In accordance with the suggestion above, it is observed that two journals have been added to the database for the present analysis: Regional Studies (REG ST) and Urban Studies (UR ST). All of these seven of the journals shown in Table 2 are Social Science Citation Index (SSCI) registered journals. The addition/inclusion of Regional Studies and Urban Studies to/on this list of RegionalEconomics journals helps to “complete” (better define) the SSCI sub-field “Regional-Urban Research,” although a strong argument for adding The Review of Regional Studies [and perhaps even the Journal of Regional Analysis and Policy] to the list could be made; nevertheless, this study will simply adopt the two new journals indicated in Table 2. The five major journals identified by Isserman (2004) have total citations of between 82 and 1252 per year if the study is extended through 2009. Interestingly, the two additional journals (Regional Studies and Urban Studies) actually have much higher average annual rates of total citations than the initial set of five RSAI journals listed in Isserman (2004). Interestingly, the total annual citations increased more than 100% [more than doubled] between 2004 and 2009.
The purported benefits of local food systems (LFSs) are extensive and diverse. While a growing general literature has considered various aspects of these systems, this set of issues has not been considered broadly from the perspective of regionaleconomics — a field that is uniquely suited to assess local food systems and the policies that affect them. This commentary attempts to narrow this gap. Research topics are considered that would allow for improved examination of the extent to which LFS directly and indirectly engen- der local economic growth. Also incorporated are research ideas concerning how to determine the
A few studies examine the effects of trade promotion on trade outcomes by exploiting variation in expenditures. At the regional level, Coughlin and Cartwright (1987) report that exports of US states covary positively with the states’ export promotion budget. In particular, each dollar increase in promotion expenditures is associated with $432 additional manufacturing exports. In a similar study for Argentina, Castro and Saslavsky (2009) conclude that each dollar invested in export promotion translates into $240 addition foreign sales for the average province. In contrast, exploiting variation in the export support budget across US states normalized by the number of in-state firms, Bernard and Jensen (2004) find no systematic relationship with the export propensity of firms from each state, once a number of firm-level characteristics are controlled for. They conjecture that the lack of effect is the result of agencies targeting small and medium-sized firms, which rarely export anywhere.
Economic Inquiry, Economic Letters, Public Finance Review, International Tax and Public Finance, Fiscal Studies: The Journal of Applied Public Economics, Labour Economics, Journal of Policy Analysis and Management, Public Budgeting and Finance, B.E. Journal of Economic Analysis & Policy, Real Estate Economics, Urban Studies, SAGE Open, Southern Economic Journal, Oxford Economic Papers, CBO Reports, Mercatus Center Reports, National Science Foundation (grant proposal reviewer), Swiss National Science Foundation (grant proposal reviewer)
Abstract: Economic theories of systems of cities explain why production and consumption activities are concentrated in a number of urban areas of different sizes and industrial composition rather than uniformly distributed in space. These theories have been successively influenced by four paradigms: i) conventional urban economics emphasizing the tension between economies due to the spatial concentration of activity and diseconomies arising from that concentration; ii) the theory of industrial organization as it relates to inter-industry linkages and to product differentiation; iii) the New Economic Geography which ignores land markets but emphasizes trade among cities, fixed agricultural hinterlands and the endogenous emergence of geography; iv) the theory of endogenous economic growth. Among the issues examined are specialization versus diversification of cities in systems of cities, how city systems contribute to increasing returns in national and the global economies, the factors that determine skill distribution and income disparity between cities, the impacts of income disparity on welfare, whether population growth should cause economic activity to become more or less concentrated in urban areas, and how resources should be allocated efficiently in a system of cities. Related to the last issue we consider models where cities are organized by local planners or developers as well as cities that self organize by atomistic actions. A conclusion of the theoretical study of city systems is that markets fail in efficiently allocating resources across cities when certain intercity interactions are present and that a role for central planning may be necessary.
In light of the above arguments, the contribution of this study to the literature is two- fold, notably (i) it defines, creates, and measures financial allocation efficiency on a con- tinent with severe surplus liquidity in financial institutions and (ii) comparative analyzes of regionalization policies based on ongoing efforts for regional integration across the continent. First, our concept of efficiency is contrary to the two mainstream measurements of financial allocation efficiency, namely (i) the efficiency of decision making by means of DEA 4 and (ii) overall economic efficiency (OEE) with regard to scale and technical efficiencies 5 or profitability- and cost-related perspectives. 6 Essen- tially, the conception of allocation efficiency in this study considers the ability of finan- cial institutions to transform mobilized financial deposits into credit for economic operators. Hence, this measurement is consistent with the surplus liquidity in African financial institutions. Second, the study simultaneously contributes to the ongoing debate on the effects of globalization and the evolving literature stream on regionalization in Africa by assessing the effects of regionalization policies on financial allocation efficiency. To this end, the timing of regionalization policies is tailored to comparatively investigate whether regionalization has improved or reduced financial allocation efficiency.
