Showing papers in "Economic Affairs in 2015"
TL;DR: In this article, a simple panel model suggests that aid had a moderate complementary effect on inward FDI, there was a crowding-out effect such that domestic investment reduced FDI stocks, natural resources were a key attraction for private capital, and increases in development aid offset the crowding out effect of domestic capital on FDI.
Abstract: There is a continuing debate on the effectiveness of development aid. One less obvious angle on this issue is the question of the likely impact of aid on foreign direct investment (FDI). This paper tests whether aid had any impact on incoming FDI in Central Asian economies during the period 1993–2008. A simple panel model suggests that (a) aid had a moderate complementary effect on inward FDI, (b) there was a crowding-out effect such that domestic investment reduced FDI stocks, (c) natural resources were a key attraction for private capital, and (d) increases in development aid offset the crowding-out effect of domestic capital on FDI. It is argued that donors should target aid to enhance the climate for inward investment.
20 citations
TL;DR: In this paper, the authors developed the economics of adaptation to global warming as an optimal transition process to future climates, and three policy approaches that encompass the existing theories and policy options are initially outlined: measures based on individuals' social responsibility, government regulations, and carbon pricing.
Abstract: This article develops the economics of adaptation to global warming as an optimal transition process to future climates. Three policy approaches that encompass the existing theories and policy options are initially outlined: measures based on individuals' social responsibility, government regulations, and carbon pricing. Evidence suggests that each of these options has little chance of being agreed upon and implemented at a global level. The economics of adaptation begins with climate signals which force individuals to adapt. Private adaptations are simultaneously tapped into for carbon dioxide removal and abatement. With increasingly severe damage over time, public sectors will be compelled to work in partnership with individuals and communities. Responding to amplifying climate signals, adaptation strategies evolve in such a way as to accelerate carbon dioxide reductions through low-carbon energy sources and technological solutions. Adaptations in a centuries-long timescale would effectively fend off dangerous global warming, but in a manner that is unbearably slow for the world's communities. The optimality of the transition process is based on micro efficiency, coordination, and the public goods nature and unique characteristics of specific adaptation strategies.
17 citations
TL;DR: Logistic regression model revealed that factors like education, family size, and contact with extension agent positively influenced adoption of ICT based market information services by the farmers whereas income from other sources negatively influenced the adoption.
Abstract: ICT based market information services are getting wide importance as a means of empowering farmers by enabling them to take informed decisions, and in removing information asymmetry. This study analyses determinants of adoption as well as barriers to adoption of ICT based market information services (MIS) in Kerala. Logistic regression model revealed that factors like education, family size, and contact with extension agent positively influenced adoption of ICT based market information services by the farmers whereas income from other sources negatively influenced the adoption. Technical barriers and language were found to be the most important barriers for adoption of MIS followed by irrelevancy of contents, lack of reliability, lack of awareness and cost involved. The study suggested that further efforts to create awareness about such interventions among farmers, providing content in local languages in user friendly manner will increase the adoption of MIS and would remove information asymmetry in agricultural marketing.
16 citations
TL;DR: New data from sex surveys confirm that demand for commercial sex is based on permanent disparities between male and female desire, and is therefore ineradicable as discussed by the authors, and laws which constrain sellers of sexual services or criminalise purchasers are not evidence-based, and are bound to fail, wasting public resources.
Abstract: New data from sex surveys confirm that demand for commercial sex is based on permanent disparities between male and female desire, and is therefore ineradicable. Demand and supply are growing, facilitated by economic growth, the Internet, globalisation and changing sexual attitudes. A key objection to the sex industry is that pornography, lap dancing and prostitution promote rape and other kinds of violence against women. However, the evidence contradicts this contention. The commercial sex industry is impervious to prohibitions and cannot be eliminated. Laws which constrain sellers of sexual services or criminalise purchasers are not evidence-based, and are bound to fail, wasting public resources.
