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The income of those who attacked the U.S. Congress on January 6, 2021 and were subsequently arrested is estimated using the income in the neighborhood of their residence as a proxy measure. Contrary to common wisdom, we find that the income of the arrestees deviated markedly from that of the population at large. Two groups were conspicuously underrepresented from this subset of the insurrectionists: the poor (whose estimated annual per capita income was below $20K), and those who earned more than $50K per annum. Fully 83% of the arrestees resided in areas with an average annual per capita income between $20K and $50K. This finding dovetails with the argument that the right-wing populist movement is driven largely by the struggling lower-middle class who have been left behind by the transition from an industrial to a knowledge economy.

30 Jahre nach der Deutschen Wiedervereinigung – und unter dem Eindruck der akuten Corona-Krise – fand der siebte New Paradigm Workshop des Forum New Economy zur Zukunft des deutschen Modells vom 28. bis 30. September in Berlin statt. Renommierte deutsche und internationale Experten diskutierten die „Zukunft des deutschen Wirtschaftsmodells”. Wie gut ist Deutschland noch auf die kommenden Herausforderungen vorbereitet? In diesem Zeitgespräch sollen die auf dem Workshop präsentierten Studien vorgestellt werden, die mit Unterstützung des Forum New Economy erstellten wurden, unter anderem zur Entwicklung der Ungleichheit in Deutschland, einer neuen Industriepolitik, der Relevanz fiskalpolitischer Regeln und den Tücken des deutschen Exportmodells. Ergänzt werden diese Beiträge durch eine Übersetzung des Konferenzbeitrags von Thomas Piketty. Thirty years after German reunification – and under distress due to the acute coronavirus crisis – the seventh New Paradigm Workshop of the Forum New Economy took place in Berlin on 28-30 September. Renowned German and international experts discussed the “Future of the German Economic Model”. How well is Germany prepared for the coming challenges? This forum features a selection of articles funded by the Forum New Economy and presented at its workshop, including studies on the development of inequality in Germany, new industrial policy, the relevance of fiscal rules and the pitfalls of the German export model. The forum also includes a translation of the keynote by Thomas Piketty.

ZusammenfassungImmobilien haben an Bedeutung für die Einkommensungleichheit in Deutschland gewonnen. Der Anteil von Haushalten mit Einkommen aus Vermietung und Verpachtung hat zwischen 2002 und 2017 zugenommen. Mieteinkommen erklären einen wachsenden Anteil der Einkommensungleichheit in Deutschland. Veränderungen der Vermögensungleichheit werden hauptsächlich durch Kapitalgewinne aus Wohnungs- und Aktienkursen sowie durch unterschiedliche Sparquoten verursacht. Steigende Hauspreise verringern tendenziell die Vermögensungleichheit, während steigende Aktienpreise die Vermögensungleichheit vergrößern. In den 2010er Jahren hat der Anteil des Wohneigentums in den deutschen Bundesländern und über die verschiedenen Regionen hinweg zugenommen, insbesondere in städtischen Gebieten und größeren Kommunen. Somit profitierte ein steigender Anteil der deutschen Haushalte von steigenden Hauspreisen, und die Vermögensungleichheit hat sich zwischen 2002 und 2017 nicht wesentlich verändert. Wir dokumentieren erhebliche Unterschiede in Wohneigentum und -vermögen zwischen Ost- und Westdeutschland. Während in Westdeutschland 2017 etwa die Hälfte aller Haushalte in Immobilien investiert ist, liegt dieser Anteil in Ostdeutschland unter 40%. Im Jahr 2017 weisen die Haushalte in Bayern und Hamburg mit durchschnittlich mehr als 350.000 Euro das höchste Nettoimmobilienvermögen auf. In den ostdeutschen Bundesländern liegt das durchschnittliche Nettoimmobilienvermögen zwischen 100.000 und 150.000 Euro. Von 2012 bis 2017 ist das durchschnittliche Nettoimmobilienvermögen vor allem in großen Kommunen, Gemeinden und städtischen Regionen recht stark gestiegen. Das Betriebsvermögen erklärt mehr als die Hälfte der gesamten Nettovermögensungleichheit in Deutschland, gefolgt vom Nettoimmobilienvermögen.

This paper improves on the issues of extreme data points and heterogeneity found in the linear programming data envelopment analysis (DEA) by presenting a cluster-adjusted DEA model (DEA with cluster approach). This analysis, based on efficiency, determines the number of clusters via Gap statistic and Elbow methods. We use the December quarterly panel data consisting of 122 U.S agricultural banks across 37 states from 2000 to 2017 to estimate the cluster-adjusted DEA model. Empirical results show differences in the estimated DEA efficiency measures with and without a clustering approach. Furthermore, using non-parametric tests, the results of Ansari-Bradley, Kruskal Wallis, and Wilcoxon Rank Sum tests suggest that the cluster-adjusted DEA model provides statistically better efficiency measures in comparison to the DEA model without a clustering approach.