In the light of the above, the contribution of this study to the literature is twofold, notably, in the: (i) definition, conception and measurement of financial allocation efficiency and focus on a continent with severe concerns of surplus liquidity in financial institutions and (ii) comparative analysis of regionalization policies owing to ongoing efforts of regional integration across the continent. First, the conception of efficiency is contrary to the two mainstream measurements of financial allocation efficiency, namely: (i) the efficiency of decision making by means of DEA 4 and (ii) Overall Economic Efficiency (OEE) with regard to scale and technical efficiencies 5 or profitability- and cost-related perspectives 6 . In essence, the conception of allocation efficiency adopted in this study appreciates the ability of financial institutions to transform mobilized financial deposits into credit for economic operators. Hence, this measurement is consistent with the discussed policy syndrome of surplus liquidity in African financial institutions. Second, the study simultaneously contributes to the ongoing debate on the effects of globalization and the evolving stream of literature on regionalization in Africa by assessing the effects of regionalization policies on financial allocation efficiency. For this purpose, the timing of regionalization policies is specifically tailored to comparatively investigate whether regionalization has improved or reduced financial allocation efficiency.
The prohibition of riba, according to Bal'abbas, is the foundation of Islamic economics system in addition to charity (zakah). He argues the obligation of zakah reflects broad scope with various types of administration such as optional charity, expiation (kafarat), endowments, wills, inheritance, grants and so on. With riba come the following restrictions; ihtikâr (monopoly), gharar (uncertainty), jahâlah (vagueness), gambling, tadlis (false information) and alike. 104 In turn, by the obligation of zakat and other administrations, hibah (grants) is most commonly found in the DSN’s fatwa especially on the Islamic insurance products and the use of non-halal funds for social purposes. To this end, the prohibition of riba and its derivatives particularly riba with qard basis and riba resulted in temporal selling-buying activities is mostly found in the fatwa by the DSN and MPS. 105 The greatest number of regulations for riba happens because the gap between Islamic concept and financial practices has
Abstract. The new structural economic theory holds that the factor endowment structure has an important relationship with economic development, but a country must be accompanied by institutional constraints in the process of industrial upgrading and economic restructuring. Therefore, this paper divides the factors affecting China's regional economic development into two parts: factor endowment and institutional constraint. By constructing a panel stochastic frontier model, this paper explores the impact of factor endowment and institutional factors on China's regional economic development. The empirical results show that: (1) China's economy cannot exert its maximum development potential in the presence of institutional constraints, and foreign direct investment, infrastructure construction, marketization and foreign trade can alleviate the inherent constraints of China's current economic development to a certain extent. (2) There are great differences in the economic development patterns among the eastern, central and western regions. The western regions depend on government expenditure to some extent, while the eastern regions pay more attention to the role of foreign trade in promoting economic development.
According to the data, published by the Ministry of Finance (FM), on gross domestic product (GDP) in the 1st quarter of 2011, the moderate growth has continued in economics and, in comparison with the respective quarter of previous year, the GDP has increased by 3.5% in comparable prices. It is essential that the economics of Latvia has grew already for 6 quarters in a row and in the 1st quarter of 2011, in comparison with 4th quarter of 2010, according to seasonally adjusted data, the GDP has increased by 0.3%.
On the other hand, it would be mistaken to suppose that economics is applicable only to situations where people do indeed act rationally, while having nothing to say about cases of people acting erroneously. First, thanks to economics, we are often able to suggest something about the rationality of the choice in the first place: without economics we would not be able to tell a rational from an irrational one. This is what economists do when they claim that A is not a means that leads to the achievement of the end B. Second, economics being the science about consequences of human decisions, it can point out consequences of irrational behavior too. It can claim not only that A does not lead to B, but that in fact it leads to C. And that too is a useful knowledge. Therefore, the presence of irrationality in human decision making does not strip economics of its usefulness and importance. The rationality assumption only enables economists to say much more than they would be able to without it.
tried to diminish wage differentials, i.e. workers were not rewarded according to skill or productivity and the returns to education were set centrally and were low. Not surprisingly, transition brought with itself an increase in earnings inequality attributed to the widening earnings differentials across education groups. More specifically, studies on the Hungarian labour market for the time period of 1989 – 1999 find evidence for rising returns to education – in terms of increasing returns to general and vocational secondary school education and tertiary education relative to primary school education – and falling returns to (potential) labour market experience (i.e. a devaluation of labour market experience gained under socialism). As opposed to secondary and tertiary education, the (relative) return to vocational education did not increase during the decade. The “devaluation” of vocational training is partially due to the fact that prior to transition, the structure of vocational training was adjusted to the needs of the planned economy (especially concentrating on the heavy industry). Therefore, the skill composition of the skilled workers could not meet the demands of the economy during transition. Moreover, there is evidence for a widening wage gap between the public and private sectors and a narrowing gender wage gap (except for occupations requiring high education levels) during the years of transformation. Hungary is also characterised by striking regional differences in educational attainment and earnings. 8
This dissertation consists of three studies in the economics of education and experimental economics. In Chapter 1, I address a debate in the literature about the effects of measures of school quality on labor market earnings. Using individual-level data, previous studies find no effects of measures of school quality and a subsequent study argues that the result is driven by the sample that includes mainly young individuals. I use recent NLSY79 Geocode data that provides extended earnings observations including prime-age earnings. I find that the percentage of teachers with a Master’s degree has a positive long-run effect on individuals’ earnings in the labor market. In Chapter 2, we examine the Dell Scholars Program which provides a combination of financial support and individualized advising to selected students throughout their postsecondary experience. We capitalize on an arbitrary cutoff in the program’s algorithmic selection process and a regression-discontinuity analytic strategy. We find that, at the margin of eligibility, being selected as a Dell Scholar has positive impacts on later persistence and on-time bachelor’s degree completion. Finally, in Chapter 3, we conduct a series of laboratory experiments to explore the effects of religion on prosocial risk taking. We find that the religious message can induce prosocial risk taking only when doing so help others of the same beliefs.