14 citations
TL;DR: In this paper, the authors conducted an investigation in Giri catchment in located between 30O 33’ 48’’ and 31O16’ 08’' N latitude and 77O 02’ 32’
Abstract: In Himachal Pradesh, 80 percent of its total population lives in villages. Their economy is depends on agriculture, horticulture and animal husbandry. The practice of pure agriculture in HP is sufficient for the inhabitants to sustain only their food requirements but, for other needs peoples are forced to exploit forests. The present investigation was carried out in Giri catchment in located between 30O 33’ 48’’ and 31O16’ 08’’ N latitude and 77O 02’ 32’’ to 77O 38’ 22’’ E longitude in Himachal Pradesh. The net returns from agroforestry systems decreased, though statistically insignificant, in the order agrisilviculture system (277415.00 Rs. ha−l yr−1) > agrisilvihorticulture system (270747.00 ha−l yr−1) > agrihortisilviculture (269033.00 ha−l yr−1) > agrihortisilviculture (225880.30 ha−l yr−1) systems. The benefit-cost ratio in silvipasturesystemwas significantlyhigher(3.34) than allothersystemsand itdecreasedinthe order: S6(2.53) >S4(2.38) > S3(2.17) > S1(2.10) > S1(1.87).
12 citations
TL;DR: Examination of occupational licensing laws in the United States for 102 low- and moderate-income occupations indicates that the licences studied require of aspiring workers, on average, $US209 in fees, one exam, and about nine months of education and training.
Abstract: This study examines the scope and burden of occupational licensing laws in the United States for 102 low- and moderate-income occupations. Findings indicate that the licences studied require of aspiring workers, on average, $US209 in fees, one exam, and about nine months of education and training, plus minimum grade and age levels. Data also indicate striking disparities in requirements within and between occupations and within and between states. These inconsistencies likely reflect not the relative public health and safety risks of occupations, but instead the lobbying prowess of practitioners in securing laws to shut out competition.
12 citations
TL;DR: In this article, the authors conducted a survey of farm households, agricultural scientists and extension officers in Bihar and found that the coverage of agricultural development programmes limited to few villages, and line departments still dominating technology transfer arena.
Abstract: Among socio-economic, technological and managerial reasons, ineffective transfer of farm technology are important causal factors for poor performance of agriculture. Transfer of technology has been the major obstacle in achieving the targets in past. Present study deals with level of adoption of modern agricultural technology, access and quality of modern technology, outreach of agricultural extension institutions and problems faced by extension officials in transfer of farm technology in Bihar. Study is based on primary data obtained through survey of farm households, agricultural scientists and extension officers in Bihar. Study revealed the coverage of agricultural development programmes limited to few villages, and line departments still dominating technology transfer arena. Institutions like ATMA and KVK were limited to few activities only. Adoption level of artificial insemination is comparatively high due to active participation of cooperatives and private sector, but less than one fourth of farmers could adopt advanced horticulture and modern crop seeds in Bihar. Small size of land holding and fragmented land emerged as main constraint to adoption of modern horticultural technology in Bihar. While analyzing use of modern varieties of principal crops, comparatively high level of adoption on small and medium farms was observed. Dissemination of information about modern agricultural development projects/schemes is a necessary factor for adoption of modern technology. ATMA and KVK have performed better in dissemination of the information, however, inadequate staff, infrequent supervision and lack of conveyance facility are most important constraints faced in transfer of technology in Bihar.
11 citations
11 citations
TL;DR: In this paper, a detailed study was conducted to analyze the growth and export performance of ginger in India for a period of 29 years and the objectives were analyzed with nominal protection coefficient and growth rate analysis.
Abstract: India is rightly called as “spice bowl of the world” for its production of variety and superior quality of spices. Indian agriculture has to face competitiveness in international trade for each commodity due to liberalisation and agreement of WTO. Spices are the major exports from India and it is generally expected that trade policies would influence the spice trade. In the area of export ginger occupies fifth position in terms of quality and sixth position in export earnings among the spices. In recent years, there have been ups and downs in export of ginger from India. This situation called for a detailed study. Hence this study was conducted to analyze growth and export performance of ginger in India. The required data collected for the period of 29 years. The objectives are analyzed with nominal protection coefficient and growth rate analysis. The growth rate between pre and post-WTO period in terms of area and production were positive. The export growth of post WTO period in terms of quantity and values were found to be not significant and declining but unit price value were found to be significant and positive. Nominal protection coefficient was found to be more than one indicates the non profitability of export.
