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Bubbles are a topic of great importance and great controversy. This paper discusses alternative perspectives on the economic meaning and origin of bubbles. Drawing on historical approaches to bubbles, this article sets out a taxonomy of approaches used to explain the nature of bubbles. The paper also considers issues connected with the scientific thinking surrounding bubbles. [ABSTRACT FROM AUTHOR]

In this study, we identify a fundamental attribute of the organizational structure of the firm--the intensity of interdivisional transaction relatedness and complementarity--which contributes to earnings management. We draw from the theoretical economics literature that demonstrates that intrafirm collusion is more likely in hierarchical and complex organizational structure. We posit that intrafirm collusion toward a common organizational goal is more prevalent in highly related organizational structure because the economic welfare of economic agents is highly interdependent. Consistent with our hypothesis, we find that earnings management is positively associated with organizational relatedness. We also find that, for firms with high organizational relatedness, those with a high proportion of outside directors and high institutional equity ownership have less pronounced earnings management. Collectively, our result suggests an interaction between corporate governance structure and organizational relatedness in affecting earnings quality. [ABSTRACT FROM AUTHOR]

The author examines a study conducted by Kin Wai Lee, Baruch Lev, and Gillian Yeo, which asserted that organizational relatedness is a predictor of earnings management and is negatively correlated with earnings quality. The article serves to question the theories presented by Lee, Lev, and Yeo, and build upon the data that was collected. It is the author's belief that the study conducted by Lee, Lev, and Yeo is an important one to economic literature, and presents an interesting application of the theory of organizational design and collusion to the financial reporting setting.

The article presents a letter from the editor, telling of how contributing authors can derive greater benefit from the manuscript review process. Two common mistakes of authors are discussed: premature submissions and comments-and-chances. Premature submissions refer to manuscripts that were submitted before the proper editing and proofreading took place. Comments-and chances refer to manuscripts that were submitted not for publication, but for the sake of constructive criticism. He also examines two trends of reviewers, which he calls breadth versus depth and sink or swim. The first refers to reviewers only taking into account the range of subject matter or the depth of discussion, and the second refers to only pointing out the problems encountered in a manuscript.

This paper empirically tests two prevalent but competing theories regarding the timing of appointments to the Board of Governors by presidential administrations. Both theories were developed simultaneously in the economics literature by Havrilesky and Gildea (1992) and Waller (1992) and are observationally equivalent by suggesting that administrations will select partisans early in their four-year terms and nonpartisans (sectoral) later in their four-year terms, although each bases this prediction on a different theoretical model. Several empirical replications (with updated data sets) presented here work to confirm the solutions put forth consistently by both models. However, the results of a new statistical test perhaps lends slightly more credence to the theoretical foundations of Waller's bargaining model. [ABSTRACT FROM AUTHOR]

The article lists publications received by the journal for possible review, including "Advances in International Marketing," edited by Perves Ghauri, "The Changing Nature of Work: Implications for Occupational Analysis," by Anne S. Mavor, and "Developing Strategies for Competitive Advantage," edited by Patrick McNamee.

In his review of our book I Regulation and Planning i , Edwin Buitelaar points to the different ways that planning scholars might think about planning regulation. The implication seems to be that regulation of a rapacious capitalism that seeks inequality and thrives on precariousness is less important than protecting citizens from the government. Third, and lastly, Buitelaar points to another useful distinction, that between an approach to regulation that privileges the law and one that views legal formalism as only one of many normative frameworks at play. [Extracted from the article]

This paper revisits the work of Fitzsimons et al. (1999) on the level of trade between Ireland and Northern Ireland. In doing so, we reflect on the recent move to prominence of this issue since the referendum decision of the UK to leave the EU and also on the shift within the economics literature to looking at trade issues from a micro rather than a macro perspective as data availability has grown. Our country-level results show the same pattern of limited statistical significance for a border effect as was found in the earlier work still holds, but when using firm-level data we find a positive and significant border effect. This effect holds for total trade at firm and product level with the primary determinant coming from the intensive margin, both in terms of average exports per firm and average exports per product within firms. [ABSTRACT FROM AUTHOR]

