Search results

This paper attempts to trace and describe the role played by the government sector – the state – in promoting economic growth in Western societies since the Renaissance. One important conclusion is that the antagonism between state and market, which has characterised the twentieth century, is a relatively new phenomenon. Since the Renaissance one very important task of the state has been to create well‐functioning markets by providing a legal framework, standards, credit, physical infrastructure and – if necessary – to function temporarily as an entrepreneur of last resort. Early economists were acutely aware that national markets did not occur spontaneously, and they used “modern” ideas like synergies, increasing returns, and innovation theory when arguing for the right kind of government policy. In fact, mercantilist economics saw it as a main task to extend the synergetic economic effects observed within cities to the territory of a nation‐state. The paper argues that the classical Anglo‐Saxon tradition in economics – fundamentally focused on barter and distribution, rather than on production and knowledge – systematically fails to grasp these wider issues in economic development, and it brings in and discusses the role played by the state in alternative traditions of non‐equilibrium economics.

Familiarizes the reader with the emerging subject of ecological economics and provides an overview of how ecological economics differs from environmental and resource economics. Proceeds to then review two new environmental and resource economics textbooks, a book on ecological economics and one on the subject of environmental policy in developing economies.

This study aims to address the topic of ethics, responsibility and sustainability (ERS) orientation of students enrolled in schools of economics and management master’s degrees. It examines the effect of educational background and gender on Portuguese students’ orientation towards ERS, as well as the extent to which there is a relation between the scientific area of the master degree in which the student is enrolled and his/her ERS orientation.

The authors used a sample of 201 students from several master degrees offered by the School of Economics and Management of a large public Portuguese university and analysed their ERS orientation using a survey by questionnaire.

Findings suggest that there are differences in orientation across gender, with female students valuing ERS more than their male counterparts. Educational background has minimal effects on the responses. It was also found some sort of selection effect in terms of the scientific area of the master degree and ERS orientation.

This study contributes to the literature by analysing the issue of whether students with an educational background in economics and management present different ERS orientation than their counterparts, as well as by examining whether there is some sort of self-selection into the study of disciplines in which ERS orientation is likely to be a week. As far as the authors are aware, this is the first study analysing this type of issue regarding ERS.

The purpose of this paper is to determine the stochastic net present value (NPV) of a model smallholder poultry operation in Rwanda under production and market uncertainty.

A discounted cash flow calculator was used to determine the NPV of operator investments and operating cash flows, including time, materials and capital. Broiler production data, market prices and variable input costs were collected from 125 smallholder operations in the Musanze District, Rwanda. These data were combined with a historical price index tracking the inflation rate of Rwanda’s currency. Policies including overstocking, technical support repayment scheduling, selling broilers at a spot market price, using marketing contracts and selling poultry manure were compared using non-parametric paired comparisons and stochastic dominance.

Risk-neutral and risk-averse producers would prefer overstocking, delaying repayment of technical support services and selling manure to status quo operational policy. No differences were observed between the option to sell birds at spot market prices or through contracts.

This analysis demonstrates how individual managerial or an intervention in smallholder broiler production affects financial performance.

To mitigate risk associated with this novel enterprise, producers should consider overstocking birds. If local markets for manure were developed, the risks faced by new or beginning poultry operators could be mitigated.

A stochastic, discounted cash flow model calculator was used to determine the NPV and discounted payback period of operator investments and operating cash flows, including time, materials and capital.

The purpose of this paper is to study the interaction of economics of production with process quality, when multiple key quality characteristics are present. Specifically, the paper aims to analyse the possibility of investing in a production process to reduce its variances and the impact on a multivariate quality loss function.

A bivariate inventory‐planning model is developed, in which the optimal investment for reducing process variances and the optimal lot size are jointly determined. A case study with industrial data is presented to illustrate the possible solution procedures and the potential advantages of the proposed model.

It is found that by using the previous approaches to analyse the interaction between the economics of production and process quality, a company will underestimate the cost of quality, especially the expected external failure cost (quality loss), and ultimately invest less into the prevention activities to improve the process.

The proposed model can help managers to compare different production processes and also guide the managers towards better choices for process improvement. To the best of our knowledge, this paper is the first to integrate the economic production quantity (EPQ) problem with the process quality consideration for products with multiple quality characteristics.

Conventional economics typically defines the science in terms of such concepts as production, distribution, consumption, resources, goods, services, wealth, prices and efficiency. These terms focus attention primarily on things, making it easier to argue that since those things are quantifiable economics is a positive, higher‐order science.

Cross-functional integration has been an important factor for manufacturing firms' performance outcomes. The study aims to expand previous research by investigating the moderating role of goal-based incentive systems in the relationship between cross-functional integration and competitive performance.

Based on multi-source data from 269 manufacturing firms around the world, regression analysis is used to test the proposed research model.

The authors' findings suggest that cross-functional integration enhances manufacturers' innovation and operational performance. Moreover, cross-functional integration has a stronger impact on operational performance when firms implement a well-designed goal-based incentive system. However, the authors find that the goal-based incentive system does not moderate the relationship between cross-functional integration and innovation performance.

The study, by investigating the fit between goal-based incentive systems and cross-functional integration, provides practical insights into the ways that firms apply cross-functional integration and goal-based incentive systems to enhance competitive performance.

The purpose of this paper is to evaluate and compare the efficiency ratios and the technological gaps of banking industries in seven countries of the Middle East and North Africa (MENA) region.

The meta-frontier model was used to evaluate efficiency across countries that may have different production technologies.

The results of the meta-frontier analysis of banking systems over the period from 1991 to 2011 showed that Tunisian banks were the most efficient in terms of cost and profit. For the cost (profit) model, the analysis of the technological gap showed that Egyptian (Tunisian) banks used the most advanced technology in offering financial services to clients. The comparison of efficiencies confirmed that most efficient banks in terms of cost are not necessarily the most efficient in terms of profit and vice versa. The authors also concluded that cost efficiency analysis provides a partial view of banking efficiency and hence, profit efficiency analysis is as important.

The study is relevant for policymakers, regulators and monetary authorities and for researchers to know more about the real differences of efficiency of banks across countries in MENA region and to clarify the sources of this inefficiency to better adapt to the new environment, to make strategic decisions and to reference the performance of banking institutions.