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В статье представлены методические разработки, помогающие выявлять факторы, влияющие на «кризисные ситуации» в компании с учетом конкурентных преимуществ компании перед другими компаниями для статистического обеспечения использования возможностей фундаментального анализа в прогнозировании показателей строительных рынков с применением корреляционно анализа., The article presents methodological developments that help to identify factors influencing "crisis situations" in the company, taking into account the company's competitive advantages over other companies for statistical support of using the capabilities of fundamental analysis in forecasting construction market indicators using correlation analysis., Экономика и предпринимательство, Выпуск 3 (152) 2023, Pages 1209-1211

The overrepresentation of people of color and individuals with serious mental illnesses across all levels of the criminal legal system results from the effects of social and economic forces, including social determinants of health and behavioral health, as well as systemic racism. Conversely, criminal legal contact creates and exacerbates these social stresses, with associated consequences to general medical and behavioral health. In this column, the authors explore the relationship between social determinants of health and criminal legal contact through the lens of recent literature on criminal recidivism and describe the ways in which criminal legal contact is itself a social determinant that drives mental health outcomes.

The article addresses the role market definition can play for EU competition practice in the platform economy. The focus is on intermediaries that bring together two (or more) groups of users whose decisions are interdependent and which therefore are commonly referred to as “two-sided platforms”. We address challenges to market definition that accompany these cross-group network effects, assess current practice in a number of cases with the European Commission and Member States’ competition authorities, and provide guidance on how prac-tice is to be adapted to properly account for the economic forces shaping markets with two-sided platforms. Owing to the complementarities of services provided to the user groups the platforms cater to, the question arises whether and when a single market can be defined that encompasses both sides. We advocate a multi-markets approach that takes account of cross-market linkages, acknowledges the existence of zero-price markets, and properly accounts for the homing behaviour of market participants.

The production, or value added, approach to GDP involves calculating an industry or sector’s output and subtracting its intermediate consumption (the goods and services used to produce the output) to derive its value added. The value added at the macro level depends on business efficiency. It reflects an increase in value that a business creates by undertaking the production process. We assumed that the market creates thousands of vibrating energies, coming from other enterprises, with different frequencies. The purpose of this article is to verify whether the econophysics approach could be successfully used to assess a business from the perspective of the interaction between economic forces. Thus, we propose that the term ‘value added’ be understood as a certain amount of accumulated energy of enterprises that comes from the interaction of basic economic forces and economic vibrating forces of accounting. Using regression models, we show the influence of basic forces, like debt and the stock market, and vibrating ones (i.e., accounts payable, accounts receivable, inventory) on the economic value added by testing US, European, and emerging markets. We confirmed the relevance and appropriateness of the econophysics approach to estimating the economic value added. PKB liczony metodą produkcyjną jest to suma wartości dodanej ze wszystkich gałęzi produkcji narodowej po odjęciu wartości dóbr pośrednich. Wartość dodana na poziomie makro zależy od efektywności biznesu – odzwierciedla bowiem wzrost wartości dóbr wytworzonych przez przedsiębiorstwa. Zgodnie z założeniami, rynek generuje tysiące wibrujących energii o różnych częstotliwościach, pochodzących od innych przedsiębiorstw. Celem niniejszego opracowania jest zatem zbadanie możliwości wykorzystania ekonofizyki jako podejścia do oceny biznesu z punktu widzenia interakcji pomiędzy siłami ekonomicznymi. W związku z tym, zaproponowaliśmy rozumieć pod pojęciem „wartość dodana” pewną ilość energii skumulowanej przedsiębiorstw pochodzącej z interakcji podstawowych sił ekonomicznych i sił wibrujących (informacji przedstawionych w sprawozdaniu finansowym). W drodze modelowania regresyjnego ujawniliśmy wpływ podstawowych sił (tj. dług i rynek finansowy) oraz wibrujących (tj. zobowiązania, należności, zapasy) na ekonomiczną wartość dodaną, poddając analizie rynek Stanów Zjednoczonych, Europy oraz rynki wschodzące. Otrzymane wyniki potwierdzają trafność i stosowność wykorzystania ekonofizyki jako podejścia do szacowania ekonomicznej wartości dodanej.

Does the yield curve have the ability to predict output and recessions? At some times and in certain places, of course! But many details are matters of dispute: When and where does the yield curve predict successfully, which aspects of the curve matter most, and which economic forces account for the predictive ability? Over the years, an increasingly sophisticated set of tools, both statistical and theoretical, have addressed these issues. For the US, an inverted yield curve, particularly when the spread between the yield on 10-year and 3-month Treasuries becomes negative, has been a robust indicator of recessions in the post-World War Two period. The spread also predicts future real GDP growth for the US, although the forecast ability varies by time period, in ways that appear to depend on monetary policy. The evidence is less clear in other countries, but the yield curve shows some predictive ability for the UK and Germany, among others. [This paper was prepared for and has been submitted to the Annual Review of Financial Economics.]

