Is GDP a good proxy for social welfare? Building on economic theory, this book confirms that it is not, but also that most alternatives to it share its basic flaw, i.e., a focus on specific aspects of people's lives without sufficiently taking account of people's values and goals. A better approach is possible.

The aim of this article is to inquire about potential relationship between change of crime rates and change of gross domestic product growth rate, based on historical statistics of Japan. This national-level study used a dataset covering 88 years and 13 attributes. The data were processed with the self-organizing map, separation power checked by our ScatterCounter method, assisted by other clustering methods and statistical methods for obtaining comparable results. The article is an exploratory application of the SOM in research of (...) criminal phenomena through processing of multivariate data. The research confirmed previous findings that SOM was able to cluster efficiently the present data and characterize these different clusters. Other machine learning methods were applied to ensure clusters computed with SOM. The correlations obtained between GDP and other attributes were mostly weak, with a few of them interesting. (shrink)

What is the significance of GDP per capita to a society? What does it represent conceptually? These questions have been addressed in past decades, engendering extensive explorations of the limitations of the indicator, yet answers have proved problematic or partial. The paper presents the main conclusions so far drawn and builds upon them to present a new reading of the significance of GDP per capita. At the heart of this reading is the view that, while GDP per capita is not (...) indicative of the welfare of individuals, it is indicative of an irreducible ‘group well-being.’ This view, however, requires one to relinquish the belief that only individuals can be ‘well.’ It turns out that the allegedly orthodox view, which sees GDP as a human-centered indicator, requires an unorthodox philosophical standpoint, one that accepts an irreducible group well-being. The paper presents this alternative interpretation and addresses its upsides and limitations. (shrink)

The purpose of the study is to determine the relationship between the economic well-being of countries and their openness to external markets. The scientific novelty consists in the comparison of two groups of countries with different characteristics and identifying specific patterns of the impact of selected macroeconomic factors on GDP. The article presents an econometric analysis and contains regression equations for each state. Interpretation of the coefficients of the derived models makes it possible to estimate changes in GDP with the (...) change of indicators. As a result, it was revealed that export is the most stable and strongly influencing the economy of all countries macroeconomic factor, and the strength of influence depends on the level of development of the country. The stability of GDP in developing countries is largely achieved through the regulation of internal factors, and in developed countries through exports regulation. (shrink)

Given that values influence the scientific process, including when doing economics, we should be asking under what conditions this influence is justifiable. In this paper, I argue that citizen engagement could be the best way to scrutinize and justify value influences in economics. To do so, I analyze a number of citizen engagement initiatives in economics and discuss how they contribute to value scrutiny. Next, I look at the rationales that have been formulated for such a citizen economics, like, e.g., (...) increasing economic literacy, democratization, and, strengthening the legitimacy of economics, and I evaluate their benefits for the scrutiny of values. Overall, the paper concludes that citizen engagement is a promising way to address value judgments in economics and to make economics epistemically more robust even though there are still some challenges to be addressed for it to become part of a broadened economic methodology. (shrink)

The aim is to investigate the Information Communication Technology on GDP growth in Western Balkan countries from 2000 - 2019. Different econometric techniques were used such as pooled OLS, fixed effects, random effects, and the Hausman Taylor model with instrumental variables. The findings indicate that fixed telephone subscriptions and individuals using the internet have a positive effect on GDP growth, while the fixed broadband subscriptions and mobile cellular subscriptions have a negative effect on GDP growth. The results also show general (...) government final consumption has a negative effect on GDP growth, whereas foreign direct investment has a positive effect on GDP growth, but the coefficient is statistically insignificant. The study will serve for policy makers to invest more in ICT since this will contribute to the economic growth and welfare benefits. There is no study that has been analyzed about ICT in Western Balkan countries, thus findings will be valuable to the government. (shrink)

How do we measure economic growth? In the eighteenth century, well before the birth of Gross Domestic Product commonly used today, looking at the sign of the balance of trade was a way to take the pulse of a nation's economy. Adam Smith rejects this measure and instead suggests that we should look at population growth. Nations that are able to produce enough to support the life of a growing population have growing economies, nations with constant population have stagnant economies, (...) and nations that face a declining population have contracting economies. Thus, population for Adam Smith is a proxy for our Gross Domestic Product, indicating the changes in production in a country over time. (shrink)

Baumard proposes that life history slowing in populations over time is the principal driver of innovation rates. We show that this is only true of micro-innovation rates, which reflect cognitive and economic specialization as an adaptation to high population density, and not macro-innovation rates, which relate more to a population's level of general intelligence.

In the article we made an attempt to estimate the impact of structural economic changes on inequalities of earnings in Poland. The processes of structural changes were represented by GDP per one employee. Inequalities of earnings were measured with Lorenz coefficient. Additionally we used a variable, representing the health human capital  infant death rate in a thousand living births. On the basis of 19802006 sample we proved Kuznets’ hypothesis about the parabolic impact of GDP per one employee on inequalities (...) of earnings. In the studied period economy was found on the left arm of the parabola. The increase of GDP level per one employee favoured the increase of inequalities. Our estimates resulted in the fact that inequalities of earnings can maximally increase by about 1.4 percentage point. We think that according to Kuznets’ hypothesis inequalities will start to fall when GDP per one employee exceeds 103,000 PLN worth. The studies confirm the negative impact of the human capital measure  infant birth rate on inequalities. We hope that this article enables to better understand market mechanisms influencing inequalities of earnings. (shrink)

