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The author augments an otherwise standard business-cycle model with a rich government sector and adds monopolistic competition in the product market and rigid prices, as well as rigid wages a la Calvo (1983) in the labor market.

This specification with the nominal wage rigidity, when calibrated to Bulgarian data after the introduction of the currency board (1999–2018), allows the framework to reproduce better observed variability and correlations among model variables and those characterizing the labor market in particular.

As nominal wage frictions are incorporated, the variables become more persistent, especially output, capital stock, investment and consumption, which help the model match data better, as compared to a setup without rigidities.

The findings suggest that technology shocks seem to be the dominant source of economic fluctuations, but nominal wage rigidities as well as the monopolistic competition in the product market, might be important factors of relevance to the labor market dynamics in Bulgaria, and such imperfections should be incorporated in any model that studies cyclical movements in employment and wages.

The computational experiments performed in this paper suggest that wage rigidities are a quantitatively important model ingredient, which should be taken into consideration when analyzing the effects of different policies in Bulgaria, which is a novel result.

The authors introduce non-Ricardian (“hand-to-mouth”) myopic agents into an otherwise standard real-business-cycle (RBC) setup augmented with a detailed government sector. The authors investigate the quantitative importance of the presence of nonoptimizing households for cyclical fluctuations in Bulgaria.

The authors calibrate the RBC model to Bulgarian data for the period following the introduction of the currency board arrangement (1999–2018).

The authors find that the inclusion of such non-Ricardian households improves model performance along several dimensions and generally provides a better match vis-a-vis data, as compared to the standard model populated with Ricardian agents only.

This is a novel finding in the macroeconomic studies on Bulgaria using modern quantitative methods.

In the current literature, there is little systematic research on the relationship among adjustment of the income distribution, change in economic structure and improvement of macroeconomic efficiency.

This paper expands Marx's reproduction schema into the “Marx–Sraffa” three-department structure table comprising fixed capital, general means of production and means of consumption and employs China's input–output table from 1987 to 2015 to portray the relationship between income distribution and macroeconomic efficiency under investment-driven growth.

This paper calculates the wage–profit curve of China's economy and evaluates the space of macroeconomic efficiency improvement in China based on the deviation between actual and potential income distribution structure.

The results show that there is a downward trend of the profit rate, which meets Marx's theoretical prediction, and the decline in the profit rate is mainly attributed to an increase in the organic composition of capital arising from the rapid growth of fixed capital investment under extended growth. The analysis of macroeconomic efficiency shows that the space for improving macroeconomic efficiency is extremely limited under traditional growth pattern and that China must transform its economic development pattern and foster new economic growth drivers.

The neo-Kaleckian model follows the ideas of Marx, Keynes and Kalecki, that investment is a key influencing factor in the dynamics of the capitalist mode of production. Through the discussion of different forms of investment decision function, this paper constructs the analysis framework of wage-led and profit-led economic growth regimes.

The model has become an important theoretical paradigm for current Western heterodox economists regarding the research on the impact of functional income distribution on economic growth, and it has a very large impact on both theoretical and empirical research. Starting from Marx's reproduction theory, this article discusses the theoretical shortcomings of the neo-Kaleckian growth regime model.

This paper mainly focuses on three aspects: (1) the ideological legacy of “Smith's Dogma”; (2) neglecting the restrictions on income distribution from the organic composition of capital and the surplus value rate; (3) technological progress and the formation of a new long economic wave.

The authors believe that the neo-Kaleckian model unilaterally emphasizes the demand-side factors in the economy and, unconsciously or not, ignores the role of the supply-side, which makes it encounter certain limitations in explaining long-term growth. Even if some empirical conclusions are employed to bridge functional income distribution and technological progress, there is still a lack of a theoretical basis for accurately describing long-term economic changes using this model. In order to better promote high-quality economic development and accelerate the formation of a new pattern of economic development in which the domestic large-scale cycle is the mainstay and the domestic and international double cycles promote each other, the authors need to adopt a policy combination with the supply-side as the main and the demand-side as the supplement, and to work from both sides.