In his important book, STRONG MANAGERS, WEAK OWNERS, Professor Mark Roe questioned whether Berle and Means were correct in assuming that the separation of ownership and control is an inherent aspect of large public corporations. Roe contends that dispersed ownership was not the inevitable consequence of impersonal economic forces, but rather the result of a series of political decisions motivated by a fear of concentrated economic power. The implication of this thesis, of course, is that while economic forces shaped modern corporate governance, they did so within the parameters set by law. As such, the governance structure of U.S. public corporations may not be optimal in an absolute sense, but only relative to the set of possibilities defined by our legal system. This essay quibbles with portions of Roe's analysis. Its primary thrust, however, is to question STRONG MANAGERS' premises regarding institutional investor activism. The essay argues that institutional investors will not - and should not be allowed to - become active agents in corporate governance.

The article investigates the spatial patterns of the COVID-19 infection in Italy and its determinants from March 9 to June 15, 2020, a time interval covering the so called ?first wave? of COVID pandemics in Europe. The results, based on negative binomial regressions and linear spatial models, confirm the importance of multiple factors that positively correlate with the number of recorded cases during the first wave of the pandemic. Economic forces, including urban agglomeration, industrial districts, concentration of large companies (both before and after the beginning of the ?lockdown?) and a North-South gradient are the most significant predictors of the strength of COVID-19 infection. These effects are statistically more robust in the spatial models than in the a-spatial ones. We interpretate our results in the light of pitfalls related to data reliability, and we discuss policy implications and possible avenues for future research.

We examine Thomas Piketty's explanations for steady and rising inequality in the nineteenth and early twentieth centuries, the decline of inequality in the half-century after World War I, and the return of high levels of inequality since the 1970s. We specify empirical and conceptual problems with his analysis, which stem from his presentation of causality at a highly general and vague level. That leads him to confuse rather than clarify the causal relations among implacable economic forces, changes in technological innovation and population growth, ideology, and governmental policies and the outcomes that he seeks to explain. We identify social scientists and historians who are able to account for temporal and geographic variations in the political coalitions that propelled egalitarian reforms, and that in their absence cleared the terrain for reactionary anti-egalitarian policies that the rich incited for their narrow benefit. We explain why Piketty's limited conception of ideology is insufficient for explaining how mass opposition to inequality is mobilized. We show that if we want to combine the study of capital in the twenty-first century with that of politics, we need a broader conception of ideology than what Piketty offers, one that will allow us to specify how ideology affects parties, states, voters, and activists.

This paper briefly sketches the nature, practices, and challenges of human rights from Muslim viewpoints. Historically, Islam is the pioneer of endorsing human rights. However, there are clashes between the Islamic and western concept of human rights, which has categorized human rights into various schools of thoughts. This debate has ignored realism and obscured the real essence of human values. The paper briefly analyzes the potential of human rights principles and their scope to serve as a mediator to improve human rights conditions. Although Muslim countries are facing severe human rights challenges due to social, cultural, political and economic forces, the concept of human values and justice, as portrayed by Islam is universal and has positive genesis to improve the global state of human rights upon embracement.

This paper proposes a new method to evaluate the composition of regional arrangements focused on increasing intraregional trade and economic integration. In contrast to previous studies which take the country composition of these arrangements as given, our method uses a network clustering algorithm adapted from the machine learning literature to identify, in a data-driven way, those groups of neighboring countries that are most integrated with each other. Using the obtained landscape of regional integration clusters (RICs) as benchmark, we then apply our method to critically assess the composition of real-world customs unions. Our results indicate that there is considerable variation across customs unions as to their distance to the RICs emerging from the clustering algorithm, suggesting that some customs unions are relatively more driven by ‘natural’ economic forces, as opposed to political considerations. Our results also point to several testable hypotheses related to the geopolitical configuration of customs unions.

Classical models of voluntary disclosure feature two economic forces: the existence of an adverse selection problem (e.g., a manager possesses some private information) and the cost of ameliorating the problem (e.g., costs associated with disclosure). Traditionally these forces are modelled independently. In this paper, we use a simple model to motivate empirical predictions in a setting where these forces are jointly determined––where greater adverse selection entails greater costs of disclosure. We show that joint determination of these forces generates a pronounced non-linearity in the probability of voluntary disclosure. We find that this non-linearity is empirically descriptive of multiple measures of voluntary disclosure in two distinct empirical settings that are commonly thought to feature both private information and proprietary costs: capital investments and sales to major customers.