The study aims to ascertain how different levels of society have been influenced by the impact of pandemics over the last many years. The study also determines the societal implications of the COVID-19 pandemic. The integrative literature survey method is adopted to extract the secondary data pertinent to the socio-economic effect of pandemics and COVID-19 on society. Primary data is collected to diagnose the impact of the COVID-19 pandemic and lockdown on employees (N = 210) working in the Indian organized (...) sector. Findings of the study suggest that pandemics have been a cause of economic slowdown measured with a fall in gross domestic product (GDP) at the macro level. The reduced level of economic activity is found to be negatively related to an individual socio-economic status building their psychological distress. The descriptive analysis of the data reveals that although employees have managed their jobs and finances during COVID-19, they have experienced stress in their lives due to the pandemic. The study assimilates the pandemic effect using inductive reasoning to develop a COVID quadrilateral conceptual framework. (shrink)

The amount allocated to publicly funded health care for 2005/06 in New Zealand, a small country of some four million people, is $NZ 9.68 billion, or 6.2% of GDP, an increase from the 5.7% of GDP in 2000/01. The Minister of Finance has recently signalled that spending in health and education has outpaced economic growth, and that the present rate of growth in health spending, which has grown at about 7% a year over the last decade, is unsustainable. Despite these (...) big funding increases in recent years, the perception of New Zealanders is that the extra spending has made little difference, at least to hospital services and to people’s ability to access treatment. In surveys, health emerges as a leading concern for New Zealanders. Their concern is apparently less about the quality of services, than about their ability to access treatment - whether they will be able to access timely health care when they or their family members need it. (shrink)

The amount allocated to publicly funded health care for 2005/06 in New Zealand, a small country of some four million people, is $NZ 9.68 billion, or 6.2% of GDP, an increase from the 5.7% of GDP in 2000/01. The Minister of Finance has recently signalled that spending in health and education has outpaced economic growth, and that the present rate of growth in health spending, which has grown at about 7% a year over the last decade, is unsustainable. Despite these (...) big funding increases in recent years, the perception of New Zealanders is that the extra spending has made little difference, at least to hospital services and to people’s ability to access treatment. In surveys, health emerges as a leading concern for New Zealanders. Their concern is apparently less about the quality of services, than about their ability to access treatment - whether they will be able to access timely health care when they or their family members need it. (shrink)

The past 15 years of exceptionally severe water scarcity in the Islamic Republic of Iran have resulted in the desertification and salinity of formerly arable lands, drying out of Iranian lakes and rivers, and quickly shrinking groundwater resources, while water demand has risen, along with the size of the Iranian population, of which over 70% lives in urban areas now. We have aimed to discover the causes of water scarcity in the IR Iran and evaluated its social and economic impacts. (...) First, we computed the Weighted Anomaly Standardized Precipitation (WASP) Index for the period of 1979-2014. To illustrate the social impact of water scarcity, we analyzed the current water risk for the twenty most populous Iranian cities, by employing the composite index approach to translate hydrological data into comprehensible indicators of water related risks, and made a projection for 2020-2030, by modeling potential changes in the future demand and supply of water. To demonstrate the economic impact of water scarcity, we evaluated the overall agricultural contribution to the IR Iran GDP. We have found that the 1999 severe drought in the IR Iran commenced a period of unusually dry conditions that is still ongoing. The rapidly growing Iranian urban populations presently experience a medium to extremely high overall water risk, with extremely high baseline water stress that, in part, is due to the lack of upstream protected lands. The relationship between baseline water stress and drought severity has been determined as weak, confirming that other factors than drought are equally or more important contributors to the existing water risk. Our projection calculations indicate that Iranian urban populations will continue to experience an extremely high water stress for the coming decade. Due to the fast growth of these populations as well as considerable rise of value added to the IR Iran GDP by other sectors of the national economy, the contribution of agricultural production to the national GDP has declined from about 25% to under 10% (although its total yield has risen considerably) during the past 30 years. This decrease has been directly proportional to the increased foreign food imports, dependency on the IR Iran oil exports and reduction in the non-oil exports. The main causes of water scarcity in the IR Iran appear to be due to climatic factors, insufficient environmental protection, and over-exploitation and mismanagement of water resources, especially by the agricultural sector. In conclusion, our study proposes anti-wasting water management action plan that recommends shifting the IR Iran government response to water scarcity from reactive survival strategies to proactive crisis prevention, with emphasis on safeguarding, monitoring, early warning, and effective step-by-step preparedness and readiness, and by laterally integrating water management between all levels of the IR Iran government, including local, regional and national, for a sustainable, resilient and prosperous economy of the Islamic Republic of Iran now and in the future. (shrink)

This article proposes a new social welfare measure based on Aristotle’s theory of reciprocity. Unlike existing metrics of social welfare, the proposed Aristotelian social welfare function measures reciprocity in a society, that is, the degree to which members of a society cooperate to benefit each other. We provide numerical estimates of the welfare function using data from income distribution quintiles in the recent past for the U. S., Germany, Russia, Ukraine, and Iran. The numerical results show that, starting from different (...) initial values, the U. S. and Germany have experienced declining social welfare, while Iran and Ukraine have experienced increasing social welfare. GDP per capita appears to be inversely correlated with social welfare in the U. S. and Germany. Europeans seem to enjoy higher social welfare than Americans. The article introduces its topic by advancing criticism that contemporary approaches to social welfare, such as the capabilities approaches, estimate a presumed welfare of individuals, rather than social welfare. (shrink)

