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In the early 1930s, Nicholas Kaldor could be classified as an Austrian economist. The author reconstructs the intertwined paths of Kaldor and Friedrich A. Hayek to disequilibrium economics through the theoretical deficiencies exposed by the Austrian theory of capital and its consequences on equilibrium analysis.

The author approaches the discussion using a theoretical and historical reconstruction based on published and unpublished materials.

The integration of capital theory into a business cycle theory by the Austrians and its shortcomings – e.g. criticized by Piero Sraffa and Gunnar Myrdal – called attention to the limitation of the theoretical apparatus of equilibrium analysis in dynamic contexts. This was a central element to Kaldor’s emancipation in 1934 and his subsequent conversion to John Maynard Keynes’ The General Theory of Employment, Interest, and Money (1936). In addition, it was pivotal to Hayek’s reformulation of equilibrium as a social coordination problem in “Economics and Knowledge” (1937). It also had implications for Kaldor’s mature developments, such as the construction of the post-Keynesian models of growth and distribution, the Cambridge capital controversy, and his critique of neoclassical equilibrium economics.

The close encounter between Kaldor and Hayek in the early 1930s, the developments during that decade and its mature consequences are unexplored in the secondary literature. The author attempts to construct a coherent historical narrative that integrates many intertwined elements and personas (e.g. the reception of Knut Wicksell in the English-speaking world; Piero Sraffa’s critique of Hayek; Gunnar Myrdal’s critique of Wicksell, Hayek, and Keynes; the Hayek-Knight-Kaldor debate; the Kaldor-Hayek debate, etc.) that were not connected until now by previous commentators.

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 aims to examine the impact of stock market valuation on corporate investment. Specifically, it attempts to understand the influence of both the fundamental and non-fundamental components of stock price on firms’ investment decisions.

The study decomposes the market-to-book (MB) ratio into three components, namely, firm-level mispricing, industry mispricing and growth component to examine the effect of each of these components on corporate investment decisions. Based on the literature review, four testable hypotheses concerning the relationship between market valuation and corporate investment have been generated. These hypotheses have been tested on the panel data of 1,311 Indian Public Limited Manufacturing Firms using a pooled data regression model.

The study finds that both the fundamental and non-fundamental components of stock price influence the investment decisions along with the cash flow variable. The market valuation–investment nexus is more pronounced in the case of equity-dependent firms, which shows that stock valuation affects corporate investment predominantly through the equity transaction channel. Further, the positive relationship between industry mispricing and corporate investment demonstrates that the market sentiment also affects firms’ investment decisions.

The relationship between the different components of market value and corporate investment decisions has not been explored in India. Hence, the present study is unique because it breaks the MB ratio down into growth and mispricing components and examines the impact of each of these components on corporate investment.

The purpose of this paper is to investigate the effect of workplace support measures offered by employers on the academic performance and satisfaction of distance-taught paramedic students.

Using a combination of quantitative, qualitative and open text data, the authors identified factors important for student success.

Dedicated study time was not a significant predictor of student pass rate, but was related to the quality of achievement as measured by pass grade. More important for success were less tangible factors such as relationship with a mentor and being part of a supportive peer group.

The number of respondents to the survey of graduates in the second part of the investigation was small (n=30; 8.9 per cent) and limited to one profession (Emergency care).

The support measures the authors have identified should be overtly built into new course design. Placements undertaken away from the primary workplace should be well organised, and students proactively supported while undertaking them.

The value of these findings is that they inform, and can be used to enhance, the experience of students on work-based learning programmes and also on degree apprenticeships.

The purpose of this paper is to identify staff skills and competencies on which Chinese open universities should focus their professional development activities in order to enhance the quality of open and distance learning (ODL) in China.

Data were collected from surveys of 220 academic and academic-related Chinese staff, each of whom participated in one of seven 3-day Learning Design and Course Creation (LDCC) workshops at three large regional open universities in China between 2017 and 2019. The workshops were based on the UK Open University (UKOU) approach to learning design (LD) and course creation. Using content analysis methodology, textual responses were analysed and compared against the Instructional Design Competencies framework provided by the International Board of Standards for Training, Performance and Instruction (IBSTPI).

(1) Designing instructional interventions, (2) keeping up to date with design theories, (3) communicating in order to manage stakeholders, teams and projects were the main competencies identified from the participants responses. However, these three identified competencies differed in emphasis between the institutions that took part.

In Western higher education institutions (HEIs), LD has developed as an important approach to improving quality. A need has been identified for robust approaches to quality and professional development opportunities to enhance teaching and learning standards in open and distance learning (ODL) in China. This paper identifies and discusses specific LD skills and competencies that could be targeted to improve the quality of ODL in China.