The evolution that serverless computing represents, the economic forces that shape it, why it could fail, and how it might fulfill its potential.

This paper draws lessons from the Ebola Virus Disease epidemic to suggest how health systems research can be strengthened to assist better with preparedness for and mitigation of future public health emergencies The epidemic killed more than 11 000 people in West Africa between February 2014 and January 2016 The causes of the epidemic and the response to the outbreak harbour many lessons concerning how health systems were overwhelmed and need to be re-designed in order to cope with future public health emergencies and limit their escalation From these lessons, it is possible to identify the most significant systemic issues that must be addressed to ensure health systems can exhibit greater resilience in the face of similar events in the future The paper goes on to consider the current capacity of health systems research (HSR) to assist with the management of these issues and to suggest that critical systems thinking and practice could empower health systems researchers and practitioners in a manner that would give them much greater potency The research has additional importance now that Covid-19 has demonstrated that pandemics are not ‘black swan’ events © 2021 John Wiley & Sons, Ltd

This paper revisits the literature providing empirical evidence that patent offices are biased in favor of their national applicants. If true, this “national bias” would be proof of disrespect of the national treatment principle, deeply rooted in several international patent treaties. Existing investigations are, however, subject to an important limitation: they focus only on grant rates, which in all likelihood is a potentially biased indicator of stringency because it is influenced by economic forces. This paper puts forward an alternative and more robust approach to test the national bias hypothesis, consisting in a detailed analysis of how the patent examination process is carried out for domestic and international applications. Relying on a unique database of 2,400 patent families filed simultaneously in three patent offices (EPO, JPO, and USPTO), the empirical analysis finds no evidence of national bias - in any of the three patents offices - throughout the examination process. These results reopen a debate that seemed to have reached a consensus so far. The lower grant rates of international applications are not caused by a discriminatory bias in the examination procedures but might rather be driven by economic forces that shape the propensity of international applicants to maintain their patent active.

Progress in artificial intelligence and related forms of automation technologies threatens to reverse the gains that developing countries and emerging markets have experienced from integrating into the world economy over the past half century, aggravating poverty and inequality. The new technologies have the tendency to be labor-saving, resource-saving, and to give rise to winner-takes-all dynamics that advantage developed countries. We analyze the economic forces behind these developments and describe economic policies that would mitigate the adverse effects on developing and emerging economies while leveraging the potential gains from technological advances. We also describe reforms to our global system of economic governance that would share the benefits of AI more widely with developing countries.

Despite the ending of apartheid, regional wage disparities remain prevalent in South Africa with the former homelands characterised by persistently low wages and incomes. In this paper, we use a new economic geography (NEG) model to estimate the extent to which the persistence in apartheid regional wage disparities are an outcome of economic forces such as access to markets. We estimate a structural wage equation derived directly from the NEG theory for 354 regions over the period 1996 to 2011. We find support for the NEG model in explaining regional wage disparities across regions in South Africa, although the market access effects are highly localised in view of high distance coefficients. We also find a wage deficit in homeland areas even after controlling for NEG and other region-specific characteristics. Average wages of workers in homeland areas were 11.8% lower than predicted in 1996, with this gap rising to 13.3% in 2011. This gap remains using alternative estimation approaches and the inclusion of controls for infrastructure, removal of incentives under the deconcentration policies and local amenities.

Once a prosperous manufacturing town, Geelong in Victoria, Australia is undergoing a process of deindustrialisation and, in turn, redefining its identity to better retain viability in a globalised world. For instance, the town bid to host a Guggenheim museum on its Eastern Beach shore at the turn of the millennium, and has recently become a UNESCO City of Design (2017). Like so many declining regional industrial towns, Geelong has been undercut by the new economic forces, and has sought a new identity in cultural economies. The ‘Vacant Geelong’ project, which began at Deakin University in 2015 and is ongoing, evolved as a response to vacant industrial architecture in Geelong. Major industries including Ford (vehicles), Alcoa (aluminium), timber sawmills, wool mills, Pilkington Glass, cement works, and the oil refinery once defined the town and its history as an industrial architectural landscape.1 Major industries transformed the architectural and cultural terrain. Despite these cycles of transformation and erasure, and counter to a progressive and chronological approach to change, the ‘Vacant Geelong’ project explored this vacancy of industrial operation, yet presence of industrial architecture. Through inscriptions – artworks, design projects, creative research, installations, texts – it addressed those material realities that did not leave, the industrial structures – silos, ducts, chimneys, warehouses – that give Geelong its continuing industrial architectural character.