The aim of this paper is to present how countries can be compared on the basis of the development of selected macroeconomic indicators. The economic similarity of the four founding Mercosur countries (i.e., Argentina, Brazil, Paraguay, and Uruguay), based on the development of five selected macroeconomic indicators in the period 1991–2016, is investigated. The following indicators were analyzed: current account balance, GDP per capita, trade-to-GDP ratio, unemployment rate, and the GDP deflator, using data from the World Bank database. Using hierarchical cluster analysis of changes in time series (differences and growth rates), it was found that the obtained clusters of countries are different. For this reason, cluster analysis was carried out for two different groups of indicators on the basis of the averages of the Euclidean distances obtained for the individual indicators. Celem tego artykułu jest ukazanie w jaki sposób można dokonać porównań państw na podstawie wybranych wskaźników makroekonomicznych. Zbadano podobieństwo gospodarek czterech krajów założycielskich Mercosur (tj. Argentyny, Brazylii, Paragwaju i Urugwaju) w analizując zmiany pięciu wybranych wskaźników makroekonomicznych w latach 1991–2016. Przeanalizowano następujące wskaźniki: saldo obrotów bieżących, PKB per capita, wskaźnik handlu do PKB, stopę bezrobocia i deflator PKB, wykorzystując dane z bazy danych Banku Światowego. Za pomocą hierarchicznej analizy skupień zmian szeregów czasowych (różnic i wskaźników wzrostu) wykazano, że uzyskane skupienia poszczególnych krajów są różne. W związku z tym analizę skupień przeprowadzono na podstawie średnich odległości euklidesowych uzyskanych dla poszczególnych wskaźników dla dwóch różnych grup wskaźników.

We compare Covid-related working papers in economics to non-Covid-related working papers in four dimensions. Based on five well-known working papers series and data from the RePEc website, we find that Covid papers are mainly cover topics in macroeconomics and health, they are written by larger teams than non-Covid papers, are more often downloaded and they receive more citations relative to non-Covid papers.

Since the outbreak of the coronavirus disease (COVID-19) pandemic, governments around the globe have undertaken multiple policies to control its spread. Yet, only a few studies estimated the cost of COVID-19-related stringency measures on economic output, which can be attributable to the time lag and low frequency of conventional economic data. To bridge this gap in the literature, this paper uses novel high-frequency and spatially granular surface urban heat island (SUHI) data from satellites to quantify the impact of COVID-19-related containment policies in the People's Republic of China, exploiting variations in such policies. Three empirical results emerge. First, we find stringency measures decrease urban heat island in locked cities only marginally, which is equivalent to 0.04-0.05 standard deviation or CNY22.2 billion ($3.6 billion) of economic output drop which is a 0.09% annual gross domestic product decline in 2020. Second, our results suggest that governments have been learning continuously to manage containment measures better. Third, the government's containment policies have generated both positive and negative spillover effects on unlocked cities in which the former effect has dominated the latter.

This study describes the prevalence and drinking patterns of alcohol consumption among adults (aged 15+ years) and explores the association between sociodemographic factors and alcohol consumption in Vietnam. A cross-sectional representative survey of 5,200 respondents from 12 provinces was conducted in 2015. Multivariate logistic regression models were fitted to analyze the association between sociodemographic factors (age, gender, education, marital status, income, religion) and alcohol consumption patterns. Nearly three-quarters of males (77%) and one-quarter of females (23%) were current alcohol drinkers. In the multivariate analyses, being male (aOR=10.9, 95%CI = 8.01-14.8, p

Nowadays, academic journals of high standing rarely accept a conceptual idea in a paper not instantly accompanied by econometric estimates. The idea would almost certainly get rejected. Empirical validation based on past statistical data has produced an unfortunate backward orientation in economics. While one can learn from the past, this approach fails when the underlying conditions strongly change. The paper suggests various possibilities to overcome the intense publication pressure in so-called top journals and the overemphasis on instant empirical evidence. Academia is, however, unlikely to adapt. As economics is too backward oriented, other disciplines or cranks may well dominate future economic policy.

While assessing the economic impacts of corruption, the corruption-related transmission channels which influence taxation as such have to be duly considered. Taking the example of the Czech Republic, this article aims to evaluate the impacts corruption has on the size of the shadow economy as well as on the individual sources of long-term economic growth, making use of a transmission channel through which corruption affects the tax burden components. Using the method of an extended DSGE model, it confirms the initial assumption that an increase in perceived corruption supports the shadow economy’s growth, but at the same time, it demonstrates that corruption and especially its perception has a significantly different effect on two key areas—the capital accumulation and the labour force size. It further identifies another sector of the economy representing taxes which are prone to tax evasion while asserting that corruption has a much more destructive effect on this sector of the economy, offering generalized implications for other post-communist EU member states in a similar situation.

Many papers in economics that are published in peer reviewed journals are initially released in widely circulated working paper series. This raises the question about the benefit of publishing in a peer-reviewed journal in terms of citations. Specifically, we address the question: To what extent does the stamp of approval obtained by publishing in a peer-reviewed journal lead to more subsequent citations for papers that are already available in working paper series? Our data set comprises about 28.000 working papers from four major working paper series in economics. Using panel data methods, we show that the publication in a peer reviewed journal results in around twice the number of yearly citations relative to working papers that never get published in a journal. Our results hold in several robustness checks.

