Labor Markets

What is the labor market? Like the goods and services markets, a labor market consists of the supply and demand sides. In the labor market, while workers supply labor, firms demand labor. This chapter studies the backward-bending nature of the labor supply curve and the downward-sloping nature of the labor demand curve. We also analyze the labor market equilibrium in a perfectly competitive labor market. Several policies such as immigration and minimum wage will be introduced to illustrate how government policies affect the labor market equilibrium.

Reduction of Voltage Ripple in DC Link of Wind Energy Conservation System Using Modified DC-DC Boost Converter

Renewable energy provisions must be extracted in a more resourceful way, with a power converter added to the mix. If the supply-demand curve rises with the seasons, it becomes clear that renewable energy sources are used to provide clean energy. This clean energy cannot be used on load directly due to fluctuating conditions, to solve this problem a modified DC to DC converter with a ripple-free output is introduced. The Vertical Axis Wind Turbine (VAWT) and Solar PV were combined to achieve a constant DC output in a hybrid renewable energy conversion system. For renewable energy applications, a redesigned converter with ripple-free output is used. The simulation is made under MATLAB/SIMULINK and experimental parameters were measured using a nominal prototype.

The (In)Elasticity of Moral Ignorance

Ignorance enables individuals to act immorally. This is well known in policy circles, in which there is keen interest in lowering moral ignorance. In this paper, we study how the demand for moral ignorance responds to monetary incentives and how the demand curve for ignorance reacts to social norm messages. We propose a simple behavioral model in which individuals suffer moral costs when behaving selfishly in the face of moral information. In several experiments, we find that moral ignorance decreases by more than 30 percentage points with small monetary incentives, but we find no significant change with social norm messages, and we document strong persistence of ignorance across moral contexts. Our findings indicate that rather simple messaging interventions may have limited effects on ignorance. In contrast, changes in incentives could be highly effective. This paper was accepted by Yan Chen, behavioral economics and decision analysis.

China's Economic Situation, Response and Prospect under the Epidemic Situation

On the basis of the demand side and the supply side, the paper respectively analyzed how novel Coronavirus affected Chinese economy: the weak demand caused the demand curve to move to the left, equilibrium output decreased and equilibrium price decreased. Due to the reduction of labor costs, enterprises have the incentive to increase production capacity at the production end. However, when the price is lower than the average variable cost of enterprises, the number of bankruptcies in the society starts to increase. One of the immediate causes of the economic downturn caused by COVID-19, which led to GDP growth of -6.8% in the first quarter of 2020, is a lack of consumption. Therefore, it is suggested that the government can appropriately reduce consumption tax and issue consumption vouchers, to improve consumer confidence and increase output. The ARIMA model was used to predict economic growth for the next seven quarters.

Standardizing a unique renewable energy supply chain: the SURESC Model

This theory-building research intends to dig into the renewable energy industry and drawing from research on learning curves and energy polices, proposes a way to speed-up the energy shift from our fossil-fuel dependency to a green economy. Even though standard economic frameworks suggest that markets and not policy makers should decide winners and losers, we urge to accelerate renewable energy competitiveness, proposing that by limiting the number of maturing renewable technologies where resources are allocated to at government level, we reduce the time within which renewables will achieve technological price parity with fossil fuels. In turn, by analyzing the energy demand and supply curves, the study suggests that this action will also mediate the relation between quantity and price, shifting only the supply curve, leaving the demand curve unaffected. It continues by proposing the standardization of a unique renewable energy supply chain model, defined as the SURESC model, relating the indirect effect of limiting the number of maturing technologies to allocate resources, to achieve renewable price-parity with conventional energy sources faster. This is a preliminary theoretical study intended to provide a holistic approach to a known problem.

