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This study presents evidence on the relations of stock market performance and industrial production growth for a group of 20 industrial markets. Evidence supports the notion that an increase in stock returns or a rise in the market value of stocks contributes positively to industrial production growth. Evidence suggests that stock market risk has a significantly negative effect on production growth for advanced markets. The Granger test finds a unidirectional causality running from stock returns or stock volatility to industrial growth. However, the United States shows a bilateral causality between stock volatility and industrial production growth.

This paper assesses the projected growth of food supply relative to population growth and estimated food demand growth over the next four decades.

World population projections are analyzed for the main developed and developing regions. Implied food demand growth is then compared to grain and oilseed supply projections from a few of the most reliable sources. Three of these are 10-year projections and two extend to 2030 and 2050. To the extent possible, comparisons are made among the alternative projections. Conclusions about food availability and prices are finally drawn.

Meeting the growth in demand for food, feed, and biofuels to 2050 will not be a steep hill to climb, but there will need to be continued private and public investment in technology to induce increased production growth rates through productivity enhancements and increased purchased inputs.

The main food security challenge of the future, as in the present, is not insufficient production but rather increasing access and reducing vulnerability for food insecure households. The dominance of future population growth in the food insecure regions of Africa makes this challenge even more critical between now and 2050 and even more so in the years beyond 2050 when climate change effects on resource constraints will be more severe.

This study aims to examine the effects of energy consumption on economic growth by means of a panel data analysis of 75 net energy-importing countries for the period 1990 to 2012.

For the purpose of the analysis, the countries are classified into two groups, and each group is then classified into subgroups. The first group is formed based on the energy import dependence of the countries and is classified into two subgroups according to whether their dependence is greater than or less than 50 per cent. The second group is formed based on the income level of the countries and is classified into four subgroups, specifically, low-income economies, lower-middle-income economies, upper-middle-income economies and high-income economies.

The findings obtained for both panel data and for each country indicate that there is a positive and statistically significant relationship between energy consumption and economic growth over the long term such that energy consumption contributes more to economic growth as the import dependence of the country decreases. Moreover, the effect of energy consumption on economic growth decreases as the income level of the country increases. This indicates that the efficient use of energy is as important as energy consumption, which is regarded as an important indicator of economic development.

The authors expect that these findings will make a valuable contribution to the results of future studies, as they analyze the relationships among the variables by including the energy intensities of the countries.

Este estudio examina los efectos del consumo de energía en el crecimiento económico, mediante un análisis de datos de panel de 75 países importadores netos de energía para el período 1990-2012.

A los efectos del análisis, los países se clasifican en dos grupos y cada grupo luego se clasifica en subgrupos. El primer grupo se forma en base a la dependencia de los países en materia de importación de energía y se clasifica en dos subgrupos según su dependencia sea superior o inferior al 50%. El segundo grupo se forma sobre la base del nivel de ingresos de los países y se clasifica en cuatro subgrupos: economías de ingresos bajos, economías de ingresos medios-bajos, economías de ingresos medios-altos y economías de ingresos altos.

Los hallazgos obtenidos, tanto para los datos de panel como para cada país, indican que existe una relación positiva y estadísticamente significativa entre el consumo de energía y el crecimiento económico a largo plazo, de modo que el consumo de energía contribuye más al crecimiento económico a medida que disminuye la dependencia de las importaciones del país. Además, el efecto del consumo de energía en el crecimiento económico disminuye a medida que aumenta el nivel de ingresos del país. Esto indica que el uso eficiente de la energía es tan importante como el consumo de la misma, que se considera un indicador importante del desarrollo económico.

Los autores esperan que estos hallazgos aporten una valiosa contribución para estudios futuros, ya que analizan las relaciones entre las variables mediante la inclusión de las intensidades de los países.

Consumo de energía, Crecimiento económico, Importadores netos de energía, Panel de datos

Artículo de investigación

The purpose of this study is to isolate yellow pigment producing fungal strain and to determine the media requirement for growth and secondary metabolite production.

Fifteen soil samples were collected and studied for a pigment producing fungal sources. Selection of a fungus was based on pigment produced and further conditions, such as effect of media composition and light wavelength on pigment production and growth parameters were optimised.