Since its launch in 2009 much has been written about Bitcoin, cryptocurrencies and blockchains. While the discussions initially took place mostly on blogs and other popular media, we now are witnessing the emergence of a growing body of rigorous academic research on these topics. By the nature of the phenomenon analyzed, this research spans many academic disciplines including macroeconomics, law and economics and computer science. This survey focuses on the microeconomics of cryptocurrencies themselves. What drives their supply, demand, trading price and competition amongst them. This literature has been emerging over the past decade and the purpose of this paper is to summarize its main findings so as to establish a base upon which future research can be conducted.

Covid 19 pandemic, digitalization, Green Deal - Mittelstand companies will face great challenges in the next years besides their sector and size-specific tasks. Derived from Mittelstand research, we outline which legislative motions and support measures policy makers need to pay attention to in order to sustainably strengthen Mittelstand companies' competitiveness and innovativeness. Corona-Pandemie, Digitalisierung, Green Deal - die mittelständischen Unternehmen stehen in den kommenden Jahren neben ihren branchen- und größenspezifischen Aufgaben vor großen Herausforderungen. Die Autorinnen zeigen in ihrem Beitrag auf, worauf die Mittelstandspolitik bei der Gesetzgebung und der Gestaltung von Unterstützungsmaßnahmen aus Sicht der Mittelstandsforschung achten sollte, damit die Wettbewerbs- und Innovationsfähigkeit der mittelständischen Unternehmen nachhaltig gestärkt wird.

Modern exchange theories model a large market, but do not explain single exchanges. This paper considers the phenomenon of single exchange and formulates the general exchange problem in the form of a system of two equations, subjective and objective. Subjective equilibrium is given by the Walras–Jevons marginal utility equation. Objective equilibrium equations by Walras and Jevons are averaged over all transactions in the market and can only give a rough general picture without explaining the specific price of an individual exchange. An exchange micro-condition must be found that, when averaged, will give the Walras market equilibrium macro-condition. The study of the internal structure of exchange leads to the need to consider power. The concept of generalized power is introduced. It is generalized power that serves as the primary comparable and measurable objective basis of exchange. The power theory of exchange provides the objective price-equation. It is demonstrated that money is a measure of generalized power in exchange and a certification of generalized power in subsequent exchanges. This methodology is based on an interdisciplinary analysis of an abstract exchange model in the form of a system of equations. The proposed theory is able to uniformly explain any exchange, including a single one, which is impossible with the existing theories of exchange.

30 Jahre nach der Deutschen Wiedervereinigung – und unter dem Eindruck der akuten Corona-Krise – fand der siebte New Paradigm Workshop des Forum New Economy zur Zukunft des deutschen Modells vom 28. bis 30. September in Berlin statt. Renommierte deutsche und internationale Experten diskutierten die „Zukunft des deutschen Wirtschaftsmodells”. Wie gut ist Deutschland noch auf die kommenden Herausforderungen vorbereitet? In diesem Zeitgespräch sollen die auf dem Workshop präsentierten Studien vorgestellt werden, die mit Unterstützung des Forum New Economy erstellten wurden, unter anderem zur Entwicklung der Ungleichheit in Deutschland, einer neuen Industriepolitik, der Relevanz fiskalpolitischer Regeln und den Tücken des deutschen Exportmodells. Ergänzt werden diese Beiträge durch eine Übersetzung des Konferenzbeitrags von Thomas Piketty. Thirty years after German reunification – and under distress due to the acute coronavirus crisis – the seventh New Paradigm Workshop of the Forum New Economy took place in Berlin on 28-30 September. Renowned German and international experts discussed the “Future of the German Economic Model”. How well is Germany prepared for the coming challenges? This forum features a selection of articles funded by the Forum New Economy and presented at its workshop, including studies on the development of inequality in Germany, new industrial policy, the relevance of fiscal rules and the pitfalls of the German export model. The forum also includes a translation of the keynote by Thomas Piketty.

30 Jahre nach der Deutschen Wiedervereinigung – und unter dem Eindruck der akuten Corona-Krise – fand der siebte New Paradigm Workshop des Forum New Economy zur Zukunft des deutschen Modells vom 28. bis 30. September in Berlin statt. Renommierte deutsche und internationale Experten diskutierten die „Zukunft des deutschen Wirtschaftsmodells”. Wie gut ist Deutschland noch auf die kommenden Herausforderungen vorbereitet? In diesem Zeitgespräch sollen die auf dem Workshop präsentierten Studien vorgestellt werden, die mit Unterstützung des Forum New Economy erstellten wurden, unter anderem zur Entwicklung der Ungleichheit in Deutschland, einer neuen Industriepolitik, der Relevanz fiskalpolitischer Regeln und den Tücken des deutschen Exportmodells. Ergänzt werden diese Beiträge durch eine Übersetzung des Konferenzbeitrags von Thomas Piketty. Thirty years after German reunification – and under distress due to the acute coronavirus crisis – the seventh New Paradigm Workshop of the Forum New Economy took place in Berlin on 28-30 September. Renowned German and international experts discussed the “Future of the German Economic Model”. How well is Germany prepared for the coming challenges? This forum features a selection of articles funded by the Forum New Economy and presented at its workshop, including studies on the development of inequality in Germany, new industrial policy, the relevance of fiscal rules and the pitfalls of the German export model. The forum also includes a translation of the keynote by Thomas Piketty.