• Incidence of turn-taking is limited to environment with homogeneous costs. • Individuals do not engage in turn-taking when the perfect turn-taking path is at odds with efficiency. • The timed contribution protocol limits the frequency of mis-coordinated outcomes. Cooperation can take several forms when a group of people interact repeatedly over time. Turn-taking is one such form of intertemporal cooperation that is observed in various daily activities, but at the same time, remains under-studied in the economics literature. We report results from experiments designed to investigate the path of intertemporal cooperation in three-person finitely repeated public good games without communication. Each round, only a subset of individuals is needed to contribute in order to generate a public benefit to all group members. Incidence of perfect turn-taking is limited to settings where the costs are homogeneous. When the perfect turn-taking path is at odds with efficiency, players seldom engage in taking turns. Private information about costs changes the timing of individual decisions within each round. A timed contribution protocol limits the frequency of miscoordinated outcomes every round. [ABSTRACT FROM AUTHOR]

This study discusses the economic power and international fame of the Autonomous Community of Andalusia's tourist sector. A review of the economics literature justifies our measurement of tourism's economic impact on the tourist sector. The main contribution is an estimation of foreign tourist expenditure in Andalusia, the main Spanish tourist destination per number of overnights. Drawing on this estimate, the input–output methodology is applied to determine the global impact of this expenditure on the region. The study differentiates the three types of tourism of the region: coast, urban interior and rural interior. [ABSTRACT FROM AUTHOR]

Cognition is the result of imagination, realized in different forms according to the purposes to attain and the obstacles to overcome. Mostly, the knowledge comes to us through verbal forms. The scientific research often is considered as the most reliable and abstract verbal form of knowledge. The poetry is perceived as the most emotional and illogical verbal form of knowledge. Actually, poetry is the quickest knowledge while science – the most argued one. These characteristics represent significant advantages of the scientific and of the poetic knowledge, although both are usually opposed on to another. The objective of the article is to analyze whether and to what extent the scientific knowledge is more a creative process by functions, mechanisms and structure than a matter of hard research methods and procedures, and a space of constant uncertainty. The article is structured in several parts. First, the evolution of the philosophical ideas about reality, truth and knowledge is presented because it has led to the behavioral scientific revolution in social sciences since the 50th years of XX century. Next, structural elements of the scientific thinking and the creative process are analyzed and a common structural framework for both is proposed with emphasis on the relevance of the language and metaphors as fundamental “stuff of thought”. At last, the scientific and the poetic knowledge are analyzed as products of the imagination. Their convergences and differences are outlined because they have specific forms, internal structures and limits however every intellectual limit or form is tending to be temporary. The common structure of the creative process gives them more stable and lasting frame in time. [ABSTRACT FROM AUTHOR]

The article deals with the issue of knowledge spillovers in the European regions. For this purpose, a standard Knowledge Production Function (KPF) approach was extended by the application of spatial econometrics methods. Our analysis started from the construction of the alternative structures of the spatial weight matrices. These matrices were based on technological and institutional proximities, which represent compelling alternatives to geographic proximity regarded as a kind of all-encompassing connectivity measure. The next step in our analysis was the modeling of regional knowledge generation processes. We treated R&D expenditures and human resources in science and technology as the input measures and patent applications to the European Patent Offce as the output measure in our basic and extended models. The results show that the scope and direction of knowledge spillovers are sensitive to the type of knowledge (tacit vs. codified) and proximity dimension engaged. These findings contribute to the current debate in the geography of innovation and economics of knowledge literature. [ABSTRACT FROM AUTHOR]