This study analyses the concept of happiness management based on the empirical validation of the interactions between emotional wage, organisational justice and happiness at work. It complements a holistic view of the management models used in recent corporate governance. This perspective explores the dimension’s emotional wage mediating role and influences on organisational justice and happiness at work. The effect of organisational justice on happiness at work is also analysed.

A quantitative, cross-sectional, descriptive and correlational study is proposed. A sample of 502 workers in the education sector in Costa Rica was selected. A structural equation model (PLS-SEM) was developed to test the proposed theoretical model. The SPSS-AMOS 23 and SmartPLS 4 computer programs are used for this purpose.

The results show that emotional wage has a positive impact on happiness at work and that it mediates positively between organisational justice and happiness at work. Developing organisational policies to include these variables as necessary resources for corporate governance is recommended.

The first limitation of this study is due to the type of sampling, which was purposive. The kind of population and the time of execution of this study were determining factors when deciding on the mode of application of the instrument. However, an attempt to reduce the bias associated with this element could be made by expanding the sample to as many respondents as possible. The second limitation was that the data were collected within a specific time frame. Longitudinal studies address Thcould. The third limitation stems from the scarcity of literature on happiness management. In this regard, this type of research currently needs to be explored in emerging economies. It makes it difficult to determine whether the empirical results obtained in this paper can be generalised to other territories in the global village. Moreover, the last limitation is that the authors of this research have only explored the moderating role of emotional pay in the relationship between the dimensions of organisational justice and happiness at work. It would be interesting to consider other mediating variables to have a clearer picture of the organisational justice–happiness at work construct from the happiness management approach.

As already indicated throughout this research, emotional wage, organisational justice and happiness at work are constructs that positively drive employee satisfaction, motivation and well-being. Human talent management strategies undertaken by organisations should encourage the adaptation of actions that stimulate employees' quality of life, corporate social responsibility and ethical management practices to be more competitive in today’s markets. It requires implementing the dynamic management models that provide internal customers with a high sense of belonging, job satisfaction and commitment to their professional performance. In other words, this will require robust leadership styles and corporate cultures that stimulate employee creativity, loyalty and innovation. For this reason, management of organisations must implement human resources policies to attract and retain creative talent through happy leadership. It requires, among other things that the philosophy of happiness management becomes a critical strategic resource for companies to promote nonfinancial benefits for employees, including emotional wage (Ruiz-Rodríguez et al., 2023).

In the current business environment, there has been a transformation in leadership styles, motivation and the development of a sense of belonging in organisations' human capital. Based on this trend, the study of happiness management becomes a social strategy to improve the conditions, in which the organisations compete to attract highly demanded human capital. It is why this research contributes elements that have an impact on citizenship by proposing the management models based on happiness at work and quality of life.

This study adds to the happiness management literature by including emotional wage, organisational justice and happiness at work in human resources and strategic management. It also contributes to the academic debate on the need to formulate organisational cultures that empower workers in their professional performance based on happiness and positive emotions.

This study investigates the effect of managerial ability on labor productivity by analyzing various methods in the firm-year panel data of listed firms in South Korea from 2002 to 2019. Managerial ability was analyzed using the measurement method of Demerjian et al. (2012), while labor productivity was analyzed using value-added and sales. The authors find that managerial ability has a positive effect on labor productivity. In other words, the productivity of employees improves with the appointment of a manager with higher abilities. The study’s findings suggest that firms should consider managerial ability as a means of improving labor productivity.

Total factor productivity (TFP), for a country and for a firm as well, is a crucial element for economic growth by inducing high output. Actually, workers' effort is among the important factors that positively influence the TFP.

In this paper, the authors assume that the wage bonus enhances the worker's effort. Wage bonus is an incentive mechanism and plays a role in the TFP as is shown in a recent paper by Le Van and Pham (2021). The firm will maximize its profits. The supplies of capital and workers are exogenous. At equilibrium, the authors obtain that wage bonus has positive effects on output, labor productivity and price of the output.

The wage bonus system can make the optimal sequence of outputs grow without bounds. And if the optimal sequence converges to a steady state, this one can be characterized by higher output per capita than that in the steady state without the bonus.