Agricultural land and other agricultural production resources are distributed on farms of different types and shapes. They also differ in the size of the resources held, with special reference to the area and / or the number of animals. The production results depend, of course, on the volume of resources, as well as on the way in which they are valued, although their low degree of concentration, in the case of family farms, makes the exploitation process more difficult. This paper is based on the analysis of statistical data from a quantitative and qualitative point of view, highlighting the determination of the degree of uniformity, the number of agricultural holdings and their size at regional level.

We study the cost of being too patient on happiness. We find that the relationship between patience and various measures of subjective well-being is hump- shaped: it exists an optimal amount of patience that maximizes happiness. Beyond this optimal level, higher levels of patience have a negative impact on well-being.

This paper analyse the way how the sustainable developments components are interacting between them and reflects on a possible trade-off between social, human, economic, technological and environmental progress. In this context, I have computed the Pearson correlation coefficient between the mentioned forms of development for 2010-2018 period, but in some cases, my analysis was limited to a lower period due to the data availability. At all, I have concluded that social, human, economic, technological and environmental development are positively linked, but the link between technological and social development depends on the degree of automation which may spread certain social imbalances across the European Union on short-run. However, the link between social and technological development remain positive when it is assessed through the digitalisation channel or the growth of the IT&C sector.

We use the information compiled as of 15 June 2020 by the Asian Development Bank (ADB) in the ADB COVID-19 Policy Database to analyze the measures taken by its 68 members, plus the European Central Bank, and the European Union, to combat the coronavirus disease (COVID-19) pandemic. Measures associated with monetary policy amount to $14.9 trillion ($1.4 trillion by ADB's developing members), while the measures associated with fiscal policy amount to $7.1 trillion ($1.5 trillion by ADB's developing members). We discuss the specifics of five countries-identifying similarities and differences. Analysis shows that some countries implemented actions which do not translate easily into monetary amounts for reporting. We show that the total package per capita is directly related to gross domestic product per capita with a high elasticity of 1.61; and so is the package on government support to income and revenue (a subset of the total package), with an elasticity of 1.49. We develop a series of models to understand why rich economies spend significantly more per capita. Results indicate that the package per capita is positively related to the COVID-19 deaths per 100,000 population as of 15 June 2020, population of at least 65 years old as percent of total population, and wage and salaried workers as percent of total employment; and inversely related to self-employed as percent of total employment, and vulnerable employment as percent of total employment. We use this information to compare actual to expected packages.

This paper complements research on how {\em love of wealth} bears on key variables in a Ramsey-Cass-Koopmans growth framework. It is shown that for an optimum the social planner cannot have an excessive {\em love of wealth}. If the planner has the `right' {\em love of wealth} an optimum exists and implies higher long-run per capita capital, income and consumption relative to the standard optimal growth model. The optimum implies dynamic efficiency with the possibility to get arbitrarily close to the Golden Rule where long-run per capita consumption is maximal. It is shown that the optimal path is attaining its steady state more slowly. Thus, the beneficial effects of {\em love of wealth} materialize later than in the standard model. Furthermore, the economy can be decentralized as a competitive private ownership economy. One can then identify {\em love of wealth} with the ``spirit of capitalism''. The paper, hence, implies that one needs a 'right' level of the ``spirit of capitalism'' to realize any beneficial effects for the long run.

The study provides a view on Romanian economy in terms of its competitiveness and potential for sustaining an efficient foreign trade. After reviewing literature and the reports of prestigious institutions and bodies in the area, the author presents several elements providing an accurate image on current quantitative and qualitative parameters of Romanian foreign trade, the internal and foreign processes influencing it and its main trends. The theoretical, legislative and institutional background of the paper was developed earlier by the author in his monograph - "The legal and financial regime applicable to international foreign trade" published in 2008 by ArtPress Publishing House after Romania joined the European Union. In this study, however, the focus is placed on major changes that have occurred in Romania’s foreign trade after it joined the European structures.

Unrealistic assumptions underlying neo-classical economic theory have been challenged by both behavioral economics and studies of moral economy. But both challengers share certain features with neo-classical theory. Complementing them, recent work in the anthropology of ethics shows that economic behavior is not reducible to either individual psychology or collective norms. This approach is illustrated with studies of transactions taking place at the borders between market rationality and ethically fraught relationships among persons—organ donation and sex work. The paper argues that the inherent value accorded to social relations tends to resist instrumentalization and that the biases that dealing with other people introduce into reasoning are not flaws but part of the core functions of rationality.

Vermögens- und Steuerdelikte machen einen beträchtlichen Anteil an kriminellen Handlungen aus und ziehen erhebliche volkswirtschaftliche Schäden nach sich. Zwei der wohl prominentesten Straftäter in diesem Bereich der letzten Jahre waren Thomas Middelhoff und Uli Hoeneß, die beide Haftstrafen verbüßen mussten. Im vorliegenden Beitrag wird die mediale Präsenz der Fälle zum Anlass genommen, die Wirkung der Haftstrafe mit der Geldstrafe anhand der ökonomischen Theorie zu vergleichen. Es wird argumentiert, dass die Geldstrafe aus ökonomischer Perspektive zu präferieren ist, sodass es als sinnvoll erachtet werden kann, in wirtschafts- und steuerstrafrechtlichen Fällen auf die Geldstrafe als Strafe der ersten Wahl zurückzugreifen. Der Beitrag versteht sich diesbezüglich bewusst als Plädoyer. Property and tax crimes account for a significant proportion of criminal activity and result in significant economic damage. Two of the most prominent offenders in this area in recent years were Thomas Middelhoff and Uli Hoeneß, both of whom were serving sentences. In the present paper, the media presence of both cases is taken as an opportunity to compare the imprisonment with the fine based on economic theory. It will be argued that the fine is to be preferred from an economic perspective, so that it can be considered useful to use fines as a first-choice punishment in economic and tax-criminal cases. The paper understands itself in this regard as a plea.