The present study is focused on Ezra Pound's two book-length essays, ABC of Reading and Guide to Kulchur, reading them from the perspective of what Ezra Pound first-called in a letter from 1927 to his father the "subjectrhyme" - namely "an ideogram of space and time", as Pound also calls it somewhere else, that superposes heteregeneous cultural spaces and periods and constructs a sophisticated ideogram proving the strange continuities contiguities of beauty. Thus, reformations in art are for Pound always stemming deep into the tradition; and they involve not only the matter of literature - but essential matters concerning the human from economics, monetary theory, anthropology, history of the arts, history of philosophy etc. The "subject-rhyme" shows both how the complicated nature of beauty is a heteregenous ideogram traversing time - and also how it collects essential information about the human from various fields of knowledge, in order to reinvent the human on a superior scale - what Dante called trasumanare (Paradise, I 70). [ABSTRACT FROM AUTHOR]

The intrinsic motivation of a firm's management for engaging in prosocial behavior is an important determinant of a firm's social conduct. I provide the first model in which firms run by morally motivated managers engage in corporate social responsibility (CSR) in a competitive setting. Moral management crowds out a competitor's strategic CSR, increasing profitability and leading shareholders to strategically delegate moral managers, although necessary for socially optimal CSR is that shareholders be morally motivated as well. Shareholders appoint managers that engage in a socially excessive amount of CSR, counter to existing literature, whenever product‐market competition is sufficiently intense. [ABSTRACT FROM AUTHOR]

Venture Capital (VC) was born and has flourished in the United States, yet it has only modestly developed in other geographical areas. A vast body of research has been carried out to investigate the factors which are conducive to VC activity, and that may better explain the differences in the degree of development and performance of VC industry across different geographical contexts. However, there has only been a limited effort in the literature to systematize what we know (and what we do not know) about the institutional factors that spur VC activity. This paper tries to close that gap, through a systematic survey of the existing literature on the institutional and related determinants of VC activity. Grounding on the seminal work of North (1990), we consider formal (e.g. laws and formal rules) and informal (e.g. cultural norms and tacit codes of behaviour) institutions which are found in the extant empirical economics and management literature to affect the development of the VC industry. Building on this careful review, our paper aims to propose interesting avenues for future research in this domain. [ABSTRACT FROM AUTHOR]

Why do firms concomitantly rely on more than one organizational arrangement to procure/distribute a given input/product? In this paper, we systematically review and discuss the extensive path undergone by the literature exploring this issue: the so‐called plural forms. We address two main questions: how to explain the coexistence (and often the prevalence) of plural forms in many types of businesses? Are plural forms stable or a transitory phenomenon? We describe the most prominent motivations identified in the economics and management literature that drive firms to adopt plural forms and show that their vast majority are related to the mitigation of various types of agency/transaction costs. We also demonstrate that most of the available pieces of empirical evidence suggest the stability of plural forms over time. We conclude by demonstrating the path that has been trailed by the most recent developments. [ABSTRACT FROM AUTHOR]

The effect of military expenditure on growth is a longstanding debate in defence economics and peace literatures. The paper investigated the combined impact of military expenditure and Institutional quality on South Africa Inclusive growth. The authors add to the defence literature by constructing an inclusive growth index for South Africa, so as to capture the joint real effect of military expenditure and institutional quality. Only corruption was selected as a reliable proxy for institutional quality, since corruption is often a symptom of bad institution. Using data from 1984 to 2017, the result suggests that the impact of military expenditure on South Africa inclusive growth is positive and significant whereas military expenditure impact in the presence of corruption retards South Africa inclusive growth. [ABSTRACT FROM AUTHOR]

Editor's Note Our policy is to annotate all English-language books on economics and related subjects that are sent to us. A very small number of foreign-language books are called to our attention and annotated by our consulting editors or others. Our staff does not monitor and order books published; therefore, if an annotation of a book does not appear six months after the publication date, please write to us or the publisher concerning the book. [ABSTRACT FROM AUTHOR]