In this course, we will explore selected aspects of the economics of the sports business. This semester, we will focus on the major professional team sports of baseball, football, football, and hockey. The first part of the semester will be devoted to an understanding of professional sports franchises as businesses: What factors determine franchise profitability and market value, and how central are these issues to owners’ decision making? This introductory investigation will provide a context for the following sections of the course.
Historians of economics often do small “m” methodology, which has the potential to influence mainstream economics. For reasons I will make my best effort to make clear, there are not plenty of examples of this today, but an earlier concrete example is Lionel Robbins’ early methodological essay. An Essay on the Nature and Significance of Economic Science [Robbins (1932)] redefined the scope of economics and was a defence of abstract theorizing as well as a critique of Marshallian intuitionism. In the essay, Robbins attacks the value judgments on which measurable utility rested. His program was soon after taken up by Hicks and Allen, thus influencing mainstream economics in a significant way [see Backhouse (2003, pp.311-12)] 5 . Outside economics, Thomas Kuhn is a wonderful example of how the interaction between the history and methodology of science can be naturally fruitful.
John Hicks writing in 1974 in the American Economic Review also recognized two competing visions in economics, but the author had his eyes on a longer history. Hicks made a distinction between a Fundist position in capital theory with its roots in Adam Smith and British classical authors (capital is a fund and capital’s value is derived from the value of future net products) and a M aterialist position going back to Cannan, Marshall, Pigou and J.B. Clark (where capital consists of physical goods whose value is the market value of the capital goods).63 Hicks however saw no destructive tension between the two since they were both worth pursuing. Both definitions had their place and importance, one was forward looking, the other backward looking. In Hicks’ understanding, debates about capital were therefore often a product of misunderstanding, but one with deep roots in the history of economics, namely th at one had to choose between the two views. For Hicks, the 1960s Capital controversies were just another instance of this misunderstanding. In his version of the never-ending capital debates, the English side was seen as taking a Fundist position, while the American one a Materialist stance. So in Hicks’ account there was none of the novelty in approach th a t Harcourt associated with the Cambridge England side. Rather, what motivated the analytical standoff was not discovery and theory development but two groups working under distinct and well-established conceptualizations of capital.
Indeed, the new (1979) constitution introduced a system that was a clear departure from the parliamentary system of government operated independence and incorporated far-reaching reforms intended to overcome the shortcomings of the first republic. Apart from establishing a Federal Electoral Commission (FEDECO) to manage the electoral process; certain guidelines aimed at creating broad-based national parties and avoid post electoral condition were also provided for in that Constitution. In this respect, based on the Laid down guidelines, FEDECO registered five political parties which satisfied registration requirements: Unity party of Nigerian (UPN), National Party of Nigeria (NPN), Nigeria peoples Party (NPP), people’s Redemption Party (PDP) and Great Nigeria People’s Party (GNPP). Incidentally beside the symbols and slogans, it was then obvious that the new parties were a reincarnation of the tri-regional parties of the first Republic. In fact, the same actors manifesting tendencies that threw up deep-rooted ethnic sentiments were back on the political area in a fierce struggle for the control of the reins of power in the Federal Republic (even though a nineteen-state structure had emerged in the Nigerian polity. Even though, this 1979 election had a reputation as free, fair and peaceful, it was evident that the nation was yet to overcome its political inertia. In other words, the failure of NPN (which was declared winner after a protracted legal tussle) to win the number of seats that could allow it to control the National Assembly forced it into a coalition with the NPP. Thus, at the end of the first four year term (1979-1983), it was obvious that Nigerians were disenchanted the poor run of the democracy experiment and therefore desired a change. But the 1983 elections conducted by Shagari led government turned into a fiasco; and was totally described as one of the most fraudulent elections in the history of elections in Nigeria. Regrettably, the elections were bastardized by the misuse of the power of incumbency, money and the politics of bitterness and intolerance inherited form the first Republic. Again, the uproar generated by the outcome of the election which NPN was alleged to have rigged in its favour was yet to settle when the military struck again in December 31, 1983. In other words, Major-General Muhammadu Buhari in a bloodless coup. Subsequently, this junta clamped many politicians in detention and promulgated decree No 4 which severely limited press freedom.