Der Beitrag verfolgt die beiden miteinander verwandten Fragen, wie Ökonom*innen zu wissen vorgeben und warum sie überhaupt wissen wollen. Es wird argumentiert, dass sowohl die ökonomische Wissensform als auch die Motivation der Wissenden im Verlauf des 20. Jahrhunderts einen grundlegenden Wandel erfahren haben. Das Wissen wichtiger ökonomischer Lehrbücher der Gegenwart hat mit einem objektiven, dezidiert wissenschaftlich motivierten Wissen nur noch wenig gemein. Ihren Inhalten und Formen liegt vielmehr eine produktive Absicht zugrunde, die auf die Subjektivität ihrer Leser*innen zielt.

Das deutsche Bildungßsystem steht unter enormem Veränderungsdruck. Um die Schulen auf die Zukunft vorzubereiten und große Investitionsprogramme zu ermöglichen, haben Bund und Länder beschlossen, das Grundgesetz zu ändern. Dazu gehört auch die Öffnung von Artikel 104c. Der Bund wird künftig berechtigt sein, umfangreich in die lokale Bildungsinfrastruktur bzw. in Schulen zu investieren. Bislang waren solche Finanzhilfen stark eingeschränkt. Dies hat eine grundlegende Debatte über den Föderalismus in Deutschland und das Einflussverhältnis zwischen Bund und Ländern ausgelöst. Die Analyse der legislativen Änderung von Artikel 104c nach finanzwissenschaftlichen Kriterien zeigt, dass die politische Entscheidung kritisch bewertet werden muss. Angesichts der sich ausbreitenden Digitalisierung wird aktuell befürchtet, daßs die damit verbundenen Prozessinnovationen sich überaus negativ auf die Beschäftigung auswirken könnten. Aus historischer Perspektive zeigt sich indes, dass mehr oder weniger disruptive Produktivitätssteigerungen zur Genese des historisch gesehen recht jungen Kapitalismus gehören. Demzufolge setzen Innovationen allein, so gravierend sie sein mögen, die zentralen Funktionsprinzipien der modernen Ökonomie nicht außer Kraft. Mit einer geeigneten Politik lässt sich im Übrigen ein drohender Stellenabbau infolge solcher Transformationsprozesse des in seiner Grundstruktur gleichbleibenden zeitgenössischen Wirtschaftssystems bekämpfen.

This elaboration starts by deciphering modern science as a social subsystem being loosely coupled to the rest of society (section 2.1). Additionally, the way in which modern (monistic) economics was generated within this subsystem will be sketched (section 2.2). This will be contrasted with the views that this monism would have been eroded in recent times due to imports from other sciences into economics. Conclusions as regards the necessity as well as the mode of pluralism will be drawn from this discussion (section 2.3). Picking up the disputable complexity reductions involved in the dominating (monistic) approach in economics other ways to deal with complexity inherent in the economy will be dealt with in section 3. Here a stepwise exit from the established standard approach in economics is suggested for the microeconomic syllabus consisting in the first step of an introductory pluralistic course and in the second step of a heterodox advanced course. Conclusions and perspectives resulting from such an approach are discussed in the final section.

In this article, we lay out the basic case for wellbeing as the goal of government. We briefly review the history of this idea, which goes back to the ancient Greeks and was the acknowledged ideal of the Enlightenment. We then discuss possible measures on which a wellbeing orientation could be based, emphasising the importance of acknowledging the political agency of citizens and thus their own evaluations of their life. We then turn to practicalities and consequences: how would one actually set up wellbeing-oriented decision-making and what difference should we expect from current practice? We end by discussing the current barriers to the adoption of wellbeing as the goal of government, both in terms of what we need to know more about and where the ideological barriers lay.

Financial inclusion efforts seek to ensure that all members of an economy can have access to and effectively use appropriate financial services. Improving financial inclusion has become a significant concern for developed and developing countries alike. There are many indicators of financial inclusion, the most elementary of which includes having an account in a financial institution. This paper will evaluate the impact of indicators of financial inclusion on economic development. The result shows that correlations exist between large numbers of bank branches, ATMs, domestic credit in the private sector and the increased rate of development in the economy. People will gain a more prosperous life due to this development. The paper also provides recommendations for the governments of developing countries to improve financial inclusion. Działania na rzecz włączenia finansowego mają na celu zapewnienie wszystkim podmiotom funkcjonującym w gospodarce dostępu do odpowiednich usług finansowych i możliwości ich efektywnego wykorzystania. Zwiększenie włączenia finansowego stało się poważnym problemem zarówno dla krajów rozwiniętych, jak i rozwijających się. Istnieje wiele wskaźników włączenia finansowego, z których najbardziej podstawowym jest posiadanie konta w instytucji finansowej. Niniejszy artykuł ma na celu ocenę wpływu wskaźników włączenia finansowego na rozwój gospodarczy. Wyniki badań pokazują, że istnieją korelacje między dużą liczbą oddziałów banków, bankomatów, kredytu krajowego w sektorze prywatnym a wzrostem tempa rozwoju gospodarki. Rozwój ten umożliwi wzrost poziomu życia ludności. W artykule przedstawiono także zalecenia dla rządów krajów rozwijających się służące zwiększeniu włączenia finansowego.