Given the conventional wisdom that poverty and associated income shocks are the fundamental causes of child labour, from a policy perspective, there is a perception that social safety net programmes can play a vital role in reducing child labour. While there is extensive evidence that shows the prevalence of child labour is low among beneficiaries of conditional cash transfer programmes, the impact of workfare programs on child labour has been rarely investigated in the economics literature. This paper addresses the issue by evaluating the impact of the public works component of the Productive Safety Net Programme implemented in Ethiopia in 2005. The programme aims to help poor households to build assets and develop resilience to shocks through employment in public projects. Results from child fixed effects estimations show that children in programme beneficiary households are significantly less likely than their counterparts in non‐beneficiary households to be involved in child labour. The findings suggest that, if well targeted, even safety net programmes that do not primarily target child outcomes can be useful in addressing child labour problems. [ABSTRACT FROM AUTHOR]

Corporate social responsibility (CSR) implies that corporations integrate social and environmental concerns in their business operations and in their interaction with their stakeholders on a voluntary basis. CSR's component parts include: economic, legal, ethical and philanthropic responsibilities. Although social norms and ethics are inherent features of CSR the modern literature of economics and finance focuses mainly on CSR as a firm value-driver. Such narrow view may lead to the deterioration of CSR identity as well as underestimating the role of CSR in building welfare. Thus the purpose of the article is to show the role of CSR in achieving welfare improvements by considering social responsibility as a factor of prosperity and especially as a mechanism of ethically and institutionally anchored self-regulation supporting the organization of market failure correction reducing this welfare. The main thesis is that CSR brings about considerable benefits in terms of allocation efficiency, redistribution and stabilisation. The method employed is the analysis of international literature. [ABSTRACT FROM AUTHOR]

Research on industrial policy has taken off, leading to a better understanding of when such policies effectively harness economic development. This article reviews the recent literature on the economics of industrial policies. Until recently, empirical studies on industrial policies came largely in one of two types: detailed country/region studies and cross-industry or cross-country econometric studies. I point out that the country/region studies had the usual problem that it was difficult to trace the effects of success to specific industrial policies, while the econometric studies suffered from the problem of misspecification. I show that a new generation of work has been moving us beyond the largely ideological debates of the past to a more contextual, pragmatic understanding. [ABSTRACT FROM AUTHOR]

Environmental degradation and income inequality are two of the most important international debates that await immediate resolution. Despite that, their interaction in the environmental economics literature has been very little analysis. The aim of this study is to examine the impact of income distribution on the CO 2 emissions in Turkey during 1984–2014. An Autoregressive Distributed Lag Model (ARDL) test is employed to determine possible long-term and short-term nexus among the series. The ARDL test results show that the series are cointegrated and that income inequality has a positive effect on CO 2 emissions. We also find that the environmental Kuznets curve (EKC) is valid in Turkey. The Toda-Yamamoto causality test denotes that Gini coefficient is the Granger-cause of CO 2 emission. The results show that deterioration in income distribution will reduce environmental quality in Turkey, which validates that political economy approach is valid in Turkey. Study results can be an important guide for policymakers. Reducing income inequality for a new strategy in the fight against environmental problems may lead to a win-win situation for Turkey and the international community. • Examines the effect of income inequality on CO 2 emissions in Turkey. • The method of ARDL is employed as an analytical technique. • We find that income inequality positively affects CO 2 emission in Turkey. • Empirical findings suggest that the quality of the environment should be ensured by implementing fairer income distribution. [ABSTRACT FROM AUTHOR]

The effect of minimum wage on employment is one of the most important matters discussed in economics literature however; the theoretical approaches put forward regarding the impact of minimum wage on employment indicate different outcomes. In this regard, the purpose of this paper is to empirically investigate the effect of minimum wage legislation on employment by employing data for OECD countries over the period 1997- 2017 and to contribute to this literature where consensus has not yet been achieved on the subject. In order to conduct this investigation, the Augmented Mean Group Estimator has been used. According to empirical results, minimum wage legislation increases the employment in the long run for the OECD countries. On the other hand, these results show that a one percent increase in minimum wage leads to an increase of 0.17% in employment rate. Although country-specific coefficients vary between countries because of the institutional and structural characteristics of countries, they are mostly positive. These findings support the modern liberal approach, which suggests that the impact of minimum wage on employment is negligible or positive. [ABSTRACT FROM AUTHOR]