10 citations
TL;DR: In this paper, a speech act theory is used to present a libertarian reinterpretation of the Habermasian concept of communicative action, where voluntary exchange is not an isolated act but the outcome of a complex bargaining process, which may lead to negotiated exit without the possibility of which economic relations are coercive.
Abstract: This paper uses speech act theory to present a libertarian reinterpretation of the Habermasian concept of communicative action. Voluntary exchange in competitive markets is interpreted as a speech act and a form of communicative action that respects autonomy and obstructs power. Where exchange occurs in monopolistic markets, it is defective in being a form of (a) strategic action aimed directly at rival suppliers rather than buyers and (b) economic coercion. Voluntary exchange is not an isolated act but the outcome of a complex bargaining process, which may lead to negotiated exit, without the possibility of which economic relations are coercive.
9 citations
TL;DR: In this paper, the authors analyzed the pattern and trend in labour absorption across major states and crops during the period of mid-1970s to 2010, and found that at national level, there is wide variation in the trend of labour absorption among the four crops under study: while a continuous decline has been observed in the case of wheat during the entire period, it has been continuously rising in cotton.
Abstract: The technological change in agriculture has made significant impacts on labour absorption, notably since green revolution. In this context the present study analyses the pattern and trend in labour absorption across major states and crops during the period of mid-1970s to 2010. The entire period of analysis has been sub-divided into two, upto mid-90s as first period and post-mid 90s till 2010 as the second period, broadly corresponding to the period of green revolution and market reforms, respectively. The analysis was carried out for rice and wheat, two major food crops and cotton and sugarcane, two major commercial crops. The results indicated that at national level, there is wide variation in the trend in labour absorption among the four crops under study: while a continuous decline has been observed in the case of wheat during the entire period, it has been continuously rising in the case of cotton. On the other hand, paddy and sugarcane depicted varying trends over the time- increasing labour absorption up to mid-1990s, but declining thereafter. This trend at national level corresponds to the spread of technological changes in agriculture.
TL;DR: In this paper, the authors present the current Italian economic crisis as a phase of a major systemic decline and argue that the roots of this decline lay in collective action issues and an implicit contract between elites and civil society.
Abstract: We present the current Italian economic crisis as a phase of a major systemic decline. We argue that Italys system has forced the country to abandon a dynamic view of comparative advantage, crucial for sustained economic growth, in favour of a static view of specialization. Creative destruction has been hampered and the indispensable sectoral restructuring has not taken place, leading to stagnation. The roots of this decline lay in collective action issues and an implicit contract between elites and civil society. We suggest that solving these issues is indispensable in order to support a dynamic view of comparative advantage and so the re-start of the Italian economy and society.
TL;DR: In the context of the Eurozone crisis, the authors re-examine the Hard ECU using the concepts of the macroeconomic trilemma and the political trilemmma and conclude that it was a superior approach to monetary union.
Abstract: In the context of the Eurozone crisis this paper re-examines the Hard ECU using the concepts of the macroeconomic trilemma and the political trilemma. We find that the Hard ECU would have been less economically and politically damaging than the euro. We conclude that it was a superior approach to monetary union.
TL;DR: In this article, the economic viability of gillnet fishing operations of all the three sectors viz. Outboard Motors, Inboard Motors and non-motorised operated along Mumbai coast were analyzed.
Abstract: Economic analysis was carried out separately for Inboard Motors (IBM), Outboard Motors (OBM) and non-motorised gillnetters operated along Mumbai coast. The economic performance of fishing operation is affected by various factors including fluctuations in revenue, diminishing catch per unit effort, sudden increase in the cost of key inputs, catch and effort restrictions. Capital and labour will continue to enter the fishery until the economic rents are totally dissipated and profits to individual units are reduced to the levels of their opportunity costs. The economic performance also plays a crucial role in the investment decisions at micro level and is deciding factor for sustainable returns of any business. The paper analyses the economic viability of gillnet fishing operations of all the three sectors viz. Outboard Motors (OBM), Inboard Motors (IBM) and non-motorised operated along Mumbai coast were running in profit.