Many scholars, particularly in public health, argue that neoliberal capitalist economic forces adversely affect communities by increasing inequalities, ultimately affecting health. Apparently, corporate capitalism affects health and communitarian concerns because governments place corporate profits over the publićs interests. Using unique data collected by the Varieties of Democracy (VDEM) project that capture the degree of access of the poorest segments of society to health services comparable with those available to the richest segments, this study finds that an index of economic freedom robustly reduces inequality of access to health. We argue that these results obtain because greater exposure to global markets increases the premium on the productivity of labour, increasing incentives for political elites to invest in productivity-enhancing public goods. Our results are robust to a number of alternative models and data, and robust to instrumental variables analyses addressing potential endogeneity. Rather than free-market capitalism increasing health-related neglect of society, our data suggest that free-market capitalist conditions promote equitable access to health. This is good news for governments wishing to grow their economies, reform broken health systems for gaining advantages in a competitive global economy, and serve communitarian interests, such as shared good health.

Space is produced by a society in accordance with its habits, and habits, mostly in the Western society, have been heavily influenced by forms of production. Indeed, it is widely acknowledged that the Industrial Revolution definitely changed the space of modern landscapes, cities and dwellings life at all scales, and the way in which we perceive them. Cognitive capitalism is no exception. Since it fully established itself as one of the prevailing economic forces in the 21st century and in the Western world, it produced deep changes in the way in which people work, connect, and live. Starting from the assumption that changes in means of production generate new social relationships, this paper investigates how these changes might result in new ways of building architectural space. Without indulging in a deterministic attitude, it focuses on housing as one of the fundamental artefacts where a society expresses its approach to space. The house is a basic element of complex urban systems and is, therefore, the one calling for a more radical conceptual rethinking, marking an effective distance with the forms inherited from the previous centuries. Finally, the paper aims at understanding the repercussions of the digital paradigm on the space of dwelling, reasoning on some crucial questions to understand how housing might evolve, unfolding through its spatial configuration the new ways of life of the digital society.

PurposeWhat causes the downward trend of real interest rates in major developed economies since the 1980s? What are the challenges of the near-zero interest and inflation rates for monetary policy? What can the policymakers learn from the latest developments in the monetary and interest rate theory? This paper aims to answer these questions by reviewing both basic principles of interest rate determination and recent academic and policy debates.Design/methodology/approachThe paper critically reviews the explanations for the downward trend of real interest rates in recent decades and monetary policy options in a near-zero interest rate environment.FindingsThe decline of real interest rates is likely an outcome of multiple technological, social and economic factors including diminished productivity growth, changing demographics, elevated tail-risk concerns, time-varying convenience yields of safe assets, increased global demand for safe assets, rising wealth and income inequality, falling relative price of capital, accommodative monetary policies, and changes in industry structure that alter the investment and saving behaviors of the corporate sector. The near-zero interest rate limits the space of central banks' response to economic crises. It also challenges some conventional wisdoms of monetary theory and sparks radically new ideas about monetary policy.Originality/valueThis survey differs from the existing work by taking a broader view of both economics and finance literature. It critically assesses the economic forces driving the global decline of real interest rates through the lens of basic principles and empirical evidence and discusses the merits and limitations of each proposed explanation. The study emphasizes the importance of a better understanding of economic forces driving diverging trends of corporate investment and saving behaviors. It also discusses the implications of the neo-Fisherism and the fiscal theory of price level for monetary policy in a low interest rate environment.

This chapter is framed within an urban context dominated by the overexploitation of resources and urban growth, where the fundamental principles of urban thinking have been forgotten and economic forces have taken control. It describes the need to retrain urban thinking in order to attain sustainable urban growth. To do this, we analyzed circular economy (CE) with respect to the social issue, its own definition and meaning, sustainability, and its association with the urban environment. Next, we conducted a descriptive mapping to connect references of different scopes in order to redefine, around CE, the fundamentals of a new paradigm for sustainable urbanism. Finally, this chapter shows CE as a useful category for the processes of urban planning and as a change of paradigm for sustainable urbanism. In this way, an intervention framework with three interconnected dimensions is shaped, with the aim of confirming CE as a theory capable of redefining the city.