This article elaborates the conditions as well as four potential modes of the ecological problem: (1) The mode of the absolute minimization of the ecological problem: minimum population plus minimum Gross Domestic Product (GDP), which is characterized by the quantity of destruction being less than the quantity of natural rehabilitation of an ecosystem. This mode is the poorest mode with minimum change. (2) The mode of the relative minimization of the ecological problem: minimum population plus maximization of GDP, which is (...) characterized by the quantity of destruction being less than the quantity of both natural rehabilitation and human rehabilitation of an ecosystem. This mode is the best mode with minimum change. (3) The mode of the relative maximization of the ecological problem: maximization of population plus minimum GDP, which is characterized by the quantity of destruction to the ecosystem not being offset by the quantity of human rehabilitation. An example of this mode is an underdeveloped district with vast population and limited farmland. (4) The mode of the absolute maximization of the ecological problem: maximization of population plus maximization of GDP. This is characterized by the continuous increase of the quantity of destruction beyond the quantity of both natural rehabilitation and human rehabilitation of the ecosystem. Its final outcome is the collapse of the ecosystem and a catastrophe to human beings. (shrink)

Inequality increased in Ethiopia from 2004 to 2015: The national income share of the lowest quintile of the population declined 40 % during that period. The national income share of the lowest 80 % has dropped 35 % during the same period, so that in 2015 it was lower than it was under the Communist-led Derg in 1981. While GDP per capita has increased in the country, the majority of the population is receiving a smaller percentage of national income than (...) in the 1990s, as the distance between them and the wealthy widens. Reciprocity, that is, cooperation among social classes, has declined since 2004. This study explains the anomaly where GDP per capita can rise but the share in national income of the majority of the population declines. It applies Aristotle’s critique of political economy and proposes a new metric for growth as a function of Aristotle`s measure of reciprocity and GDP per capita. (shrink)

Four decades have passed since the EU and China established diplomatic relations in 1975, and now became mutually indispensable economic partners, presenting both an opportunity and challenge. During that time, after the first market reforms were introduced in 1978, China has transitioned from a predominantly agricultural to industrial and service-oriented economy. On 11 December 2001, China also became the 143rd member of the WTO. The aim of this research is to quantitatively compare the US, EU and Chinese GDP from 1995 (...) to 2014, the US and Chinese outward FDI from 1995 to 2013, and the EU 28 Total Imports from and Exports to the US and China between 2002 to 2014, and analyse the impact of the exponentially rising Chinese investments in the European Union (EU). We have found that while the US economy experienced a regression in general, and exhibited outward FDI exponential decrease in particular, the Chinese outward FDI sustained an exponential growth. Our analysis has shown that the now weakened US dollar and diminished US economic and industrial power, along with the US designed and archaic post World War II European institutions, vitiated by the recent US Economic Recession, which has swept along the EU and all other US dependent foreign economies globally, are and will continue to experience the primary impact of the exponentially rising economic investment of China in the EU. Furthermore, we have found that the Chinese economic growth has been affecting both the EU identity and policies. Yet, its full effect is waiting to be realized. The Chinese investment in the EU is estimated to peak during the next decade, when China will become by far the foremost economic partner of the EU. This crossroad may be reached as soon as in few years’ time and contribute towards the EU – Asian regional stabilization. In the changing context of the Sino – EU - US relations, due to the exponentially growing economic prosperity and rising global influence of China, the EU international institutions and socio-political structures will re-emerge with the once forgotten access to the 21st Century Silk Road Economic Belt, “The Silk Road II”, between China and the EU in the foreseeable future. (shrink)

Global GDP is more than 100 trillion dollars, yet 10 % of the world’s population still live in extreme poverty on less than $1.90 per day. No one should have to live like that: alleviating poverty is a minimal moral obligation implied by nearly every secular and religious moral system. Unfortunately, neither economic growth nor conventional international aid can be relied upon to fulfil this obligation. A global basic income programme that transferred $1 per day from the rich world to (...) each poor person would eliminate extreme poverty directly and at negligible cost. It is the least we should do. (shrink)

Cambodia’s GDP contributed 0.03 percent of the world economy. Cambodia economy has grown around seven percent. Cambodia’s economy was led by growth in garment exports. Cambodia’s economy was related with other countries through exports and imports. The Trump administration has imposed visa sanctions against Cambodia and likely to make economic sanction on Cambodia. To understand the potential impact of the sanction, a research into “Potential Impact of Foreign Sanction on Cambodia’s Economy” has been proposed. Two research objectives were (1) to (...) analyze potential impacts of foreign investment in Cambodia and (2) to analyze potential impacts on employment of Cambodians. This research focuses only trade sanction that limits or potential restriction of textile, clothing and footwear export from Cambodia to EU and US as independent that would potentially impact on seven independent variables including garment and footwear valued added to GDP, Cambodia’s exports, products exported to US and EU, worth of textile, clothing and footwear exports, garment and footwear investment factories, employments in garment and footwear, workers’ wages in garment factories and footwear factories. The secondary data was collected. The data was collected from varied sources. After the data and information collected, data entry was done into MS excel. The descriptive statistics like table and bar-charts were used for this research. The research found out that Cambodia’s economy was likely to be negatively impact from EU’s and US’s sanctions on Cambodia. The impacts included reduction of GDP value, potential loss of Cambodia export of textile, closure of garments and footwear factories, unemployment and loss of workers’ incomes in textile, clothing factories and footwear factories. There are some recommends: maintaining good relation with EU and US, exploring new markets of garments and footwear products, exploring impact of the close of visa of some top government officials to US on Cambodia’s economy, the impacts of products imported from EU on Cambodia. The more studies on other scenario of sanction on Cambodia and indirect impact and impacts of foreign aid reduction or withdrawal on Cambodia’s economy should be done. (shrink)