Unrealistic assumptions underlying neo-classical economic theory have been challenged by both behavioral economics and studies of moral economy. But both challengers share certain features with neo-classical theory. Complementing them, recent work in the anthropology of ethics shows that economic behavior is not reducible to either individual psychology or collective norms. This approach is illustrated with studies of transactions taking place at the borders between market rationality and relationships among persons - organ donation and sex work. The paper argues that the inherent value accorded to social relations tends to resist instrumentalization and that the biases that dealing with other people introduce into reasoning are not flaws but part of the core functions of rationality.

The study assesses the role of globalization-fuelled regionalization policies on financial allocation efficiency in four economic and monetary regions in Africa for the period 1980 to 2008. Banking system and financial system efficiency proxies are used as dependent variables whereas seven bundled and unbundled globalization variables are employed as independent indicators. The bundling exercise is achieved by means of principal component analysis while the empirical evidence is based on interactive Fixed Effects regressions. The following findings are established. First, financial allocation efficiency is more sensitive to financial openness compared to trade openness and most sensitive to globalization. The relationship between allocation efficiency and globalization-fuelled regionalization policies is: (i) Kuznets or inverted U-shape in the UEMOA and CEMAC zones (evidence of decreasing returns to allocation efficiency from globalization-fuelled regionalization) and (ii) U-shape overwhelmingly in the COMESA and scantily in the EAC (increasing returns to allocation efficiency from globalization-fuelled regionalization). Established shapes are relevant to specific globalization dynamics within regions. Economic and monetary regions are more prone to surplus liquidity than purely economic regions. Policy implications and measures of fighting surplus liquidity are discussed.

Mit der fortschreitenden Digitalisierung von Wirtschaft und Gesellschaft wächst die Bedeutung von Big Data Analytics, maschinellem Lernen und Künstlicher Intelligenz für die Analyse und Pognose ökonomischer Trends. Allerdings werden in wirtschaftspolitischen Diskussionen diese Begriffe häufig verwendet, ohne dass jeweils klar zwischen den einzelnen Methoden und Disziplinen differenziert würde. Daher soll nachfolgend ein konzeptioneller Überblick über die Gemeinsamkeiten, Unterschiede und Interdependenzen der vielfältigen Begrifflichkeiten im Bereich Data Science gegeben werden. Denn gerade für Entscheidungsträger aus Wirtschaft und Politik kann eine grundlegende Einordnung der Konzepte eine sachgerechte Diskussion über politische Weichenstellungen erleichtern. Due to the ongoing process of digitisation, Big Data Analytics and Artificial Intelligence are becoming more and more relevant for the analysis of economic processes, trends and the future competitiveness of German industry. However, these technical terms are often applied in economic policy discussions without clearly differentiating between the various disciplines, methods and instruments that make up modern Data Science. Therefore, this article aims to give a conceptual overview covering commonalities, differences and linkages between Big Data, Data Mining, Machine Learning und Predictive Analytics. Political decision-makers and top managers will benefit from a fundamental understanding of the different concepts and technological applications when discussing strategic decisions.

The efficient-market hypothesis (EMH) is one of the most important economic and financial hypotheses that have been tested over the past century. Due to many abnormal phenomena and conflicting evidence, otherwise known as anomalies against EMH, some academics have questioned whether EMH is valid, and pointed out that the financial literature has substantial evidence of anomalies, so that many theories have been developed to explain some anomalies. To address the issue, this paper reviews the theory and literature on market efficiency and market anomalies. We give a brief review on market efficiency and clearly define the concept of market efficiency and the EMH. We discuss some efforts that challenge the EMH. We review different market anomalies and different theories of Behavioral Finance that could be used to explain such market anomalies. This review is useful to academics for developing cutting-edge treatments of financial theory that EMH, anomalies, and Behavioral Finance underlie. The review is also beneficial to investors for making choices of investment products and strategies that suit their risk preferences and behavioral traits predicted from behavioral models. Finally, when EMH, anomalies and Behavioral Finance are used to explain the impacts of investor behavior on stock price movements, it is invaluable to policy makers, when reviewing their policies, to avoid excessive fluctuations in stock markets.

Severe recessions and financial crises are frequent. Their effect on the economy is persistent and often exceeds initial projections. They can also be a strong driver of widening inequality. Therefore it is important that measures be taken to minimize the risk of such events while strengthening the potential for economies to innovate and prosper (Phelps,Mass Flourishings: How Grassroots Innovation Created Jobs, Challenge and Change, 2013). An economy’s resilience to crises and recessions can also be strengthened. Minimizing risks requires the accurate monitoring of home-grown vulnerabilities in realtime; coping with the consequences means identifying and putting in place policy settings and mechanisms that can help absorb the impact of a severe downturn and facilitate a swift rebound of economic activity. Strengthening resilience will also provide a key contribution to solving the global problems of rising populism, nationalism and protectionism.