Production theory, defined as the study of the economic process of transforming inputs into outputs, consists of two simultaneous economic forces: cost minimization and profit maximization. The cost minimization problem involves deriving conditional factor demand functions and the cost function. The profit maximization problem involves deriving the output supply function, the profit function, and unconditional factor demand functions. Nested within the process are Shephard's lemma, Hotelling's lemmas, direct and indirect mathematical relations, and other elements contributing to the dynamics of the process. The intricacies and hidden underlying influences pose difficulties in presenting the material for an instructor, and inhibit learning by students. Simply put, the primary aim of this paper is to facilitate the teaching and learning of the production theory realm of Economics through the use of a conceptual visual model. This paper proposes a pedagogical tool in the form of a detailed graphic illustrating t he relationship between profit maximization and cost minimization under technical constraints, with an emphasis on the similarities and differences between the perfect competition and monopoly cases. The potential that such a visual has to enhance learning when supplementing traditional context is discussed under the context of contemporary learning literature. Embedded in the discussion is an example of how we believe our model could be conceptualized and utilized in a real-world setting to evaluate an industrial project with an economic point of view.

This study to examine legal aspect, why always happen and impact of forest fire in Indonesia. The conclusion are, even though there is a forestry law as regulated in Law No. 41/1999 on Forestry, as amended by Law Number 19/2004, forest fires have been repeated several large scale since the early 1980s until now. The case of Indonesia which was experiencing forest fires is a manifestation of unclear and poorly enforced policies, economic forces that push business to use fire to clear land, lack of technological alternatives, poor public participation and aggravated by climatic condition such as the extended drought. Although many policies have already been formulated and special management agencies have been established, policies implementation remain weak, coordination is poor and the current system is inefficient. Added to these factors, is the reality that government official’s business leader and general public lack a sense of urgency about the fires. Fires can impede national economic performance and increase poverty at the local level. It is mostly that disaster until now will repeat/recur unless definitive steps are taken to encourage short term and long term prevention strategies. Fires cause tremendous ecological impacts such as air quality, hydrological cycle, biological diversity, natural succession, disruption of the production and decomposition of organic materials, soil, disruption in the nutrient cycle, climate regulation and carbon sink; social impact such as food security, impact on health such as death, asthma, ARI, and impact on economic such as, agriculture, forestry, health, transmigration, transportation and tourism.

It is time now to move beyond handwringing and nostalgia over our vanished American journalism past. While market forces will sustain some forms of serious reportage, evidence is mounting that creators of journalism in the public interest can’t innovate their way out of a deepening technological crisis. From the new frontiers of digital media to the decaying world of print newspapers to the diminished aspirations of once-mighty magazines, market and economic forces continue to reduce the scale and scope of public- interest journalism.

We study price competition and entry of platforms in multi-sided markets. Utilizing the simplicity of the equilibrium pricing formula in our setting with heterogeneity of customers’ membership benefits, we demonstrate that in the presence of externalities, the standard effects of competition can be reversed: as platform competition increases, prices, and platform profits can go up and consumer surplus can go down. We identify economic forces that jointly determine the social inefficiency of the free-entry equilibrium and provide conditions under which free entry is socially excessive as well as an example in which free entry is socially insufficient.

Between 1993 and 2015 the land planted to oil palm in Colombia increased fourfold, from 119,000ha to 484,000ha. This rapid growth coincided with a period of extreme armed conflict and displacement, with inequality in land distribution reaching the highest levels in Latin America (Oxfam, 2017). These occurrences spurred this inquiry into conditions on the ground in the palm growing zones and the political and economic forces promoting the crop. The theoretical underpinnings are derived from the literature on land grabbing, land control, land concentration and exclusion. Oil palm has been favoured by rural elites, conservative governments and right-wing paramilitaries in an attempted ‘modernising’ of the countryside through agro-industry. Neo-liberal ideas emphasising capital accumulation through the ‘market’ have minimised land reform efforts and impeded post-conflict land restitution. The paper is organised in three main parts. Part 1 introduces the crop and its importance, linked to oil palm's culture of continuous expansion. Relevant theoretical concepts are discussed, together with the background to land and violence in Colombia. Part 2 begins the more detailed analysis of the palm oil industry. A descriptive survey of historical beginnings, modern data availability and distribution of holdings is followed by a more nuanced analysis of industry-induced ‘myths’ and political ‘enablers’ through the Uribe years (2002–10) and the Santos era (2010–2018). In Part 3 the evidence for ‘stolen land’ is examined in representative oil palm locations. The findings are summarised in the conclusion.

With COVID-19, powerful political and economic forces have magnified their power and expanded inequality. Many critical scholars have celebrated how South Korean authorities have contained the virus in ways that ignore power relations. The government coordinated its pandemic response by expanding its formidable surveillance technologies for tracing, tracking, and mining every activity of ordinary citizens. State managers produced powerful images of the government, in Confucian fashion, protecting the public from a dangerous threat. I will connect these performances of power with an examination of how authorities harnessed its pandemic response to private capital. South Korea's reaction to COVID-19 does represent a positive alternative to the dominant form of oligarchic rule that prevails in Euro-American societies. The governing elite deployed state power in ways that used this conjuncture to continue previous patterns of domination that have continuously expanded surveillance, extending techniques for the extraction of vital data for commercial and political purposes. Rather than celebrate the South Korean authorities, we should analyze how COVID-19 response has deepened South Korean society's social contradictions.