When comparing both GDP loss and mortality across countries, it appears that countries that have managed to save more lives during the Covid-19 pandemic have also managed to save their economies better. What accounts for these stark differences in country performances? In this article, we argue that a salient feature of economic and health performance is the degree of trust populations have in their governments. We set up a heuristic analytical framework that models this relation, under particular assumptions about what (...) drives government and individual behavior, in order to better understand the mechanisms that may be at work. We identify three key roles that trust in government may play in enforcing social distancing policies, conveying credible information for individual decision-making, and shaping government attitudes towards risk. We argue that these implications are consistent with the empirical evidence. We also discuss the relevance of other forms of trust, namely, interpersonal trust and trust in science. (shrink)

Prioritarianism is an ethical theory that gives extra weight to the well-being of the worse off. In contrast, dominant policy-evaluation methodologies, such as benefit-cost analysis, cost-effectiveness analysis, and utilitarianism, ignore or downplay issues of fair distribution. Based on a research group founded by the editors, this important book is the first to show how prioritarianism can be used to assess governmental policies and evaluate societal conditions. This book uses prioritarianism as a methodology to evaluate governmental policy across a variety of (...) policy domains: taxation, health policy, risk regulation, education, climate policy, and the COVID-19 pandemic. It is also the first to demonstrate how prioritarianism improves on GDP as an indicator of a society's progress over time. Edited by two senior figures in the field with contributions from some of the world's leading economists, this volume bridges the gap from the theory of prioritarianism to its practical application. (shrink)

Monetary Intelligence theory asserts that individuals apply their money attitude to frame critical concerns in the context and strategically select certain options to achieve financial goals and ultimate happiness. This study explores the bright side of Monetary Intelligence and behavioral economics, frames money attitude in the context of pay and life satisfaction, and controls money at the macro-level and micro-level. We theorize: Managers with low love of money motive but high stewardship behavior will have high subjective well-being: pay satisfaction and (...) quality of life. Data collected from 6586 managers in 32 cultures across six continents support our theory. Interestingly, GDP per capita is related to life satisfaction, but not to pay satisfaction. Individual income is related to both life and pay satisfaction. Neither GDP nor income is related to Happiness. Our theoretical model across three GDP groups offers new discoveries: In high GDP entities, “high income” not only reduces aspirations—“Rich, Motivator, and Power,” but also promotes stewardship behavior—“Budget, Give/Donate, and Contribute” and appreciation of “Achievement.” After controlling income, we demonstrate the bright side of Monetary Intelligence: Low love of money motive but high stewardship behavior define Monetary Intelligence. “Good apples enjoy good quality of life in good barrels.” This notion adds another explanation to managers’ low magnitude of dishonesty in entities with high Corruption Perceptions Index. In low GDP entities, high income is related to poor Budgeting skills and escalated Happiness. These managers experience equal satisfaction with pay and life. We add a new vocabulary to the conversation of monetary intelligence, income, GDP, happiness, subjective well-being, good and bad apples and barrels, corruption, and behavioral ethics. (shrink)

This article advances sustainability towards a new logic that favors the flourishing of Sustainable Development Goals (SDGs) and well-being from North to South. It presents a Global Dual-Perspective (GDP) and a Dynamic Equilibrium Framework (DEF) that inform sustainability, management, and international business with a paradoxical view of the SDGs and a strengthened analysis that outlines the role of multinational enterprises (MNEs) in addressing the SDGs within and across the North–South. This article reveals that organizations will effectively unleash virtuous cycles of (...) SDGs and well-being when confronting and juxtaposing environmental, health, social, economic, and law-oriented goals. Furthermore, virtuous cycles will be more successful when splitting and integrating short- and long-term conflicting goals within and across the North–South to fuel systemic resilience and sustainable development. (shrink)

It is now well recognized that the United States is a consumer-driven society. Private consumption comprises a rising fraction of GDP, advertising is proliferating, and consumerism, as an ideology and set of values, is widespread. Not surprisingly, those developments are not confined to adults; they also characterize what some have called “the commercialization of childhood.” Children are more involved than ever in media, celebrity, shopping, brand names, and other consumer practices. At the core of this change is children's growing role (...) as independent consumers. In recent years, children's access to income has risen markedly, and they have gone from being purchasers of cheap plastic goods and a few select food items to being a major market for a diverse set of goods and services, including foodstuffs. Unofficial estimates suggest that children aged four to twelve spent a reported $6.1 billion in purchases from their own money in 1989, $23.4 billion in 1997, and $30 billion in 2002, for a total increase of four hundred percent. (shrink)