The paper provides a brief review of the connecting literature in management information, decision sciences, and financial economics, and discusses some research that is related to the three cognate disciplines. Academics could develop theoretical models and subsequent econometric models to estimate the parameters in the associated models, and analyze some interesting issues in the three related disciplines.

This paper brings an important empirical contribution to the academic literature by examining whether gender differences in tax compliance are due to higher prosociality among women. We conducted a large cross-national tax compliance experiment carried out in Italy, U.K., U.S., Sweden, and Romania, and assessed tax compliance as reported income as a percentage of total earned income in the experiment. We uncover that women declare a significantly higher percentage of their income than men in all five countries. While some scholars have argued that differences in honesty between men and women is actually being mediated by the fact that women are more prosocial than men, we find that women are not more prosocial than men in all countries. Furthermore, though overall women tend to be more prosocial on average than men, SVO has no mediation effect between gender and tax compliance. We conclude then that although differences in prosociality between men and women seem to be context dependent, differences in tax compliance are indeed much more consistent.

Using IUCN Red List of Threatened Species (2016v2) data, I calculate an expected extinction rate for the coming century that is 759 to 7,582 times the natural background rate. Extinction rates exceed the planetary boundary formulated by Rockström et al. (2009) nearly everywhere (521 out of 538 regions) and do so beyond the zone of uncertainty introduced by Steffen et al. (2015) in 329 regions (or 51.5 percent of land surface). I show that species extinction increases with population density and GDP per capita, and while I cannot claim causal links, my findings suggest that the conservation of nature requires degrowth or at least a transition to a steady state economy.

The paper provides a review of the literature that connects Big Data, Computational Science, Economics, Finance, Marketing, Management, and Psychology, and discusses research issues that are related to the various disciplines. Academics could develop theoretical models and subsequent econometric and statistical models to estimate the parameters in the associated models, as well as conduct simulation to examine whether the estimators in their theories on estimation and hypothesis testing have good size and high power. Thereafter, academics and practitioners could apply theory to analyse some interesting issues in the seven disciplines and cognate areas.

Das Paper analysiert den bisher kaum beachteten Gebrauch von Metaphern in ökonomischen Standardlehrbüchern am Beispiel der Lehrtexte von Paul A. Samuelson und N. Gregory Mankiw. Dabei steht die metaphorische Semantik des abstrakten Konzeptes "des Marktes" im Zentrum der Untersuchungen. Mittels textanalytischer Methoden und mit Rückgriff auf die Conceptual Metaphor Theory verfolgen die Autorinnen die Einführung des Konzeptes "der Markt" als abstraktes und weitestgehend inhaltsleeres Konzept, die (Um-)Deutungen des Konzepts mithilfe von Entitätsmetaphern, Personifizierungen und Orientierungsmetaphern und die Verbindung des Begriffes mit politisch-ideologischen Wertungen. Hauptergebnisse sind: (1) Ökonomische Standardlehrbücher weisen einen massiven und stillschweigenden Gebrauch von Metaphern auf. (2) Dieser Gebrauch kann das kognitive Unbewusste der Leser_innen beeinflussen, und (3) Reflexive ökonomische Bildung kann zu einem verantwortungsvollen Umgang mit Metaphern befähigen.

The paper provides a review of the literature that connects Big Data, Computational Science, Economics, Finance, Marketing, Management, and Psychology, and discusses some research that is related to the seven disciplines. Academics could develop theoretical models and subsequent econometric and statistical models to estimate the parameters in the associated models, as well as conduct simulation to examine whether the estimators in their theories on estimation and hypothesis testing have good size and high power. Thereafter, academics and practitioners could apply theory to analyse some interesting issues in the seven disciplines and cognate areas.

This paper provides a review of some connecting literature in Decision Sciences, Economics, Finance, Business, Computing, and Big Data. We then discuss some research that is related to the six cognate disciplines. Academics could develop theoretical models and subsequent econometric and statistical models to estimate the parameters in the associated models. Moreover, they could then conduct simulations to examine whether the estimators or statistics in the new theories on estimation and hypothesis have small size and high power. Thereafter, academics and practitioners could then apply their theories to analyze interesting problems and issues in the six disciplines and other cognate areas.

The global financial crisis (GFC) led to increasing distrust in economic research and the economics profession, in the process of which the current state of economics and economic education in particular were heavily criticized. Against this background we conducted a study with undergraduate students of economics in order to capture their view of economic education. The paper is based on the Documentary Method, a qualitative empirical method, which combines maximum openness with regard to the collection of empirical material coupled with maximum rigor in analysis. The empirical findings show that students enter economics curricula with (1) epistemic, (2) practical or (3) moral/political motivations for understanding and dealing with real-world problems but end up remarkably disappointed after going through the mathematical and methods-orientated introductory courses. The findings further indicate that students develop strategies to cope with their disappointment - all of them relating to their original motivation. The theoretical contextualization of the empirical findings is based on the psychological concept of cognitive dissonance.