TL;DR: Rhizospheric soil from tea was screened for the presence of phosphate solubilizing bacterial populationin-vitro where eight isolates were able tosolubilize tri calcium phosphate in Pikovskaya's agar.
Abstract: Rhizospheric soil from tea [Camellia sinensis L.] was screened for the presence of phosphate solubilizing bacterial populationin-vitro where eight isolates were able to solubilize tri calcium phosphate in Pikovskaya's agar. These isolates were also screened for phosphate solubilization in liquid medium. Phosphate solubilizing activities of these strains were associated with a drop in the pH of the medium. Furthermore, these 8 isolated strains were inoculated in specific media containing tryptophan to produce growth regulating substances indole acetic acid (IAA) under in-vitro conditions. Amount of phosphate solubilized ranged from 11.07±0.91–82.77±0.96mg/l and IAA production ranged from 11.23–28.78 mg/l. These bacterial strains may be further characterized and field tested for their use as effective growth promoters for hill crops.
TL;DR: The Fraser Institute's Economic Freedom of the World index (EFW) as mentioned in this paper quantifies the economic freedom of 152 countries and territories and is composed of five main components: Size of Government, Legal System and Property Rights, Sound Money, Freedom to Trade Internationally, and Regulation.
Abstract: The Fraser Institute’s Economic Freedom of the World index (EFW) quantifies the economic freedom of 152 countries and territories. The index relates closely to the vitality of economic growth (De Haan, Lundström and Sturm 2006) and has been applied to a very broad number of academic topics (Hall and Lawson 2014). It is composed of five areas – Size of Government, Legal System and Property Rights, Sound Money, Freedom to Trade Internationally, and Regulation – which are in turn made up of several components. The decline in economic freedom since 2000, as measured by the index, especially in the United States, is well known to proponents of free markets. However, close scrutiny of the data demonstrates that the reasons for this fall are not what the standard narratives imply. The United States is not alone in its fall, as the Group of 7 (G7) matches its exact qualitative pattern, and to some extent so do the member countries of the Organisation for Economic Co-operation and Development (OECD). The fall is not driven by increases in government spending (except in the first few years of the Great Recession) or by the behaviour of central banks. Size of Government has, if anything, improved in recent years as measured by EFW. Additionally, Regulation has been essentially a random walk since 2000, with the most recent score almost identical to the score in 2000 for the G7. Rather, these falls have been driven by declines in the two areas of Legal System and Property Rights and Freedom to Trade Internationally. The components of these two areas that have fallen are almost entirely driven by declines in various survey data the index employs. In other words, the declines overall in the index do not reflect any hard ‘objective’ measure. We must explore why these survey numbers have declined so rapidly in order to explain how and why economic freedom has declined in the United States (and elsewhere) since 2000.
TL;DR: In this article, different ARIMA time series models were specified and estimated and compared by using common criteria such as root mean square error, mean absolute deviation and mean absolute percentage error.
Abstract: Wheat is a dominant product in the consumption basket of Indian households and can be considered as a strategic commodity. In this paper different ARIMA time series models were specified and estimated. Forecasting performance of these models were evaluated and compared by using common criteria such as: root mean square error, mean absolute deviation and mean absolute percentage error. The data used in this study include wholesale prices of wheat for year 2002 to 2012. Empirical results showed that ARIMA (1,1,1) price forecast time series model fitted the price series well and they have correctly predicted the future trend of the price series within the sample period of the study. Thus, ARIMA (1,1,1) was the most representative model for the price forecast of wheat in Sriganganagar market of Rajasthan. This model can facilitate the farmers and wholesalers in effective decision making.
TL;DR: The legal instrument that crystallised this Islamic conception was the waqf, a legal entity delivering public welfare in accordance with the wishes of a benefactor as mentioned in this paper, which was first conceived of as a bundle of rights in early Islam.