Most post-socialist gentrification researchers have shown the importance of political transformations and the role of the state played in this process, focusing on changes in the property regime and how they led to the emergence of new classes of gentrifiers and excluded. Without contradicting such a thesis, the article highlights the importance of the cultural features, demonstrating that the city is shaped not only by political and economic forces, but also by the symbols that people attach to the space. This ethnographic research explores the physical, aesthetic, functional and cultural transformations of Vasile Lascăr street, an old street in the center of Bucharest, in the micro context of changing daily practices for certain categories of population and in the wider context of some political laws or urban projects. The research confirms the results of other studies on urban transformations in the post-socialist states, where, as in the case of the studied street, gentrification took place only selectively and partially and was seen by the locals rather as a natural process, then a brutal intrusion into their lives. The way in which a simple street in Bucharest has been transformed reiterates the debate on the existence of a post-socialist gentrification, outlining an urban space of contrasts and particularities compared to the global city.

Nursing organizations across Canada play a significant role in influencing and shaping public policy. 2020, the Year of the Nurse and the Midwife, is an opportune time not only to support nurses in building policy leadership but also to explore opportunities to better understand and strengthen the policy advocacy work of nursing organizations. Given various social, political, and economic forces, the nature of organized nursing across Canada is changing significantly. We draw on recent key national and global events including our systematic inquiry into Canada’s 2019 federal election, the Year of the Nurse and Midwife, and the Coronavirus pandemic to examine how Canadian nursing organizations respond in highly complex and evolving contexts. We use our observations to offer a vision and chart a research agenda for the advancement of nursing organizations’ influence on health systems and policy. Specifically, we focus on three key areas including examining nursing organizations’ policy agendas and spheres of influence; nursing organizations’ decision-making around policy advocacy tactics and engagement approaches; and the impact of policy advocacy coalitions and networks on nursing organizations’ influence.

Purpose The purpose of this study is to investigate the energy–growth linkage in sub-Saharan Africa (SSA), with emphasis on real sectors’ contribution to aggregate growth using dynamic panel estimation techniques that are practically and conceptually superior to the static models. Design/methodology/approach Dynamic panel econometric techniques pooled mean group, mean group and dynamic fixed effect were used to investigate the linkage among energy consumption, real sector value added and economic growth from 1967 to 2016 in 48 SSA countries. Findings A strong empirical evidence in favor of energy dependence and growth hypothesis in the investigated SSA countries was found. The finding that real sector value added and overall growth rate adjust reasonably to the shocks and dynamics of the energy consumption variables makes energy consumption an enabler for growth. This indicates that well thought-out and implemented energy development policy will not only increase energy consumption but also elicit multi-sectoral growth while addressing the obvious energy deficiency in the SSA region. Research limitations/implications It is also important to note the policy implications of the high adjustment profiles indicated by the error correction representations. All the speeds of adjustment of the three models denominated in time are slightly above a year and are all within predictable limits (they fall below unity or 100%). We found that when agriculture value added, manufacturing value added and overall economic growth rate in our SSA panel estimation exceed equilibrium levels as a result of deviations arising from energy related variables, downward adjustments at 66%, 62% and 78% per year, respectively, take place. Practical implications The study indicates that well thought-out and implemented energy development policy will not only increase energy consumption but also elicit multi-sectoral growth while addressing the obvious energy deficiency in the SSA region. Social implications Much as this study has made some addition to the literature on energy-growth nexus in the SSA region, which undoubtedly is an unveiling of economic forces in a collection of developing and energy deficient economies, it will be of great research significance if the form and style of this study is adopted for other economic blocs in the shapes and sizes of the SSA region. Originality/value This study ensured currency of data, novelty of approach and disaggregated energy consumption into emerging sources, traditional sources and geographical access.

Drawing on 45 semi-structured interviews conducted in four public universities as part of an international comparative project, we examine the cultural, political, social and economic forces at pla...

In this article, we examine the wealth effects of unsustainable dividend payments and explore the economic forces that may explain why they exist. We find that the larger the dividend–earnings differential, the lower the short‐ and long‐run wealth effects to shareholders. In addition, the dividend–earnings differential increases not only the probability of a subsequent dividend cut over the next four quarters but also the likelihood that the cut will be greater than 5%. Overall, our findings suggest that although investors are not fooled by unsustainable dividend payments, the negative announcement effects are in anticipation of protracted poor performance.