Purpose: The global financial crisis (GFC) undermined the legitimacy of orthodox economic assumptions, which nevertheless continue to frame business school pedagogy. In consequence, there is an opportunity for socio-economic insights to be more fully incorporated into the business school curriculum. This paper reports and reflects on a socio-economic case study that was delivered to MBA students. The purpose of this paper is to demonstrate that the developing literature on behavioural economics (BE) has the potential to enhance students' social economic understanding of key areas of the curriculum. Design/methodology/approach: The paper presents an inter-disciplinary socio-economic teaching case that was informed by insights from BE. The teaching case concerned a socio-economic understanding of corruption and white-collar crime. It was also inter-disciplinary to include inputs from business history and criminology. The aim of the teaching case was to develop an appreciation among students that corruption and white-collar crime can be analysed within a social economics lens. Findings: The teaching case example discussed in this paper offered an alternative socio-economic understanding to core areas of the MBA curriculum, enabling students to apply a behavioural economic approach to corruption and more generally to white-collar crime. The findings derived from this case study are that behavioural economics has the potential to enhance the teaching of socio-economics. Practical implications: The GFC presents an opportunity to re-shape the business school curriculum to acknowledge the centrality of socio-economics and consequently to offer an alternative to the dominant ontological assumptions – taken from the economic understanding of rationality – that have previously under-pinned business school pedagogy. Originality/value: The originality of this paper is to apply BE to a socio-economic teaching case studies in core subject areas of the MBA curriculum. [ABSTRACT FROM AUTHOR]

The present study aims to provide a political economy approach to the sovereign rating concept, questioning the influence the sovereign ratings have on economies. The business and economics literature have regarded the rating agencies as significant actors of world economy, while frequently criticizing their failures. These implications suggest, that the impact of sovereign ratings is limited on economies and that the agencies should be considered only within the framework of information provision. In addition, some policy recommendations are presented in this study in line with the criticisms within the relevant literature. [ABSTRACT FROM AUTHOR]

• Economics literature rarely shows that macroeconomic processes influence institutions. • Monetary policy especially follows a complex and chaotic process. • Extreme monetary policy has the potential to shift institutions from their trend. • The Hungarian hyperinflations are shown to be chaotic in their nature. • Fragile political institutions in Hungary were altered by this economic chaos. Monetary policies follow a complex and chaotic process, one that is enhanced when monetary growth is taken to the extreme, as in hyperinflation. While we have a basic understanding of the complex dynamics of hyperinflation, a less-explored phenomenon accompanying hyperinflationary episodes is the effect that they have on institutional development. Building on recent advances in economic history examining monetary policy and institutions, this analysis uses more explicit recourse to complexity theory and in particular complex adaptive systems to examine two separate hyperinflationary episodes in Hungary, 1923 and 1946. Delving into the institutional and cultural roots of the inflationary policies of the Hungarian government and detailing the institutional effects which succeeded hyperinflation, this paper shows that the twin experiences of Hungary were both chaotic and created a chaotic and complex aftermath, the results of which are still being felt. Indeed, Hungary's 1923 and especially its 1946 hyperinflation shows that some economic chaos cannot be restrained by political institutions and in fact the institutions themselves were changed. When staring into the abyss, Hungary also found that the abyss stared back. [ABSTRACT FROM AUTHOR]

