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This article provides a detailed investigation of how Lewis revisited classical and Marxian concepts such as productive/unproductive labor, economic surplus, subsistence wages, reserve army, and capital accumulation in his investigation of economic development. The Lewis 1954 development model is compared to other models advanced at the time by Harrod, Domar, Swan, Kaldor, Solow, von Neumann, Nurkse, Rosenstein-Rodan, Myint, and others. Lewis applied the notion of economic duality to open and closed economies.

This study aims to undertake the evaluation and examination of the productivity change of the Egyptian banking sector. Using a novel data set covering 14 banks operating in the Egyptian market from 1997 to 2013. We use a nonparametric approach (based on data envelopment analysis (DEA)) to investigate the productivity change in the Egyptian banking sector. Input-oriented Malmquist indices of productivity change are estimated with DEA to measure total factor productivity (TFP) change. The TFP changes are decomposed into the product of technological change and technical efficiency change (catch-up). In the second stage, we study potential determinants of productivity change using a regression model. We find that the Egyptian banking sector as a whole shows a productivity regress of 0.9% per year, mainly due to the technological improvements. The estimated regression model identifies some variables that significantly influence the productivity of banks in Egypt. The banks with higher loan to deposit ratio and higher returns on equity have higher productivity growth reflecting on their strong strategic and managerial skills. The size of a bank seems to be associated with an increase in productivity. The maturity of a bank (measured by age) is associated with higher productivity. The NIM and NIETA variables do not seem to be affecting the productivity of banks. Surprisingly, our results reveal that the financial crisis was negatively and statistically insignificant, hence it had no effect on the Egyptian banks.

This study empirically examines the relationship between institutional ownership and innovation activity in the unique setting of the clinical trials for US biopharmaceutical companies. We used multiple statistical techniques in the period from 1990 through 2006 for firms in the biopharmaceutical industry to examine this relationship. Contrary to the widely believed relationship discussed in the literature, our findings suggest that institutional investors vary in their reactions to innovative progress. Specifically, we find that institutional investors with a long-term investment horizon (i.e., dedicated owners) increase their holdings of a firm’s equity as the number of the firm’s products increases in phases I and II of FDA clinical trials. These findings are robust for heteroskedasticity and autocorrelation as well as for different operationalizations of the change of institutional ownership.

This study contributes to the existing literature that corporate governance consist of internal and external governance behavior which refers to the complementarity of the elements of (1) competing values framework and (2) corporate legality framework theories and proper orientation in the provisions of the elements leads to a good corporate power in the modern legal environment. A questionnaire is designed, a survey is conducted based on the constructed corporate governance model in the study, which investigates the evolutionary background of the elements with the view of establishing the right corporate culture and corporate legality behavior. The empirical results revealed that there is a positive linear relationship between the elements of corporate culture provisions with internal governance behavior and a significant positive association between the elements of corporate legality provisions with external governance behavior. The model does not take into account long-term external factors. Therefore, measuring corporate governance may not be an easy task and may not be suitable for specific countries that have strong legal systems and corporate ownership. The elements in the model are practical to implement and facilitates corporate to improve shareholder involvement and governance reporting and hence prevent failure. The constructed model span almost every attribute embedding high quality corporate social responsibility and corporate governance for corporate to identify areas for improvement and contributes to existing corporate governance literature that, connecting corporate culture and corporate legality behavior positively affect financial markets and firm performance.

Unions and worker cooperatives have long represented distinct approaches to building worker voice. This paper draws from observations of the work of the “Co-op Exploratory Committee” of 1199SEIU, the nation’s largest union local, which is seeking to expand the development of unionized worker cooperatives. Described by Martin Luther King, Jr, as his “favorite” union, 1199SEIU has a storied history of organizing frontline healthcare workers and includes large numbers of women of color and immigrant workers among its membership. Since 2003, it has also represented workers at Cooperative Home Care Associates, the nation’s largest worker cooperative. Drawing from discussions among union officials, co-op leaders, and rank-and-file union members about the potential role of unionized worker cooperatives within the labor movement, the paper examines the creative tension between stakeholder and democratic logics in efforts to expand this model. It argues that continued union decline, heightened interest in economic alternatives, and systemic frailties exposed by Covid-19 may create new opportunities for building unionized worker co-ops at scale.