Abstract: Property was first conceived of as a bundle of rights in early Islam. The legal instrument that crystallised this Islamic conception was the waqf, a legal entity delivering public welfare in accordance with the wishes of a benefactor. Trusts, which evolved in the thirteenth century, have a rationale analogous to that of waqfs, and in fact may have replicated the legal template of waqfs. The finding that waqfs are germane to Islam has ramifications for policies on waqfs in contemporary Islamic societies.
TL;DR: In this article, the authors investigated the relationship between GDP and exports in India for the period of 1980-2009 and found that there is a bilateral causality between the two variables.
Abstract: Over the last three decades the role of export in the process of economic growth has been the subject of debate among economists. The recent policy of liberalization, privatization and globalization and growth process of developed and developing countries further helped fuel this debate. The main questions in this debate are whether an outward oriented trade policy is preferable to an inward oriented trade policy in stimulating economic growth. There are two types of hypothesis that are build up in this debate: Export-led Growth (ELG) hypothesis and Growth-led Export (GLE) hypothesis. This paper investigates the relationship between GDP and exports in India for the period of 1980–2009. To achieve the objective of this study, Granger Causality Test has been applied. The test results support that there is bilateral causality between GDP and exports. This study suggests that export promotion policy is pursued consistently with an emphasis on inclusive and sustainable growth. This study supports the view that export is an engine of growth.
TL;DR: In this article, the joint action of microbes and moisture to dissolve the cellular tissues and pectin surrounding the bast fibre bundle is employed to separate jute fibres from non-fibrous tissues and woody part of the stem.
Abstract: Jute fibres are separated from non-fibrous tissues and woody part of the stem by dissolution and decomposition of pectins and gums by a process called retting. Retting employs the joint action of microbes and moisture to dissolve the cellular tissues and pectin surrounding the bast fibre bundle. The huge amount of clear water requirement and environmental hazards caused by chemicals and microbes presents the major disadvantage of retting. Moreover retting is time consuming and costly.
TL;DR: In this article, the authors employed the concept of Markov chain (MC) to analyze the dynamics of spices export to different countries of the world and observed that the countries which were stable destination for Indian spices export were Canada for black pepper, UK for chilli, Bangladesh for turmeric, UAE for cumin and Malaysia for coriander.
Abstract: Spices are an important horticultural crop of India as it adds substantially to the agriculture GDP. It has been seen that there is high fluctuations in the export of spices to other countries. To, this end, we employ the concept of Markov chain (MC) to analyze the dynamics of spices export to different countries of the world. It was observed that the countries which were stable destination for Indian spices export were Canada for black pepper, UK for chilli, Bangladesh for turmeric, UAE for cumin and Malaysia for coriander. The transitional probability matrix obtained using MC indicated that most of the traditional importers have shown low retention probability which may be due to tough competition arising in spices trade and trade related barriers in the developed nations. So, policies may be framed by planners for export towards these countries. Though in most of the spices, India has managed to retain one of its original markets, but it should not have high dependency on one market alone to avoid trade risk in the long-run. New markets also need to be explored and more stress has to be given to the traditional buyers for maintaining present status of export and market share in future.
TL;DR: In this paper, the authors calculate that this substantial investment had the potential to reduce most inter-urban journey times by about one third, and conclude with a number of policy recommendations.
Abstract: In Great Britain, a basic inter-urban network of motorways was completed in a very short period between the end of 1959 and 1972. We calculate that this substantial investment had the potential to reduce most inter-urban journey times by about one third. In spite of this, a recent OECD study suggested that the investment had no discernible positive impact on the trend rate of economic growth. We attribute this outcome to a serious misalignment of the early investments with the then predominant flows of industrial and commercial traffics and a significant, and probably endogenous, increase in real wages in a road transport industry in which labour productivity was slow to improve. We conclude with a number of policy recommendations.
TL;DR: In this paper, the authors examine the potential for EU data protection and anti-discrimination legislation to threaten not only this potential but also the traditional personal insurance business and propose a strategy based upon codes of practice and technological innovation that would allow insurers to protect their business and to innovate while meeting the concerns of legislators about discrimination and data protection.