The paper provides a novel perspective for the examination of urban public transport (UPT) systems based on a literature review of new institutional economics (NIE). New institutional economics is a rapidly growing interdisciplinary economic perspective which seeks to explain the role of institutions in the performance of socio-economic systems. It encompasses various economic theories including transaction cost economics, agency theory, contract theory and property rights economics. Although NIE-based approaches have been utilised in different sectors and policy areas, management and organisation of UPT systems is a policy area where the implications of NIE-related theories have not been thoroughly explored. UPT systems are complex and involve a variety of transport actors such as transport authorities, regulators, operators and passengers. These actors interact with each other as embedded in an institutional environment which structures the rules, hence determines the incentives, roles and liabilities for the actors. However, previous studies have generally taken this institutional environment as given and have not problematised it. This paper seeks to provide a concise literature review of UPT through the perspective of NIE to delve into the institutional configuration of UPT systems so that an institutional account of UPT is given. An institutional framework is proposed to help structure the current literature on UPT. To explore the applicability of NIE in conceptualising and problematising the issues concerning the management of UPT, the paper attempts to delineate the institutional landscape of UPT. The informal and formal institutions, governance structures and contractual relationships in UPT are examined through the lens of NIE. These institutional levels constitute the building blocks for the institutional arrangement of the UPT systems, and the proposed institutional framework for the analysis of UPT systems reviews and examines each institutional level in a systematic way. The paper explores the potential added-value that NIE provides, identifies the research gaps in the literature, and finally, shows the future avenues for NIE-inspired UPT studies. [ABSTRACT FROM AUTHOR]

This study contributes to the modern literature on the economics of crime by proposing and solving two models of a differential game that considers the dynamic strategic behavior of two gangs engaged in a territorial conflict. The police force acts as the leader in the game. In the first model, each gang is concerned solely by the actions of the other, thus leading to an equilibrium wherein the greater one gang's criminal activity, the greater the rival gang's criminal activity. In the second model both gangs account primarily for police activities aimed at maintaining law and order, thus leading to an equilibrium wherein the gangs respond directly to the law enforcement activities of the police force. Exploratory analyses employing gang-related crime and police activities in Los Angeles provide empirical support for the main features of both models of the differential game, such as how gang rivalry fuels criminal activity and how the role of police is crucial in reducing gang-related crime. [ABSTRACT FROM AUTHOR]

Innovation is an important part of environmental policy, and encouraging innovation is often an explicit goal of policymakers. A large literature in environmental economics examines the links between environmental policy and innovation. Popp et al. (2010) provides an extensive review of the literature on environmental innovation. This paper updates that review, highlighting research published during the past decade, with a focus on empirical research examining links between environmental policy and environmentally friendly innovation. I highlight major trends in the literature, including an increased number of cross-country studies and a focus on the effect of different policy instruments on innovation. I include a discussion of the justifications and evidence for technology-specific policy incentives and present evidence on the effectiveness of government R&D spending. My review concludes with a discussion of three promising areas for new research on environmental innovation. [ABSTRACT FROM AUTHOR]

In the literature on monetary economics, there is the 'inflationary bias' result which predicts that the rate of inflation will be biased towards a higher level under discretionary monetary policy than under a rule‐based policy regime. It is established that a credible nominal target can eliminate this 'inflationary bias'. In this paper, we examine the case of nominal GDP targeting, which is a rule‐based monetary regime. Depending on the degree of conservativeness by the central bank, we show in a stylized model the choice of different combination of inflation and real GDP targets can still result in an 'inflationary bias', and there also exists the possibility of a 'dis‐inflationary bias'. [ABSTRACT FROM AUTHOR]

Entrepreneurship is one of the main factors of production and hence, it plays a key role in determining the level of production and employment. Together with the globalization process entrepreneurship has become a fundamental determinant of economic growth and development. Thus, establishing the drivers of entrepreneurship is crucial for determining the necessary policies in order to increase the level of economic growth and development of a country. This paper investigates the determinants of entrepreneurship in Turkey by using individual level data taken from the Global Entrepreneurship Monitor [1]. The Global Entrepreneurship Monitor [2] provides a rich dataset with regard to the entrepreneurial behaviour and attitudes of individuals and how the national context of countries affect entrepreneurship. By considering the current economics literature demographic and economic features of individuals are used as potential determinants of becoming an entrepreneur. Moreover, similar to Arenius and Minniti [3]'s study perceptual variables are taken into account as explanatory variables of entrepreneurship in the empirical analysis. The results of our empirical study put forward the determinants of entrepreneurship in Turkey at the individual level. Hence, we contribute to the existing literature by presenting new evidence with regard to the determinants of entrepreneurship in Turkey. The results of our analysis will be helpful for policy makers in designing new policies in order to increase the number of entrepreneurs in Turkey. [ABSTRACT FROM AUTHOR]