The Open University (OU) in the UK has been providing distance learning since 1969. The purpose of this case study is to outline the impact that The OU Library in the UK has had on student learning outcomes by embedding academic literature and digital and information literacy (DIL) skills materials in the curriculum.

The case study presents an overview of the university context, including how the curriculum is developed. It discusses the role of the library in this process, outlining how librarians work with academic staff to embed skills and literature in the curriculum. Unique in-house technical solutions are presented to aid future approaches to providing distance library services.

The impact of the library on university education is discussed. Findings from qualitative research are presented, outlining the value the university places on the role of the library as an educational partner. Quantitative research studies are also presented, outlining the positive relationships between library content access and training attendance with student success.

As universities are considering their distance-learning offerings post-COVID-19, it is hoped that this case study will help both library and university administrators examine the role of their libraries in this strategy.

A case study on the approach The OU Library takes to support education in its broadest sense has not been published before.

The purpose of this paper is to report on research on the views of Presidents and Vice Chancellors of Open Universities of current threats and opportunities for their institutions as the author marks the 50th anniversary of the first Open University in the UK established in 1969. The paper offers a historical account of the development of the Open University model, and assesses the extent to which it remains in the key position as owner of innovation in the higher education sector.

Interviews were conducted with leaders of Open Universities or distance teaching universities. They covered a total of 14 universities.

The replies from institutional leaders reveal the current developments, opportunities and strategic challenges of the universities. It is suggested that the digital revolution along with a wider range of environmental changes for higher education have substantially eroded the first-mover advantage that Open Universities had undoubtedly enjoyed in the first 25 years.

The paper concludes that there are significant concerns that innovation in Open Universities is not sufficiently embedded to ensure that their contribution to the UN Sustainable Development Goals will be maximised, or even in some cases their survival, and that a key but undervalued element is leadership development for innovation and change.

The most prominent and persistent problems of our global monetary system are instability and imbalances. We propose an international monetary model to solve these problems while at the same time move the model closer to Maqāṣid Sharīʿah (objectives of Sharīʿah). We name this an organic global monetary model or abbreviated as OGM. OGM is an international monetary model directly built on the national monetary system of each member country so that the two can co-exist.

Model design, theory and literature.

The model can eliminate interest rates at the central bank level, create non-tradable international money, and make a more stable international monetary system.

Original.

This study aims to investigate the main drivers of private saving in Egypt (2005–2020).

It employs an autoregressive distributed lag (ARDL) approach for quarterly data on private saving, lagged private saving, real gross domestic product (GDP) growth, public saving, inflation, real interest rate, money supply, current account deficit and unemployment.

Private saving in Egypt displays persistency and public saving depresses private saving in the short run and long run. Real interest rate, inflation and unemployment have negative and statistically significant impacts on private saving in the short run and long run. The current account deficit displays a negative effect on private saving but is significant only in the short run. Other incorporated variables, like real GDP and money supply, are not statistically significant. This could be attributed to the high consumption rather than saving motive of the Egyptian population and their tendency to rely more on other informal saving channels.

Findings are of policy relevance as unleashing the determinants of private saving guides policymakers in formulating the appropriate sustainable development policies. It also assists in identifying the main obstacles hindering the promotion of private saving and hence major areas for policy intervention, like financial inclusion, poverty eradication, employment generation and structural reforms.

This study contributes to the literature: (1) it tackles private saving figure rather than aggregate saving figure that is covered by similar studies due to lack of consistent data, (2) given the relatively low quality, unavailability and inconsistency of data on private saving in developing countries, investigating the determinants of private saving should be carried out on an individual country basis which is done by this study, (3) this study fulfills the gap in literature related to the lack of up-to-date studies on private saving in Egypt and (4) it relies on quarterly data that could produce more reliable results.

Consumers increasingly rely on organisations for online services and data storage while these same institutions seek to digitise the information assets they hold to create economic value. Cybersecurity failures arising from malicious or accidental actions can lead to significant reputational and financial loss which organisations must guard against. Despite having some critical weaknesses, qualitative cybersecurity risk analysis is widely used in developing cybersecurity plans. This research explores these weaknesses, considers how quantitative methods might address the constraints and seeks the insights and recommendations of leading cybersecurity practitioners on the use of qualitative and quantitative cyber risk assessment methods.

The study is based upon a literature review and thematic analysis of in-depth qualitative interviews with 16 senior cybersecurity practitioners representing financial services and advisory companies from across the world.

While most organisations continue to rely on qualitative methods for cybersecurity risk assessment, some are also actively using quantitative approaches to enhance their cybersecurity planning efforts. The primary recommendation of this paper is that organisations should adopt both a qualitative and quantitative cyber risk assessment approach.

This work provides the first insight into how senior practitioners are using and combining qualitative and quantitative cybersecurity risk assessment, and highlights the need for in-depth comparisons of these two different approaches.