We present a differential-algebraic equation framework of constrained dynamics to implement monetary Stock-Flow Consistent (SFC) models. Agents exert forces on the variables according to their desi...

This article discusses how the economic forces since the Brazilian State Apparatus Reform structure higher education policies and, consequently, how they order the form of science production in Brazil. With the reduction of the State in the Public Sphere, Public Higher Education in Brazil started to be guided by economic activities, so the structuring policies for knowledge production also began to accompany such a milestone of change in the logic of work and research production, development and innovation. In this broad conjuncture, Brazil has been a part of the process of globalization of Higher Education and has been intensifying academic and scientific work since the 1990s under the logic of the international market.

When we are talking about the globalization of trade and the regionalization of economic forces, it seems necessary, for Africa and for the member countries of the Economic and Monetary Community of Central Africa (EMCCA) in particular to think about new strategies for reviving their economies prone to many challenges. The cultural field via cultural tourism and cultural industries appears here, as one of the best assets to respond to the current international, regional and national challenges from which these countries suffer in trade. Thus, much more than highlighting the difficulties they face, this article aims to show the importance of culture in the economic development of African regional integrations and the Economic and Monetary Community of Central Africa in singularity. Documentary and qualitative research methods have served as a basis throughout this work.

The paper by Caldara et al. develops new measures of trade policy uncertainty (TPU) that are associated with reduced economic activity at the micro and macro levels, and uses a DSGE model with sticky prices and sunk exporting costs to illustrate the economic forces driving these results. This discussion provides two forms of additional context for the authors’ findings. First, I shed light on the reasons that firms care about TPU by linking the authors’ dataset to the U.S. input-output accounts. Second, I use a simple model of price-setting under nominal rigidities to explore the sensitivity of the authors’ quantitative results to some of their modeling assumptions.

Purpose - Georgian drug policy in last dacades can be charachterized as a strong prohibitive policy. Application of restrictive sanctions are accompanied by imprisonment or monetary fines. Punishment policy is an economic incentive which aimes to reduce the level of drug use and the harm caused by it. In this paper, we examine how the drug market responds to restrictive policies. We analyze government supported incentives for 20 years and their impact on drug distribution. Our analysis shows that such a policy does not lead to the reduction in consumption. Baning certain types of drugs causes the demand to responds by switching to alternative substances. Thus in this article, we examine how the drug market responds to prohibitive policies and explain why there is no effect on the level of drug demand during observed period. Methodology - The article reviews the current situation on the Georgian drug market in light of the economic forces operating there. The work mainly uses review approach. It combines various research findings that have been done over the last 20 years. Changes in drug demand and supply are presented as economic models. Findings- Research findings show that drug circulation, like any other goods and services, is managed by the principles of economics and the market. In addition to the usual supply and demand that determines the price and quantity of drugs on the black market, it also responds instantly to incentives, including prohibitions and sanctions. Comparative analyses of the secondary data show decreased effectiveness of the Ministry of Internal Affairs while the incidence and prevalence of intravenous users are increasing. The decreased presure from the law enforcements may explain the increased demand on heroin and subotoxin, as well as on hallucinogens and new psychoactive substances in contemporary days. Conclusion- Drug policy in Georgia, which is based on prohibitive approach is ineffective. The volume of drugs available on the market is determined by the increasing demand in recent years. Steps to reduce supply are forcing suppliers and consumers to look for efficient and safe ways to meet their needs. Keywords: Illicit drugs, prohibition, drugpolicy, decriminalization, substances

As the effects of the world economic crisis continued in 1929, the Second World War began. This situation has led to a more intense experience of the negative economic effects of the war. During the war, the increase in military spending, the decrease in production and imports created a heavy economic burden on the people. Inflation created an economic crisis in the society, the shift of economic forces to the military area caused decreases in agricultural production, as a result of the shortage of food items, card applications began, there was a shortage of places. Turkey, which tried to remain out of war with the start of the Second World War, declared a mobilization. Although the declaration of mobilization was considered as a measure of national defense against foreign threats, it has led to a problem of occupation in the country as a result. Various economic and social measures were taken to alleviate the economic difficulties experienced during the war. Economic interventions aimed at preventing war inflation and alleviating social problems caused by war with social policies. Social policy measures were supported with the help of social assistance societies and volunteers in areas where the state was not able to afford them. As a result og increasing poverty during the Second World War yeras, the srudies of Red Crescent society soup kitchens, which try to alleviate the hunger experienced especially in cities, have been examined.