This paper aims to present a comprehensive survey of the literature on the economics of informality. First, we focus on studies that aim to provide measures of informality using different methodologies. Next, we review empirical and theoretical studies focusing on the determinants as well as effects of informality. Finally, we conclude by summarizing the main findings of the literature, evaluate several policy recommendations based on our review as well as suggest some future research directions. Even though the literature on informality is growing at an increasing rate, future research efforts are very much needed, both on the theoretical and empirical side. Efforts have to be made to improve measurement of informal sector size as well as developing theoretical mechanisms for determinants and effects of informality that can be supported by empirical analysis. [ABSTRACT FROM AUTHOR]

Copyright of Sakarya Journal of Economics / Sakarya Iktisat Dergisi is the property of Sakarya Journal of Economics / Sakarya Iktisat Dergisi and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Nova Economia is the property of Nova Economia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

In this paper, we connect two lines of research in the development economics literature: the analysis of the effect and transmission channels of inequality on economic development and the discussion about the necessity for a broader measure for development. We estimate the association between income inequality and the Human Development Index and its components in a panel of 117 countries over the period of 1970 to 2010. In doing so, we find evidence for (a) a negative long‐run association between inequality and human development and (b) different short‐run associations between inequality and different dimensions of human development: a positive one with economic development but a negative one with educational outcomes, hinting at particular transmission channels. In addition, we detect (c) that those associations can be even more pronounced in countries with low levels of development, reconciling seemingly conflicting findings in the literature. [ABSTRACT FROM AUTHOR]

This commentary reviews key arguments on both sides of a heated methodological debate that has dominated the development economics literature for more than a decade now. It argues that the debate is increasingly fatiguing and tends to overemphasise (empirical) methodological peculiarities at the expense of conceptual issues, the resolution of which is crucial for successful policy making. [ABSTRACT FROM AUTHOR]

The process which is accepted as an industrial revolution in economics literature has two important features as the starting point. The first one is the completion of the evolutionary process of economics, so the summit and the second one is the turning point in the history of the world. The alteration and transformation that started with the First Industrial Revolution became the beginning of a process that extended many years. The most important observation among the industrial revolutions discussed today as 4.0 is the progressive abbreviation of the time between revolutions. The revolutionary dissertation, of course, has logic when it is thought that the transformation is a necessity mechanism. But the abbreviation of the time between the industrial change processes allows the argumentation of the idea of revolution so the developing humanity history faces new needs. This is a controversy about the motion of the revolutionary process into a dynamic process from another point of view. The motion process is everything that exists is in constant change. Motion occurs in an infinite variety, just like unlimited needs. The motion process can be described as an attempt to explain the contradictions that take each change into unlimited desires when viewed from an economic viewpoint. In this study, the evolution of industrial transformation processes involves the comparison of the resulting revolution with the concept of motion that feeds change processes. [ABSTRACT FROM AUTHOR]

A common approach to evaluating robustness to omitted variable bias is to observe coefficient movements after inclusion of controls. This is informative only if selection on observables is informative about selection on unobservables. Although this link is known in theory in existing literature, very few empirical articles approach this formally. I develop an extension of the theory that connects bias explicitly to coefficient stability. I show that it is necessary to take into account coefficient and R-squared movements. I develop a formal bounding argument. I show two validation exercises and discuss application to the economics literature. Supplementary materials for this article are available online. [ABSTRACT FROM AUTHOR]