This study utilises higher objectives postulated in Islamic moral economy or themaqasid al-Shari’ahtheoretical framework’s novel approach in evaluating the ethical, social, environmental and financial performance of Islamic banks.Maqasid al-Shari’ahis interpreted as achieving social good as a consequence in addition to well-being and, hence, it goes beyond traditional (voluntary) social responsibility. This study also explores the major determinants that affectmaqasidperformance as expressed through disclosure analysis. By expanding the traditionalmaqasid al-Shari’ah,, we develop a comprehensive evaluation framework in the form of amaqasidindex, which (...) is subjected to a rigorous disclosure analysis. Furthermore, in identifying the main determinants of themaqasiddisclosure performance, panel data analysis is used by including several key variables alongside political and socio-economic environment, ownership structures, and corporate andShari’ahgovernance-related factors. The sample includes 33 full-fledged Islamic banks from 12 countries for the period of 2008–2016. The findings show that although during the nine-year period the disclosure ofmaqasidperformance of the sampled Islamic banks has improved, this is still short of ‘best practices’. Through panel data analysis, this study finds that the Muslim population indicator, CEO duality,Shari’ahgovernance, and leverage variables positively impact the disclosure ofmaqasidperformance. However, the effect of GDP, financial development and human development index of the country, its political and civil rights, institutional ownership, and a higher share of independent directors have an overall negative impact on themaqasidperformance. The findings reported in this study identify complex and multi-faceted relations between external market realities, corporate andShari’ahgovernance mechanisms, andmaqasidperformance. (shrink)

The meaning of sustainability is the subject of intense debate among environmental and resource economists. Perhaps no other issue separates more clearly the traditional economic view from the views of most natural scientists. The debate currently focuses on the substitutability between the economy and the environment or between “natural capital” and “manufactured capital”—a debate captured in terms of weak versus strong sustainability. In this article, we examine the various interpretations of these concepts. We conclude that natural science and economic perspectives (...) on sustainability are inconsistent. The market-based Hartwick-Solow “weak sustainability” approach is far removed from both the ecosystem-based “Holling sustainability” and the “strong sustainability” approach of Daly and others. Each of these sustainability criteria implies a specific valuation approach, and thus an ethical position, to support monetary indicators of sustainability such as a green or sustainable Gross Domestic Product (GDP). The conflict between “weak sustainability” and “strong sustainability” is more evident in the context of centralized than decentralized decision making. In particular, firms selling “services” instead of material goods and regarding the latter as “capital” leads to decisions more or less consistent with either type of sustainability. Finally, we discuss the implications of global sustainability for such open systems as regions and countries. Open systems have not been dealt with systematically for any of the sustainability criteria. (shrink)

Has the rise of data-intensive science, or ‘big data’, revolutionized our ability to predict? Does it imply a new priority for prediction over causal understanding, and a diminished role for theory and human experts? I examine four important cases where prediction is desirable: political elections, the weather, GDP, and the results of interventions suggested by economic experiments. These cases suggest caution. Although big data methods are indeed very useful sometimes, in this paper’s cases they improve predictions either limitedly or not (...) at all, and their prospects of doing so in the future are limited too. (shrink)

The prime objective of this study is to discuss the economic impact of the COVID-19 crisis concerning Pakistan and globally across South Asian developing countries. It also demonstrates those economic indicators through which the economic performance of the countries is influenced considering the prospective global economic costs of COVID-19 under different scenarios. The study systematically reviewed the literature on historical pandemic crises and the most recent Covid-19 fallout economic disorder in South Asian countries. Considering the history of human civilization, there (...) are varied instances of severe epidemics that are caused by numerous viruses. It is observed that the prevailing outbreak of COVID-19 has eventually affected large scale manufacturing, service sectors and arose supply side constraint to an extent. On the contrary, GDP and consumption declined sharply. Furthermore, sudden loss of service sector jobs and the rise in food prices have created an economic crisis for developing countries of South Asia. The study attempts to discuss the policy responses given by the World Bank, International Monetary Fund, Asian Development Bank, The State Bank of Pakistan, and the Ministry of finance, Pakistan encountered due to the deteriorating international environment, fiscal stress, and difficulties in financial liquidity markets and provides relevant policies for the better prospect of Pakistan's economy after comparing it with other South Asian countries affected by this pandemic vulnerabilities. (shrink)

With growing uncertainty about the evolution of the global landscape, it is of great practical significance to explore the nonlinear dynamic adjustment relationship among the world oil market, the global bulk shipping market, the stock market, and economic growth in China. This paper applied the TVP-SV-VAR model and selected quarterly data from 1998 to 2020 to explore the dynamics. The results indicated that the impact intensity of BDI on China’s economy had a “positive” to “negative” change in different lag periods. (...) This was mainly due to the fact that the negative impact of higher freight prices on China’s economy outweighed the positive impact of higher trade volumes on China’s economy. The impact intensity of BDI on GDP had a distinct medium- to long-term effect. A positive BDI shock had a dampening effect on stock prices in the short and medium term, while a positive BDI shock could promote stock market prosperity in the long-term perspective. The impulse responses of SSE and GDP to BDI showed that the external shipping market shocks to China’s stock market and economic growth gradually became smaller over time. For impulse response at three different time points, the impact intensity of the BDI to GDP varied at different time points, with the largest shock during the financial crisis in 2008, followed by the shock during the oil price crash in 2014, and the smallest during the COVID-19 epidemic. This demonstrated that the external shipping market’s influence on Chinese economic growth and stock market has gradually weakened over time, illustrating the enhancement of Chinese risk-resilience capacity. (shrink)