Out of the isolates analysed, Epicoccum nigrum was selected for further study as this strain has the potential for pigment production. Among all the media evaluated, potato dextrose agar (PDA) was found to be the best media for growth and sporulation, whilst sabouraud dextrose agar (SDA) was only 29 per cent as capable as the best medium. The radial growth rate in case of PDA was 3 ± 0.02 mm/day, while in case of SDA, it was only 1.09 mm/day. Whilst starch as a carbon source was found to increase the radial growth to 5.15 ± 0.02 mm/day, sucrose significantly (p < 0.05) influenced the sporulation (224,000 ± 1,550 spores/ml) of Epicoccum nigrum. Amongst the various nitrogen sources analysed, peptone significantly increased (p < 0.05) the radial growth (6.55 ± 0.02 mm/day) as well as sporulation (220,000 ± 2,100 spores/ml). The observations also indicated that E. nigrum is able to sense and differentiate between light in different wavelength ranges and respond differently in growth and sporulation. The light passing through a red colour sheet resulted in better radial growth (8.5 ± 0.02 mm/day) in comparison to unfiltered light (3 ± 0.02 mm/day). Yellow pigment production in terms of hue values was significantly influenced by the presence of dextrose, peptone and darkness.

The isolated strain could be studied for variable conditions and stress factors for optimal production of the pigment. Recovery and purification studies could be carried out at pilot and industrial scale.

The isolation of a strain producing valuable microbial pigment will increase the alternatives of natural food colours and enhance the its commercial applications

This study identifies Epicoccum nigrum as a potential source of microbial pigment and facilitates its growth and production for possible applications in industrial pigment production.

Aquaculture has become the world’s fastest growing food-production technology. This chapter outlines the main factors for this growth and shows how farmed seafood can contribute directly and indirectly to food security. We used the databases of the FAO on food production and trade to analyze the development of production in the main categories of animal protein. The trends were interpreted in a productivity growth and trade context. We found that modern aquaculture is enabled by transferring knowledge from terrestrial animal production and from developing new technologies to create substantial productivity growth and production cost reductions. The current growth rate of aquaculture production exceeds all other types of meat production and is expected to continue to increase as the agro-science industry expands (seafood made up 34.5% of the world’s animal production in 2013). More than 90% of the world’s aquaculture production takes place in developing countries, where it contributes to food security directly through consumption or indirectly as a source of income. Seafood is a main source of animal protein in many parts of the world, particularly in developing countries. Depending on species and country, farmed seafood contributes to food security directly through domestic consumption, or indirectly through economic growth from exports.

World population has increased six-fold in the last two centuries, and thus agricultural production must have grown as well. The last fifty years of this increase are covered by the Food and Agriculture Organization (FAO) production series. This article aims to push our quantitative knowledge back in time as far as possible. It reviews the scattered evidence on agricultural production in the first half of the 19th century, estimates a yearly series of output for the main countries since 1870, and puts forward some guesstimates on trends in the rest of the world. In the long run, agricultural production has increased more than population. Growth has affected all continents, even if it has been decidedly faster in both the countries of Western Settlement and in Eastern Europe, than in Asia or in Western Europe. It was faster before World War I, a veritable golden age for world agriculture, than in the inter-war years. The composition of production has changed as well, with an increase in the share of livestock products.

The purpose of this paper is to estimate the degree of technical efficiency, determinants of technical inefficiencies and driving forces behind the production growth for a panel data set collected during the 1998/1999 and 2004/2006 Kharif cropping season, from 452 small-scale rice farming households in the Giridih and Purulia districts of Eastern India.

The estimations of technical efficiency utilize stochastic frontier production function with a sub-model of inefficiency effects at both aggregated farm level and disaggregated plot level where traditional varieties (TVs) and high-yielding varieties (HYVs) are differentiated. The output growth decomposition analysis identifies the main contributor to the total rice production growth.

The results indicate that the sampled farms are operated at moderate levels of technical efficiency. The production of HYV rice is associated with higher technical efficiency compared to TV rice. Farming experience, education attainment, landholding size, the share of non-agricultural income and the share of land in the lower terraces account for the differences in technical inefficiencies across the sampled farms. The decomposition analysis suggests that as technical efficiency decreased, technical change is the main source of production growth during the survey period.

The small sample size applied in the analysis will result in an insufficient representativeness of the study area.

This paper fills the literature gap as estimations of technical efficiency that account for subtle differences in adopted rice varieties are still rare in India.