Abstract: Insurance companies use personal data to price personal insurance risks. Innovative data-collection and processing strategies, including big data, offer the potential for better analysis of traditional risks and for markets in new types of insurance. This paper examines the potential for EU data protection and anti-discrimination legislation – both existing and proposed – to threaten not only this potential but also the traditional personal insurance business. It offers a strategy based upon codes of practice and technological innovation that would allow insurers to protect their business and to innovate while meeting the concerns of legislators about discrimination and data protection.
TL;DR: In this article, the authors argue that no agreement is likely to be reached in Paris, and argue that the continuation of climate change policy while abandoning an acknowledged condition of its success seems to represent a further stage in the abandonment of rationality.
Abstract: Almost all advocates of international climate change policy hope and expect that the Climate Change Conference to be held in Paris in November–December 2015 will reach an agreement to reduce global anthropomorphic greenhouse gas emissions. Yet more than 25 years of international climate change policy has failed to reach such an agreement: emissions, far from having been reduced, have greatly increased. In the author’s view, no agreement is likely to be reached in Paris. Anticipating this, Lord Stern, a highly influential figure in international climate change policy, has restated the case for continuing with this policy while relinquishing the objective of reaching such an agreement, argued in 2009 to be essential to ‘save the world’. Advocating the continuation of climate change policy while abandoning an acknowledged condition of its success seems to represent a further stage in the abandonment of rationality in climate change policy formulation.
TL;DR: There have been two major attempts to introduce market mechanisms into England's National Health Service: the internal market reform project of the 1990s, and the quasi-market of the 2000s.
Abstract: There have been two major attempts to introduce market mechanisms into England's National Health Service: the ‘internal market’ reform project of the 1990s, and the ‘quasi-market’ of the 2000s. Despite their similarities, the former attempt was on balance unsuccessful while the latter succeeded. This article examines and compares the outcomes of the two periods, analysing the reasons for their relative successes and failures. It goes on to highlight options for future reforms that would build on those achievements.
TL;DR: The choice by students in higher education has assumed importance due to the forced intrusion of neo-liberal principles as discussed by the authors, and students should have freedom to choose their life path (the courses and institutes). But, financial constraints hinder them to get that liberty.
Abstract: The choice by students in higher education has assumed importance due to the forced intrusion of neo-liberal principles. In a market economy consumers are sovereign and thus, students should have freedom to choose their life path (the courses and institutes). But, financial constraints hinder them to get that liberty. In a pro-market economy, the proliferation of private higher education institutions to meet the growing demand for higher education and their higher fee structures put an impact on access by the underprivileged. They end up with higher education institutions not of their choice.
TL;DR: In this paper, the authors look at the recent development of schools in Juba, the capital of South Sudan, in the light of these two theories and find, despite the rhetoric of the official reports, that most growth is organic and that most recent educational development is emerging spontaneously.
Abstract: Educational development is key to the future prosperity of South Sudan. Officially the situation appears bleak with up to 50 per cent of primary-aged children out of school, high reported dropout rates and poor attainment. Those involved in the development of education, government departments, international agencies, individuals and communities are each following one of two different approaches as they seek to extend the reach of education. The article suggests that these different approaches arise because those involved hold to either a conscious-design or a spontaneous-order model for educational development. The article looks at the recent development of schools in Juba, the capital of South Sudan, in the light of these two theories and finds, despite the rhetoric of the official reports, that most growth is organic and that most recent educational development is emerging spontaneously.
TL;DR: The position of women in the Middle East and North Africa (MENA) region is a complex topic, difficult to comprehend without allowing for socio-cultural norms, legal frameworks and the global gender context as discussed by the authors.
Abstract: The position of women in the Middle East and North Africa (MENA) region is a complex topic, difficult to comprehend without allowing for socio-cultural norms, legal frameworks and the global gender context. In thinking about a practical framework for action, the free market perspective is relevant and necessary. However, this alone does not seem to provide a complete answer to the problem of promoting women's economic status. This article makes the case for the importance of market-friendly, but also gender-sensitive, policies to promote women's economic freedom and hence women's emancipation in the MENA region.