This article aims at answering the following questions: What is the influence of age structure on the spread of coronavirus disease 2019? What can be the impact of stringency policy on the spread of COVID-19? What might be the quantitative effect of development levelincome and number of hospital beds on the number of deaths due to the COVID-19 epidemic? By employing the methodologies of generalized linear model, generalized moments method, and quantile regression models, this article reveals that the shares of (...) median age, age 65, and age 70 and older population have significant positive impacts on the spread of COVID-19 and that the share of age 70 and older people in the population has a relatively greater influence on the spread of the pandemic. The second output of this research is the significant impact of stringency policy on diminishing COVID-19 total cases. The third finding of this paper reveals that the number of hospital beds appears to be vital in reducing the total number of COVID-19 deaths, while GDP per capita does not affect much the level of deaths of the COVID-19 pandemic. Finally, this article suggests some governmental health policies to control and decrease the spread of COVID-19. (shrink)

Before the Doi Moi reforms in 1986, Viet Nam’s economy was devastated by 30 years of warfare with two major military powers, France and the US, ending in 1975. In the subsequent 10 years, Viet Nam suffered from failing economic experiments, including agricultural cooperatization, “industry-commerce rehabilitation,” price-wage-currency reform, among others, under the centrally planned mechanism (Wood 1989), as well as the international isolation and a US trade embargo when its troops entered Cambodia to overthrow the Khmer Rouge (Riedel and Turley (...) 1999). Its per-capita gross domestic product (GDP) declined to USD 97 in 1989 whereas the ratio of external debt to GDP reached 330%. 1 The economy languished and became one of the poorest in the world (VGP 2016). (shrink)

ABSTRACTIn light of the large recent inflow of refugees to the EU and the Commission’s efforts to relocate them, I raise the question of what a fair distribution of refugees between EU countries would look like. More specifically, I consider what concerns such a distributive scheme should be sensitive to. First, I put forward some arguments for why states are obligated to admit refugees and outline how I believe the EU should respond to the refugee crisis. This involves, among other (...) things, resettling a proportion of refugees from countries neighbouring Syria in the EU. Second, I consider how the intake into the EU should be distributed between member states, that is, the shares different countries can be expected to admit. I discuss the relevance of a number of different factors that may be claimed to affect such shares, including population size, GDP, number of refugees admitted so far, unemployment rate, country-specific costs and cultural ‘closeness’. Third, I consider whether the distributive scheme should be restricted to reflect specific states’ responsibility for creating refugees in the first place, levels of racism and xenophobia, and whether other states are required to pick up the slack if some refuse to admit their fair share. (shrink)

Corruption is a major problem in many of the world’s developing economies today. World Bank studies put bribery at over $1 trillion per year accounting for up to 12 of the GDP of nations like Nigeria, Kenya and Venezuela. Though largely ignored for many years, interest in world wide corruption has been rekindled by recent corporate scandals in the US and Europe. Corruption in the developing nations is said to result from a number of factors. Mass poverty has been cited (...) as a facilitating condition for corruption just as an inability to manage a sudden upsurge in mineral revenues has been credited with breeding corruption and adventurous government procurement among public officials in countries like Nigeria and Venezuela. Virtually all developing nations that have serious corruption problems also have very limited economic freedom and a very weak enforcement of the rule of law. In such nations, corruption represents a regressive taxation that bears hard on the poor. It has a dampening effect on development and it could result in the production of inferior goods as companies find ways to accommodate under-the-table payments. Finally, corruption is a dangerous threat to the legitimacy of the governments of some of the developing nations themselves. It is suggested that new urgent initiatives are needed to deal with the dangers posed by corruption in the developing economies. They include making the economies of these nations more open by the withdrawal of the government from the productive sector and by the abolition of unnecessarily stringent restrictions on business conduct. The rule of law needs to be strengthened in these nations and those countries like Nigeria and Venezuela should ignore scruples over sovereignty and seek foreign assistance in the management of their oil wealth. Finally, multinationals should be made to disclose all the payments they make in developing nations to such organizations like International Chamber of Commerce or Transparency International where they can be reviewed by anyone interested. (shrink)

The definition and measurement of social welfare have been a vexed issue for the past century. This book makes a constructive, easily applicable proposal and suggests how to evaluate the economic situation of a society in a way that gives priority to the worse-off and that respects each individual's preferences over his or her own consumption, work, leisure and so on. This approach resonates with the current concern to go 'beyond the GDP' in the measurement of social progress. Compared to (...) technical studies in welfare economics, this book emphasizes constructive results rather than paradoxes and impossibilities, and shows how one can start from basic principles of efficiency and fairness and end up with concrete evaluations of policies. Compared to more philosophical treatments of social justice, this book is more precise about the definition of social welfare and reaches conclusions about concrete policies and institutions only after a rigorous derivation from clearly stated principles. (shrink)

So far, most ethical consumerism research has been contained within Western countries, thus limiting our understanding of the concept in emerging markets. Given the call for extending empirical-based knowledge for a better understanding of peculiarities, dynamics and country-level variations (i.e. social, cultural) in the context of ethical consumerism in emerging markets, this research cross-examines the interactive nature of individual- and country-level predictors of ethical consumerism in emerging and developed markets, employing a multilevel approach. At the individual level, we posit that (...) ethical consumerism is motivated by social and cultural capital. In contrast, at the contextual level, we choose country-level affluence as an influential factor that might impact the relationship between socio-cultural capital and ethical consumerism. The study uses the International Social Survey Programme’s (ISSP) 2014 citizenship module data set (including 34 countries) for investigating individual-level predictors (of social and cultural capital). The GDP per capita data from the International Monetary Fund’s (IMF) Economic Outlook database was used to examine the cross-level interactions between individual-level predictors and country-level affluence. The findings suggest that social and cultural capitals positively influence ethical consumerism in emerging and developed markets. Further, country-level affluence moderates the relationship between socio-cultural capital and ethical consumerism for both markets. However, cultural capital proved to be a stronger predictor of ethical consumerism as country-level affluence increases. The research findings highlight meaningful cross-country-level interactions that help further understand the basis of ethical consumerism from a global perspective. (shrink)