In particular, the result show if, thanks to the wage bonus externality effect, the production may become of increasing returns and if the incentive mechanism is very strong, any optimal path of physical capitals will converge to infinity.

The purpose of this paper is to propose policy recommendations that resort to the domestic market to achieve inclusive growth from an open perspective.

How will economic globalization based on domestic demand affect economic growth and income distribution in an open and large country? With the aim of discussing the mechanism of the impact of expanding domestic demand on the inclusive growth from an open perspective, this paper incorporates the Global Value Chains vs National Value Chains (GVC-NVC) competition, which is triggered by foreign investments attracted by the domestic demand scale into an endogenous growth model with “Schumpeterian Innovation.”

Theoretical analysis indicates the following findings: although domestic demand-based economic globalization can promote transnational inclusive growth across countries, it is not conducive to national (domestic) inclusive growth; the impacting effect of domestic demand scale on inclusive growth across countries is subject to the moderating effect of the development maturity of the labor market; and the impacting effect of domestic demand scale on national inclusive growth is subject to the joint moderating effect of the development maturity of the labor market and labor skill structure.

First, this paper examines the impact of domestic demand-based economic globalization on the inclusiveness of economic growth from an open perspective, which deepens the existing theory of intra-product specialization and inclusive growth. Second, the paper puts the sequential production process into Schumpeterian growth model and reveals the mechanism that domestic demand affects inclusive growth. Third, the study finds that the enhancement of labor market efficiency, transfer payments to low-skilled labor and the creation of a fair competitive market environment will contribute to the globalization of a domestic demand-oriented economy, which provides a policy-making basis for government sectors.

The objective of this study is to construct a theoretical framework concerning wage determination, grounded in principles and supplemented by conventional theories. It discusses the Islamic perspectives on minimum wage and examines contemporary challenges and intricacies in its application.

This study uses thematic analysis to create the conceptual framework, drawing upon a review of pertinent literature such as academic papers, books and articles published up to 2023.

The framework encompasses various categories, namely, employee characteristics, job characteristics, market factors, compensation practices and Islamic principles. Each category consists of multiple variables. The resulting framework offers a holistic and ethically grounded methodology for wage determination, aligning with both Islamic and conventional perspectives. This study notes the absence of a universally agreed-upon minimum wage. Islamic economics faces challenges due to the unclear application of principles, limited awareness, legal constraints and a lack of empirical evidence on wage systems, along with complexities in their implementation.

The paper’s limited scope focuses solely on the Islamic perspective on wage determination, without comparing it to the conventional viewpoint. This may have implications for future research.

The insights on Islamic principles and wage determination guide scholars and policymakers interested in promoting just and equitable wages.

This study is distinct in its integration of various factors to propose an all-encompassing framework for wage determination, rooted in the Quran and principles, while also reinforcing the framework with conventional theories. Additionally, it adds to the growing body of literature by investigating the Quran’s stance and principles on minimum wage, as well as discusses the challenges involved in implementing an Islamic approach to wage determination, which has received limited attention in Islamic literature.

A leading characteristic of international tourists at every tourist destination is their role as foreign–income disseminator, and a large number of papers have been dedicated to exploring their behavior. In contrast, this paper aims to shed light on the supply-side of tourism through the study of a hotels’ ability to internationalize their businesses.

Based on each hotel’s input data, its efficiency was estimated by a data envelopment analysis approach. Then, the hotel’s intensity of demand from foreign guests was regressed against hotel efficiency along with firm’ control variables.

Results from Heckman correction model indicate that ordinary least squares regression would be subject to selection bias, and the results from the correction model strongly indicate a positive linkage between the hotel’s efficiency level and its foreign to total guest ratio, especially in the sub-sample of hotels located in non-tourist destinations. In addition, the results also reveal that the availability of certain services and facilities at hotels are positively related to the number of foreign guests, namely, a spa service and swimming pools.

Therefore, the main implications from this study are twofold. First, if a hotel’s target market is international travelers, a swimming pool and the availability of a spa service are essential features for hotels in Thailand. Second, policies to improve productivity in hotels should be simultaneously implemented along with tourist-destination-promotion campaigns to optimize the economic impact of international tourist arrivals.