With the opening up of the economy since the 1959 Economic Stabilization Plan, was it the production of electricity that drove the growth of gross domestic product (GDP) in Spain or, on the contrary, was it the growth of GDP that drove the production of electricity well into the 21st century? The purpose of this paper is to answer this question.

A cointegration approach based on the studies conducted by Pesaran and Shin (1999) and Pesaran et al. (2001) is applied, as it is suitable for short data series like those used in this paper.

The results of this paper allow us to conclude that electricity production boosted economic growth in Spain during the period under study, confirming the growth hypothesis.

The results of this paper should be interpreted with caution, as electricity today amounts to less than a quarter of the total amount of energy used in Spain. It was not possible to incorporate other inputs to the production function (such as other energy inputs, technological or human capital), but the methodology used avoids the problems of omitted variables and of autocorrelation.

The results show that a small economy with limited resources, such as the Spanish one, is more vulnerable to energy shocks than other energy-sufficient economies. As Spain is a country with high energy dependence from abroad, the government must first ensure the electricity supply. Increased availability and access to different sources of electricity will improve the outlook for the Spanish economy. Conversely, a shortage in supply of electricity will constrain the regular pace of economic growth.

Spain should investigate and explore more efficient and cost-effective sources of energy, in particular the renewable energies, as traditional energy sources will be scarce before long.

This paper differs from previous ones carried out for Spain in several aspects: it considers a broader period of time, from 1958 to 2015; the relationships between electricity production and GDP are analysed for the first time in a neo-classical production function where electricity, capital and employment are considered as separate factors; and a cointegration approach based on the studies conducted by Pesaran and Shin (1999) and Pesaran et al. (2001) is applied, as it is suitable for short data series like those used in this paper.

The purpose of this paper is to explore and investigate the electricity consumption and production and its linkage to economic growth in Pakistan.

The authors used an augmented Dickey–Fuller unit root test to check the stationarity of the variables, while an autoregressive distributed lag (ARDL) bounds testing approach and causality test were applied to investigate the variables long-term association with the economic growth.

The study results show that electricity consumption in the agriculture, commercial and industrial sector has significant association with economic growth, while electricity consumption in the household and street lights demonstrate a non-significant association with the economic growth. Furthermore, results also exposed that electricity production from coal, hydroelectric, natural gas, nuclear and oil sources have significant association with the economic growth of Pakistan.

This study made a contribution to the literature regarding electricity consumption and production with economic growth in Pakistan by using an ARDL bounds testing approach and causality test. This study provides a guideline to the government of Pakistan that possible steps are needed to improve the electricity production and supply to fulfill the country demand.

The purpose of this paper is to focus on economics literature on antimicrobial and alternative uses in food animal production on its current state, its drivers, impacts and policy, and provides a general picture of the research for this special agricultural input and future directions for the research and policy.

Reduction of antimicrobial uses in food animal production is relevant to both preventing antimicrobial resistance and ensuring global food security. This study focuses on reviewing antimicrobial impact on global food security, particularly in farm production by documenting the main drivers, functions and alternatives of antimicrobial animal uses, comparing different approaches used in evaluating its production effects and providing recommendations for future research and policy development.

Three main approaches, controlled animal experiments, comparisons between with and without using antimicrobials at the farm level and comparisons before and after antimicrobial ban as growth promoter, have been used in measuring food security effects of antimicrobial uses in food animal production. They are, however, answering different questions with different measuring conditions. The positive production impact of antimicrobial use is often associated to its functions as a growth promoter and in preventing and treating diseases. In this review the author question the technical legitimacy for antimicrobials as a growth promoter and argue that antimicrobials should be treated as a special class of conditional and supportive input in farm production instead of using it as a normal input in its impact evaluation.

An approach of combining damage control function and disease epidemiological model instead of a simplified production function should be used in its impact evaluation including in evaluating those used as antimicrobial growth promoters.

In reducing antimicrobial uses in animal production, apart from more active adoption of the alternatives, we call for a better understanding for the decision makings of antimicrobial use in the production process including government-veterinarian-farm links.

This study examines the main issues in current economic research in antimicrobial food animal production, clarifies ambiguities in antimicrobial production functions and in different approaches used in impact evaluation, provides a roadmap for reduction of antimicrobial uses and a new approach for the policy evaluation.