Nutrition, as a science, is poorly understood, both professionally and publicly. The confusion that surrounds this science makes it very difficult, if not impossible, to formulate public health policy, which creates opportunities for political manipulation and control. Nutrition, for a century or more, has been variously described as a summation of the physiological and biochemical properties of individual nutrients in food rather than the whole food itself. This infers that isolated nutrients in supplements will function in the same way as nutrients in food. It also infers that removing or minimizing “undesirable” nutrients from food will make the food more healthful. This arises from the highly reductionist way that we focus on individual nutrients minus their natural context, both the context within the foods of which they are a part and the context within biological systems where they function. The shortcomings of this belief system may be illustrated by hugely costly mistakes made in the past, even more than a century ago, that corrupt current practices. Such mistakes have become so embedded in the contemporary narrative on nutritional science, both fundamentally and practically, that we fail to recognize the damage they continue to cause.

Alternatively, when nutritional effects are considered more within their natural contexts, that is, more wholistically, then it helps to explain, for example, the remarkable ability of nutrition, as provided by a whole food plant-based diet, to prevent even to cure varied types of cardiovascular disease. Furthermore, the breadth of this nutritional effect for a wide variety of illnesses and diseases suggests that nutrition, properly provided by a whole food plant-based diet, is more efficacious than a combination of all the contemporary pills and procedures combined. It also suggests that genetic determinism is not the explanation for disease that is widely advanced. And finally, among still more consequences, there are many societal outcomes that can be substantially mitigated, including the escalating cost of health care and the dangerously increasing array of destructive practices that damage the environment. Many of the momentous health, economic, environmental and sociopolitical problems currently faced may be traced to a misunderstanding of the effects of food and nutrition. The task therefore is how to bring this message to the attention of a public who for too long have gradually adopted flawed food production and healthcare systems that are on the verge of collapse, threatening the collapse of entire societies as we know them. More specifically, a public and professional dialog on the meaning of nutrition, especially its wholistic properties, is desperately needed, especially in medical schools where nutrition as a science is almost totally ignored.

This chapter examines the impact of changes in foreign exchange legislation on the levels of R&D undertaken by pharmaceutical firms in India. Foreign exchange legislation in India was codified as the FERA, passed in 1973, and the legislation was based on the mens rea principle, assuming criminal intent on the part of transgressor. The provisions of FERA were replaced with those of new legislation, called FEMA, in 1999. The impacts of the changes have been examined.

The examination has been based on panel data of Indian pharmaceutical firms over a period of fifteen years, from 1991–1992 to 2005–2006.

The results of the analysis have shown that, controlling for a variety of other factors, a transition from FERA to FEMA has been associated with a significant rise in pharmaceutical firms’ average levels of R&D undertaken.

The research establishes that institutional changes have significantly impacted innovation performance in India. The sector examined, pharmaceuticals, is important for the Indian economy as well as for general welfare, since its products help enhance the quality of lives. How innovation can be enhanced in this sector is an important policy consideration.

The research is the first to examine the impact of changing the laws relating to foreign exchange transactions in India on capability building, via undertaking research activities, in an important sector of Indian industry.

Drugs in the same therapeutic class differ in their therapeutic profile, metabolism, adverse effects, dosing schedules, delivery systems, and other features. In addition, such agents can provide backup if the initial drug sometimes fails in the development stage or in the market. The availability of a broad range of medicines enables physicians to treat with precision the individual needs of diverse patients and provides options when the first agent used is either ineffective or not tolerated. Some incremental innovations have been associated with overall cost savings. Competition among drugs in a therapeutic class drives prices down. Policies that limit research on incremental innovations may deny access to important therapies, reduce competition, and erode incentives for research.