Improvements in the health capital of citizens are central to the development of countries. By exploiting steep decreases in antiretroviral drug prices and the subsequent increases in antiretroviral therapy (ART) coverage, we test whether the resulting improvements in the health of the population are associated with the prevalence of entrepreneurial activity and whether entrepreneurial activity strengthens the relationship between ART coverage and a country’s development. Drawing on a sample of 87 low- and middle-income countries (2006–2019), we find that a 1% (...) increase in ART coverage is associated with a 1.5% increase in the number of newly registered limited liability firms; however, there is no significant relationship with (male or female) self-employment. Higher ART coverage is particularly associated with development—as proxied by gross domestic product (GDP) per capita and the Human Development Index—in countries with low levels of new business formation and high proportions of self-employment. (shrink)

This article aims to measure both the economic and social value of Tecnocampus, a Science and Technology Park in its region of influence. Our results show that the impact of Tecnocampus has a socioeconomic cost–benefit ratio of 2.39. Measuring the impact of this multifaceted centre requires a diverse approach. Although the methods used are not new, the combination of them presents a novel approach to measure the impact of an institution of this nature. We have measured the economic value with (...) the Input–Output model, including the Social Accounting Matrix. On the other hand, for social value calculations, we have used cost–benefit analysis adding measurements of firm localisation to estimate externality effects. Our main results present an economic value of more than 0.054% of the Catalan GDP, whereas the employment impact represents almost 0.37% of total employment in the region. The total economic multiplier of Tecnocampus activity is estimated to be 1.89. Social value generates an additional 0.50 euros to the multiplier according with our analysis. This additional social value represents an increase of productivity estimated in 20 million euros of operational income for Catalan firms and the creation of seven additional firms in the Maresme region as a result of knowledge spillovers. The social value also includes reduction of over-education caused by a better matching between graduates and enterprises, a more direct application of research, and an increase in consumer surplus. Finally, we discuss the policy implications of our findings to promote investments in this kind of infrastructures. (shrink)

Environmental ethics is a major topic of discussion and enactment in China. The government is committed to work toward an “ecological civilization,” a society in which concerns for a healthy natural environment are interwoven with concerns for a healthy human society and healthy human relations with nature. Whereas in the United States concern for the environment is rarely consciously philosophical, Chinese history has made people aware that philosophy underlies and shapes public policy. Whitehead’s thought has been welcomed as a way (...) of clarifying and supporting the commitment to ecological civilization, which has been strongly reemphasized by President Xi. It also helps in reviving and incorporating classical Chinese thought without threatening the great advances China has made in science. This organic thinking has expressed itself in government policy in shifting from the industrialization of agriculture to support for eco-villages and in dethroning GDP as the measure of progress. The interest in Whitehead is expressed by thirty-six universities setting up Centers for Process Studies, extensive discussion of a process book—Organic Marxism—and numerous other publications. (shrink)

The issue of interpersonal comparisons of utility is about the possibility (or not) of comparing the utility or welfare or the mental states in general, of different individuals. Embedded in the conceptual framework of utilitarianism, interpersonal comparisons were admissible in economics as part of the theoretical justification of welfare policies until the first decades of the twentieth century. Under the strong influence of the scientific philosophy of positivism as reflected in the works of early neoclassical economists and as epitomized by (...) Lionel Robbins, utility comparisons were subsequently rejected as a value judgement. Robbins’ methodological stance is still prevalent among mainstream economists. Despite the explicit rejection of comparability by the majority of economists, interpersonal comparisons are necessary for many key policy issues, such as progressive taxation, social welfare policies, GDP-based welfare comparisons, cost–benefit analysis, and public goods provision. In this paper, the case of interpersonal utility comparisons is discussed as an illustrative example of the usefulness of the study of the role of value judgements, and generally of the interrelationship between ethics and economics. It is argued that the current tension between theory and policy practice might be resolved through the efforts of prominent economists and philosophers to challenge positivism, and especially its problematic treatment of value judgements and of ethical assumptions in general. The discussion also provides more strength to the view that policy makers and their economic advisers cannot avoid ethical questions in their analysis of the workings of the economic system. (shrink)

The study aims to measure the link between CSR and economic growth. This study investigates whether CSR expenses shown by the banks are contributing to the sustainability of an emerging economy like India. For this study, CSR spending of 21 commercial banks, on nine development areas of the Indian economy, the human development index of India, and its indicators along with the growth rate of GDP of India and state-wise GDP for the year 2014-2015 to 2017-2018 have been taken as (...) secondary data. The research techniques used are the case analysis method, correlation, and descriptive analysis. The study highlights that CSR activities are more of a myth and a far-reaching possibility in developing nations like India, where most institutions are engrossed in such activities to gain laurels and secure investors from the globe. (shrink)