PurposeThe purpose of this paper is to explore the impact of change leadership on staff organizational citizenship behavior in a university setting. Moreover, the study aims to explore forces that influencing on staff organizational citizenship behavior in higher education institutions.Design/methodology/approachThe study adopts a qualitative research design. An interview protocol along with field notes were used as major approaches for collecting in-depth data. Coding and categorizing approach were used to analyze interview transcriptions to help for emerging the study’s themes.FindingsThe findings reveal that change leadership builds confidence of staff, motivate them and helps to ensure trust. Moreover, results show that staff organizational citizenship behavior is influenced by personal, organizational, social-cultural and economic forces. To increase the organizational citizenship behavior of staff in higher education institutions, there is a need for leaders to use appropriate change-oriented style in leading their organizations. Findings also revealed that change leaders must serve as role-model to their subordinates as a way on enhancing staff organizational citizenship behavior.Research limitations/implicationsAcademic leaders are the pivot of change in higher education institutions. Accordingly, the effectiveness of higher education institution, staff and students are depending on the effectiveness of the leadership. In this regard, academic leaders’ willingness to change is the most effective factor that not only sets the credibility of the organization, but, more importantly, influence on staff organizational behavior.Practical implicationsIt is hoped that the outcome of this research will contribute to the current knowledge of change leadership and organizational behavior in universities.Originality/valueThis is an original research and makes a great contribution to higher education in Asian countries.

The initial enthusiasm for implementing blockchain in financial markets has been dampened considerably by its collision with economic realities. Though the author warns against avoiding the Panglossian trap of viewing ours as the best of all possible worlds, he reminds us that trusted institutions have evolved and emerged in a competitive environment as a means of economizing on transaction costs. Such costs arise from the nature of transactions, including crucially the information environment in which they take place. Though new technologies such as blockchain have the potential to reduce some of these costs, they often do so without fundamentally changing the underlying economic conditions that give rise to them. And as a result, institutions such as banks and exchanges that technologists scoff at may well prove surprisingly competitive and durable in the face of technological challengers. The most successful implementation of blockchain—Bitcoin—solves a very basic transactional challenge peculiar to cryptocurrency: the double spend problem. But it does so in a very expensive way, and many other transactions pose far more complex challenges. The three cautionary tales provided by the author—the first involving securities and derivatives trading and clearing, the second commodity trading, and the third proposals to “equitize” assets—all demonstrate the need to confront “Chesterton's Fence” when evaluating the potential of blockchain in any particular application. In other words, to understand the value of a new technology for a given set of functions, one must understand the economic forces that have shaped the processes and institutions that currently perform those functions. When such forces are considered, it often becomes apparent that new technologies like blockchain will not prove superior to existing practices—and may even create adverse unintended consequences that offset and perhaps even eliminate its beneficial effects.

Purpose The purpose of this paper is to analyse the pre-adoption phase of budgetary reform. Perspectives on the introduction and use of performance information in budgeting are obtained through interviews with current and former senior politicians and civil servants in Malta. Institutional theories are used to analyse the pressures that are perceived as promoting or inhibiting reforms. Design/methodology/approach The research followed a qualitative approach, using data gathered from documentary sources and empirical evidence collected from semi-structured interviews. Documentary sources were used to provide knowledge, obtaining an understanding of budgeting processes in the Maltese central government. Two categories of interviewee are identified in the analysis: political interviewees, consisting of 7 politicians; and administrative interviewees consisting of 13 senior civil servants. Findings The authors find that the current line-item budgeting system is deeply embedded into government practices. Malta’s membership of the European Union and its adoption of the Euro support coercive pressures for reductions in fiscal deficits. Normative pressures appear to be significant and may have a longer-term impact in promoting budgeting reform. Originality/value This paper contributes to existing performance-based budgeting literature by studying the pre-adoption phase which has rarely been the focus of previous studies. The study delves into the interaction between institutional and economic forces, an aspect which has been inadequately studied. The access to current and former Prime Ministers and other Ministers of State in this study is unusual. As such, the researchers have been able to obtain the perceptions of political decision makers in a way that might be more difficult to do in larger countries.

In this introduction we review the extant literature that demonstrate the importance of the Middle Eastern institutional and cultural context in shaping international business’s (IB) strategies and practices across several countries. Drawing on the literature, as well as the five articles included in this special issue, we (1) outline the state of socio-cultural, historical and economic forces that shape international business in several Middle Eastern nations;(2) utilize institutional theory to evaluate the constraints of international business practices in the Middle East;and (3) highlight the key gaps in the literature and the challenges faced by IB scholars and practitioners in the Middle East. We subsequently propose an agenda for future research in order to lay the foundation for international business scholars to advance the theorizing and application of IB practices in the Middle East context. © 2021 The Author(s). Published with license by Taylor & Francis Group, LLC.