The development of global value chains (GVCs) and their economic impact on countries, industries, and firms has been much discussed in the business and economics literature. This introductory paper reviews and highlights some of the key topics covered in GVC literature, aiming to give readers a comprehensive overview of the relevant material to enhance their understanding of GVC research. It has three sections: the first section explains key concepts, describes the characteristics of GVCs, and briefly discusses the factors behind recent GVC developments. The second section summarizes major GVC analytical approaches commonly used in the business and economics literature. The final section highlights the economic impact of GVCs in four important areas: competitiveness, economic development, labor markets, and trade costs. [ABSTRACT FROM AUTHOR]

The current study examines the roles of three psychological variables, job satisfaction, positive attitude and self‐satisfaction, in the determination of the worker's wage. Using two samples from the National Longitudinal Survey of Youths, 1979 (NLSY79), the study for the first time models a possible simultaneous relationship among these four variables and estimates these equations by an appropriate two‐stage procedure. Our results indicate that the worker's wage is positively related to these psychological variables. This finding has important policy implications and thus it calls for future research in this direction. [ABSTRACT FROM AUTHOR]

Copyright of Revue d'Économie Régionale & urbaine is the property of Librairie Armand Colin and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

There is a mixed opinion in the economics literature on whether corruption promotes economic development or not. The complexity of corruption in terms of its definition and measurement has also deterred many studies to be carried out in terms of its effect on economic development. In order to have a good clarification, the study investigates the extent at which corruption affects development in Nigeria between 1982 and 2015 using cointegration and ECM methods of analysis to determine the long and short run effects of the variables. The findings from the study suggest that there is a long-run relationship among the variables (economic development (ED) and corruption) while the ECM explains that the previous year disequilibrium is adjusted back in this current year at 88.67% speed of adjustment. Overall, it is concluded that corruption has significant negative effect on economic development in Nigeria thereby slows down development in the country. The study therefore recommended among others, the need to strengthen anti-corruption agencies and also give them autonomy so as to enable them discharge their duties effectively. [ABSTRACT FROM AUTHOR]

This paper aims to investigate the predictive accuracy of the flexible price monetary model of the exchange rate, estimated by an approach based on combining the vector autoregressive model and multilayer feedforward neural networks. The forecasting performance of this nonlinear, nonparametric model is analyzed comparatively with a monetary model estimated in a linear static framework; the monetary model estimated in a linear dynamic vector autoregressive framework; the monetary model estimated in a parametric nonlinear dynamic threshold vector autoregressive framework; and the naïve random walk model applied to six different exchange rates over three forecasting periods. The models are compared in terms of both the magnitude of their forecast errors and the economic value of their forecasts. The proposed model yielded promising outcomes by performing better than the random walk model in 16 out of 18 instances in terms of the root mean square error and 15 out of 18 instances in terms of mean return and Sharpe ratio. The model also performed better than linear models in 17 out of 18 instances for root mean square error and 14 out of 18 instances for mean returns and Sharpe ratio. The distinguishing feature of the proposed model versus the present models in the literature is its robustness to outperform the random walk model, regardless of whether the magnitude of forecast errors or the economic value of the forecasts is chosen as a performance measure. [ABSTRACT FROM AUTHOR]

This paper deals with the applicability of Bradford law of scattering of the publications of India and China. The data for the study collected from WOS database, 887 journals publishing 1924 economics subject publications from India and 1627 journals published 4427 Chinese economics publications. The ranked list of journals prepared for both the datasets and the applicability of Bradford's law was tested. The journals distribution pattern of the economics literature fit Bradford's distribution pattern. The applicability of Egghe's model (modification of Leimkuhler's model) was also tested and found valid for both the datasets. [ABSTRACT FROM AUTHOR]

The paper presents the topic modeling technique known as Latent Dirichlet Allocation (LDA), a form of text-mining aiming at discovering the hidden (latent) thematic structure in large archives of documents. By applying LDA to the full text of the economics articles stored in the JSTOR database, we show how to construct a map of the discipline over time, and illustrate the potentialities of the technique for the study of the shifting structure of economics in a time of (possible) fragmentation. [ABSTRACT FROM AUTHOR]