Zehn Jahre nach Ausbruch der Finanzkrise wurden in der Juli-Umfrage des Ökonomenpanels von ifo und Frankfurter Allgemeinen Zeitung Professoren für Volkswirtschaftslehre an deutschen Universitäten befragt, wie sich ihrer Meinung nach die Bedeutung der VWL gewandelt hat und inwieweit die Disziplin seit dem Ausbruch der Finanzkrise selbst einen Wandel erfahren hat. Eine Mehrheit der befragten Ökonomen nimmt ein zunehmendes Hinterfragen der Modelle und der Modellannahmen in der Lehre seitens ihrer Studierenden, nicht aber in der Forschung seitens der Peers bzw. Referees wahr.

Donald Trump won the election in 2016 largely because enough voters in three states, all in the Rustbelt, who had voted for Barack Obama in both 2008 and 2012, switched their vote from Democratic to Republican. Economic dislocations played a crucial role in these swing states or democratic strongholds to persuade many voters to take the dramatic step to vote for an anti-establishment candidate even if that meant a leap of faith into the unknown. The sources of the dislocation were the development of a dual economy characterized at one end by low and stagnating wages, increasing debt, downward social mobility, declining relative incomes, and the hopelessness accompanying them while at the other end of the income distribution the economy was simply booming. This was longer than a three-decade process that started with Reaganomics and its tax cuts that privileged the rich and conferred immense wealth, and its concomitant, political power, on them. Reaganomics also accelerated the decline in the power of unions which had supported the middle class. The process continued under Bill Clinton’s administration and its continuing both financial deregulation and of hyper-globalization. George Bush continued to pamper the superrich with his tax policies. The process culminated with Barack Obama’s bailing out the superrich and his benign neglect of Mainstreet. Five administration’s disinterest in the social group Hillary Clinton referred to flippantly as “the deplorables” culminated in the revolt of the masses in favor of an incompetent strongman by overthrowing the establishment captured by such chants at Trump rallies as “Lock her up!”, “USA!”, “Build the wall”, or “Drain the swamp” (i.e., in Washington D.C.).

Die Entwicklung der Computer und die darauf aufbauende Digitalisierung haben technologische Veränderungen ausgelöst, die die Anforderungen an und die Nachfrage nach Arbeit, aber auch das Arbeitsangebot in den letzten Dekaden stetig verändert haben. Wie groß die kausalen Effekte dieser Entwicklung auf die Einkommens- und Vermögensverteilung sind, ist in der ökonomischen Literatur bisher weder eindeutig, noch abschließend geklärt. Schwierigkeiten in der Bestimmung dieser Effekte haben sich zunächst aus dem unvollständigen Verständnis ergeben, wie die Computerisierung und die Digitalisierung die Wertschöpfung beeinflusst haben bzw. welchen Beitrag sie leisten. Dies hat zugleich zu der grundsätzlichen Frage geführt, inwiefern der technologische Wandel durch die Computerisierung und Digitalisierung mit traditionellen ökonomischen Modellen, die Arbeit, Kapital und technischen Fortschritt in der Regel als trennbare Faktoren unterscheiden und hierbei feste Relationen bzw. proportionale Effekte unterstellen, erfasst werden kann. [...]

We investigate a normative theory of incomplete preferences in the context of preliminary screening procedures. We introduce a theory of ranking in the presence of objectively incomparable marginal contributions (apples and oranges). Our theory recommends benchmarking, a method under which an individual is deemed more accomplished than another if and only if she has achieved more benchmarks, or important accomplishments. We show that benchmark rules are characterized by four axioms: transitivity, monotonicity, incomparability of marginal gains, and incomparability of marginal losses.

This piece is intended to call the attention of directors, businessmen and company managers to a fact of great relevance. With the enactment of Law 12,846/13, its first and second articles imposed the accountability, administrative and civil liability of legal entities when of the perpetration of acts against the domestic or foreign Public Administration, meaning a relevant risk as the companies will liable regardless of guilt in the practice of corruption committed in its own interest or benefit.Keywords. law, anti-corruption, companies.

Physically as well as intellectually, Brendan Walsh (BMW) bestrode the narrow world of Irish economics like a colossus for decades. In part this reflected his calm debating style, and his common-sense ability to synthesise a vast range of knowledge of the Irish economy. But it also reflected the fact that he published consistently and voluminously throughout his career. He was particularly productive in its early stages, in the wake of his return to Ireland from the United States in 1969 at the age of 29, and was still very much an active researcher when he passed away suddenly in May 2016. BMW’s scholarly publications are listed in the appendix below.1 About two-thirds of the total appeared in Irish journals (including nineteen in The Economic and Social Review between 1970 and 2017) and in other Irish outlets; the rest in places as varied as The European Economic Review and The Journal of Regional Science; Demography and Political Studies; The Journal of Biosocial Science and Explorations in Economic History. Those titles convey a sense of both the quality and the broad interdisciplinary range of BMW’s research, spanning micro and macroeconomics, health and labour economics, political science, demography, economic history, and moreover nearly half a century. In what follows, we will attempt to give a flavour of the most original and influential of his publications. We discuss in turn his contributions to demography, labour economics, macroeconomics and exchange rates, political behaviour, and economic pedagogy.