state bond ratings are strongly correlated with our growth-enhancing economic freedom index.

Originality/value

It has been well-established that economic freedom is associated with good economic outcomes. Economic freedom is comprised of numerous dimensions. Thus, the marginal benefit of improving policy in one area can be expected to depend on the amount of freedom in the other dimensions. Which policy improvement is most impactful depends on the entire menu of current policies and, therefore, differs between states. Our new method can then be used as a guide to determining for a particular state which policies can be expected to impact economic well-being the most.

Details

Journal of Financial Economic Policy, vol. 9 no. 02
Type: Research Article
ISSN: 1757-6385

Keywords

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Book part

Aashish Velkar

This chapter argues that the process of imagination is molded by the intersecting notions of space, time, and measurements. It shows that economic spaces are shaped by…

Abstract

This chapter argues that the process of imagination is molded by the intersecting notions of space, time, and measurements. It shows that economic spaces are shaped by notions of particular space-time held by historical actors and by imaginations of their past and future fictional spaces. The case study of colonial period South Asia examines how financial accounting and other measurements were co-opted to give form to future “fictional” expectations. South Asian economic spaces are shown to be the locus for control and dominance of future economic relationships, which were visualized in particular ways by the colonial rulers.

A conclusion reached is that economic spaces are not just enclosed spaces within borders where economic activity occurs shaped by the dominant culture and economy of a state. The economic spaces in colonial India were sites of economic conflict and violence, where contesting notions of economic time collided, and where widely contrasting economic futures were imagined. Indian nationalists looked into the past to spur their imagination of a different future for India. In fact, the conflict or violence that was part of the recasting of India’s national economic space was not entirely between racial groups (European colonists and native Indians) or strictly between economic classes (bourgeoisie upper castes and proletariat lower castes). Contrary expectations amongst the nationalists themselves are apparent. The process of imagination reveals the ensemble of cultural, social, and technical practices that actors used to give form to fictional expectations of the future and the spatialisation of economic spaces.

Details

Including a Symposium on Mary Morgan: Curiosity, Imagination, and Surprise
Type: Book
ISBN: 978-1-78756-423-7

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Article

P.J. Stanton and P.A. Stanton

Neo‐classical economic theory provides the framework for general purpose financial reports prepared by Australian government departments and their agencies. These reports…

Abstract

Neo‐classical economic theory provides the framework for general purpose financial reports prepared by Australian government departments and their agencies. These reports, which include a statement of financial position (financial worth) and an operating statement (an estimate of the return on the investment), have an economic rationale: the information is intended to guide the allocation of scarce government resources. All government assets, including those held for their cultural, historical or environmental values (heritage assets) are to be valued utilizing the neo‐classical theory of value. Argues that the accounting exercise is flawed. Measurement of value‐in‐use or value‐in‐exchange of heritage assets is inherently subjective, ignoring institutional conditions and non‐use values. The accounting approach fails to measure either the service value or economic benefits of governmental heritage assets. Consequently, the information generated is inconsistent with the economic rationale and the valuation process may prejudice any assessment of the performance of entities responsible for these assets. There is a strong case for either widening the concept of value to include non‐use values or abandoning the measurement of heritage assets.

Details

International Journal of Social Economics, vol. 24 no. 7/8/9
Type: Research Article
ISSN: 0306-8293

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Article

Alan Lowe, Yesh Nama, Alice Bryer, Nihel Chabrak, Claire Dambrin, Ingrid Jeacle, Johnny Lind, Philippe Lorino, Keith Robson, Chiara Bottausci, Crawford Spence, Chris Carter and Ekaterina Svetlova

The purpose of this paper is to report the outcome of an interdisciplinary discussion on the concepts of profit and profitability and various ways in which we could…

Abstract

Purpose

The purpose of this paper is to report the outcome of an interdisciplinary discussion on the concepts of profit and profitability and various ways in which we could potentially problematize these concepts. It is our hope that a much greater attention or reconsideration of the problematization of profit and related accounting numbers will be fostered in part by the exchanges we include here.

Design/methodology/approach

This paper adopts an interdisciplinary discussion approach and brings into conversation ideas and views of several scholars on problematizing profit and profitability in various contexts and explores potential implications of such problematization.