The two important factors in science development are the social economy (gross domestic product, GDP) and freedom. In order to follow the development of science for both old Arabic-Islamic and Western civilizations, a statistical method is used to trace the variation of scientists' population with time. The analysis shows that: 1- There is a growth in Arabic-Islamic sciences for a period of three centuries (AD 700-1000). Then it is followed by period of declination. The decay time is about of eight (...) centuries. Major factor behind that decay in science activities and the block of the science thoughts may be attributed to religious thoughts domination, and cultural or thoughtful problems, in addition to the normal social problems like wars, disasters..etc. 2- The growth in western civilization started approximately in AD 1200 and remains in its growing. It looks that the wars, political problems have no serious effect in western sciences growth. The growth behaviour has a natural growth form. That may prove that, the secular society is quite perfect for such activities. For present time Arab-Islam societies have no distinguished contributions. The most important factor for that catastrophic retardation is the absence of the freedom of thought and believes. The obtaned curve has similarities with world GDP curve. (shrink)

Corporate social responsibility in developing countries has recently received increasing attention, and scholars have pointed to the strong contextuality of CSR in the respective regions. Regarding the latter, however, sub-Saharan Africa has been scrutinized only marginally by academia. Moreover, empirical research on the impact of the institutional context has been scant, despite its attributed importance for CSR. Our article seeks to fill a part of this research gap by investigating CSR website reporting of 211 companies in seven sub-Saharan countries. The (...) study’s aim is twofold: First, we identify to what extent sub-Saharan companies report on CSR and which contents they disclose. Second, by building on institutional theory, we investigate how the socio-economic and political environments influence CSR reporting. For this purpose, we examine the impact of country-level and company-level determinants. We find that the sample African companies’ CSR efforts focus strongly on local philanthropy and therefore differ substantially from Western CSR approaches. Furthermore, we evidence that GDP and level of governance standard positively affect CSR reporting. Our study contributes to the literature by empirically evidencing the contextuality of CSR in Africa and by explaining how specific country- and company-level determinants contribute to or hamper the development of CSR in developing countries. (shrink)

This paper outlines the academic architecture of CityLab as graduate program course initiative and Principles of Responsible Management Education capstone exemplar. When the United Nations launched the Millennium Goals in 2000 to focus global development on humanity rather than GDP, the Global Compact was launched as a collateral effort, challenging business, government, and social sector leaders to transform the global economic system. In 2007, the Six PRME focused on business schools, challenging them to reorient their curricula towards preparing students to (...) lead the world in building “an inclusive and sustainable economy.” CityLab is an example of innovating the learning experience and challenging learners to take leadership roles in efforts to enhance the value of livable cities as the foundation of an inclusive and sustainable global economy for the Urban Century. (shrink)

Spontaneous polarization without spatial cues, or symmetry breaking, is a fundamental problem of spatial organization in biological systems. This question has been extensively studied using yeast models, which revealed the central role of the small GTPase switch Cdc42. Active Cdc42‐GTP forms a coherent patch at the cell cortex, thought to result from amplification of a small initial stochastic inhomogeneity through positive feedback mechanisms, which induces cell polarization. Here, I review and discuss the mechanisms of Cdc42 activity self‐amplification and dynamic turnover. (...) A robust Cdc42 patch is formed through the combined effects of Cdc42 activity promoting its own activation and active Cdc42‐GTP displaying reduced membrane detachment and lateral diffusion compared to inactive Cdc42‐GDP. I argue the role of the actin cytoskeleton in symmetry breaking is not primarily to transport Cdc42 to the active site. Finally, negative feedback and competition mechanisms serve to control the number of polarization sites. (shrink)

From 2010 to 2020, Indonesia’s tax-to-gross domestic product (GDP) ratio has been declining. A tax-to-GDP ratio trend of this magnitude indicates that the tax authority lacks the capacity to collect taxes. The tax administration system’s modernization utilizing information technology is thus deemed necessary. Artificial intelligence (AI) technology may serve as a solution to this issue. Using the theoretical frameworks of innovations in tax compliance, the cost of taxation, success factors for information technology governance (SFITG), and AI readiness, this study aims (...) to analyze the costs and benefits, the enablers and inhibitors, and the readiness of the government and related parties to apply AI to modernize the tax administration system in Indonesia. This study used qualitative approaches for the data’s collection and analysis. The data were obtained through a literature study and in-depth interviews. The findings show that AI application in the field of taxation can assist tax authorities in enforcing the law, provide taxpayers with convenience in fulfilling their tax obligations, improve justice for all taxpayers, and reduce tax compliance costs. The openness of Indonesia to technological developments, as evidenced by the AI National Strategy, is a supporting factor in the application of AI in Indonesia, particularly for the modernization of the tax administration system. The absence of specific regulations governing AI adoption, as well as a lack of human resources that can help the tax administration process, data, and infrastructure already support, are the impediments to implementing AI for the modernization of the tax administration system in Indonesia. (shrink)

China has overtaken Japan as the world's second-biggest economy. In a remarkably short span– less than fifteen years– the United States economy has experienced a relatively huge decline vis-à-vis China on a nominal GDP basis.

This study investigated the relationship between cultural value orientations and country-specific changes in mobility during the Covid-19 pandemic. The aim was to understand how cultural values relate to mobility behavior during the initial stages of the pandemic. The aggregated data include Schwartz's cultural orientations, Gross Domestic Product (GDP) per capita, number of Covid-19 cases per million, and mobility change during the Covid-19 pandemic (Google Mobility Reports; percentage decrease in retail and recreation mobility, transit station mobility, workplace mobility and percentage mobility (...) increase in residential areas). Regression analyses showed that, after controlling for economy and severity of disease, hierarchy was the primary factor reducing mobility, such as staying at home, and mobility in public spaces, such as avoiding retail and recreation sites (marginally significant). The results are discussed in the light of previous literature and the implications for social distancing measures. (shrink)