Findings

Profit and profitability measures make invisible the collective endeavour of people who work hard (backstage) to achieve a desired profit level for a division and/or an organization. Profit tends to preclude the social process of debate around contradictions among the ends and means of collective activity. An inherent message that we can discern from our contributors is the typical failure of managers to appreciate the value of critical theory and interpretive research for them. Practitioners and positivist researchers seem to be so influenced by neo-liberal economic ideas that organizations are distrusted and at times reviled in their attachment to profit.

Research limitations/implications

Problematizing opens-up the potential for interesting and significant theoretical insights. A much greater pragmatic and theoretical reconsideration of profit and profitability will be fostered by the exchanges we include here.

Originality/value

In setting out a future research agenda, this paper fosters theoretical and methodological pluralism in the research community focussing on problematizing profit and profitability in various settings. The discussion perspectives offered in this paper provides not only a basis for further research in this critical area of discourse and regulation on the role and status of profit and profitability but also emancipatory potential for practitioners (to be reflective of their practices and their undesired consequences of such practices) whose overarching focus is on these accounting numbers.

Details

Accounting, Auditing & Accountability Journal, vol. 1233 no. 4
Type: Research Article
ISSN: 0951-3574

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Article

Jingshan Liu

The purpose of this study is to investigate the effects of uncertainty, namely, macroeconomic uncertainty (MU) and financial uncertainty (FU) on foreign exchange market…

Abstract

Purpose

The purpose of this study is to investigate the effects of uncertainty, namely, macroeconomic uncertainty (MU) and financial uncertainty (FU) on foreign exchange market stability, specifically on foreign exchange market pressure (EMP) and jump risk (RJV).

Design/methodology/approach

The latent threshold time-varying parameter VAR (LT-TVP-VAR) econometric approach is used in estimations to solve structural breaks.

Findings

The relationship of uncertainties and China's foreign exchange market stability is latent threshold nonlinear dynamic time-varying. In China's renminbi (RMB) appreciation stage, both MU and FU weaken the appreciation pressure of RMB. Moreover, MU and FU significantly increase the RJV, while MU significantly affects the RJV of the foreign exchange market. In the RMB depreciation stage, both MU and FU strengthen the EMP.

Research limitations/implications

Findings based on data in China's foreign exchange market can be considered for other global markets in future research.

Practical implications

An increase in MU and FU has a negative effect on foreign exchange stability. Regulators can prevent the economic system uncertainty shocks on foreign exchange market stability through observation and judgment of MU and FU, which helps prevent and relieve financial risks. Investors can reduce foreign exchange risk as the exchange rate rebounds after hedging behavior during high uncertainty periods.

Originality/value

The effect of MU on the foreign exchange market stability is greater than that of FU, regardless of whether EMP or RJV occurs in the foreign exchange market.

Details

China Finance Review International, vol. 11 no. 1
Type: Research Article
ISSN: 2044-1398

Keywords

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Article

Shuhong Wang, Lu Xing and Hanxue Chen

Recently, China has been paying increasing attention to how to improve the efficiency of the marine environment and realize a green and sustainable development of the…

Abstract

Purpose

Recently, China has been paying increasing attention to how to improve the efficiency of the marine environment and realize a green and sustainable development of the marine economy. Consequently, the industrial structure is crucial to improving efficiency. The purpose of this paper is to introduce environmental factors into the efficiency analysis framework and explore the relationship between marine industrial structure and marine environmental efficiency.

Design/methodology/approach

This paper uses marine economic data under the DEA-BBC model to measure the marine environmental efficiency of provinces and cities and classifies them by cluster analysis. Then, the marine industrial structure and marine environmental efficiency are studied by an econometric model with human capital, ownership structure, land economic development level, scientific research input and government intervention degree as control variables.

Findings

The overall level of marine environmental efficiency is relatively low in China, increasing and then decreasing over the research period. The rationalization of industrial structure and scientific research input have significant promoting effects on marine environmental efficiency, while the degree of government intervention has a significant inhibiting effect. The positive effect of human capital on efficiency depends on whether it can be successfully converted into productivity. The effects of industrial structure advancement, ownership structure and land economic development level of on the marine environmental efficiency are mixed.

Originality/value

The results provide a theoretical and decision-making basis for China to transform and upgrade its marine industrial structure and sustainably develop the marine economy.

Details

Management of Environmental Quality: An International Journal, vol. 31 no. 1
Type: Research Article
ISSN: 1477-7835

Keywords

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Abstract

Details

The Theory of Monetary Aggregation
Type: Book
ISBN: 978-0-44450-119-6

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