THE RELATIONSHIP BETWEEN THE DEVELOPMENT OF THE FINANCIAL SECTOR AND THE ECONOMIC GROWTH IN THE REPUBLIC OF NORTH MACEDONIA

According to economic theory, the money supply positively affects economic growth, especially in the short run. Additionally, for small and open economies, the openness of the economy plays a crucial role in economic growth. Therefore, the subject of this paper is the impact of the money supply, measured through the broad money aggregate (M3), and trade openness of the country on the economic growth in North Macedonia. M3 aggregate is taken as an indicator of the financial sector development, whereas on the other hand, the trade-to-GDP ratio is an indicator for the openness of the economy. The research is employing the Vector Autoregression (VAR) model, and quarterly data for the period 1995-2019 are used. As opposed to the economic theory, the results show the absence of a long-run relationship between GDP, broad money, and trade openness in North Macedonia for the observed period. Also, in the short run, M3 and trade openness have a significant positive impact on GDP. Additionally, there is no noticeable time gap in the above relationships. Namely, the impact of broad money and trade openness on GDP in North Macedonia is not much stronger after a significant time lag from the impact in the first year. This put into question the capability of the monetary policy as a tool of the broader macroeconomic policy to shift the aggregate demand curve upwards and boost economic activity.

Assessment of the Reinforcing Properties of Orally Administered MDMA ('Ecstasy') in Rats

<p>The so-called “party drug” 3,4-Methylenedioxymethamphetamine (MDMA, or ecstasy) may share many of the addictive properties common to other CNS stimulants. In humans MDMA is primarily consumed orally in one more pills per session. However, animal research has mostly focused on examining the effects of MDMA as a function of other routes of administration. Route of administration can have profound effects on the subjective and reinforcing properties of drugs of abuse. This thesis assessed the locomotor-activating and reinforcing properties of MDMA when delivered orally. MDMA-induced hyperlocomotion was used to examine magnitude of response and onset of action as a function of ip, sc and oral administration. Significant route-dependant effects were found with ip producing higher locomotor activity than sc and oral respectively. Onset of action was slower for subcutaneous administration compared with both ip and oral administration. The reinforcing properties of MDMA were examined by use of the self-administration procedure. Oral MDMA self-administration was firstly examined using simple schedules of reinforcement as a function of two different vehicle substrates, water (under water deprivation) and saccharin. Oral MDMA maintained responding and reliable dose-response curves were obtained under both water and saccharin vehicle conditions. However, both saccharin and water vehicle conditions also acted as strong reinforcers in these studies. Further studies utilising a behavioural economic approach were conducted in order to delineate the reinforcing effects of MDMA from that of its parent vehicle. In addition, demand-curve analysis using both the Linear-Elasticity model (Hursh et al., 1988, 1989) and the Exponential Model of Demand (Hursh & Silberberg, 2008) were compared in order to evaluate each model and assess the relative reinforcing efficacy of oral MDMA. Demand curves for the oral self-administration of MDMA revealed that responding for MDMA was more elastic (lower Pmax) than responding for saccharin-alone indicating that saccharin functioned as stronger reinforcer than did MDMA+saccharin. The results of these studies provide evidence for the positive-reinforcing effects of MDMA when it is delivered via the oral route of administration, however, the relative reinforcing efficacy of orally delivered MDMA appears to be low.</p>

Assessment of the Reinforcing Properties of Orally Administered MDMA ('Ecstasy') in Rats

<p>The so-called “party drug” 3,4-Methylenedioxymethamphetamine (MDMA, or ecstasy) may share many of the addictive properties common to other CNS stimulants. In humans MDMA is primarily consumed orally in one more pills per session. However, animal research has mostly focused on examining the effects of MDMA as a function of other routes of administration. Route of administration can have profound effects on the subjective and reinforcing properties of drugs of abuse. This thesis assessed the locomotor-activating and reinforcing properties of MDMA when delivered orally. MDMA-induced hyperlocomotion was used to examine magnitude of response and onset of action as a function of ip, sc and oral administration. Significant route-dependant effects were found with ip producing higher locomotor activity than sc and oral respectively. Onset of action was slower for subcutaneous administration compared with both ip and oral administration. The reinforcing properties of MDMA were examined by use of the self-administration procedure. Oral MDMA self-administration was firstly examined using simple schedules of reinforcement as a function of two different vehicle substrates, water (under water deprivation) and saccharin. Oral MDMA maintained responding and reliable dose-response curves were obtained under both water and saccharin vehicle conditions. However, both saccharin and water vehicle conditions also acted as strong reinforcers in these studies. Further studies utilising a behavioural economic approach were conducted in order to delineate the reinforcing effects of MDMA from that of its parent vehicle. In addition, demand-curve analysis using both the Linear-Elasticity model (Hursh et al., 1988, 1989) and the Exponential Model of Demand (Hursh & Silberberg, 2008) were compared in order to evaluate each model and assess the relative reinforcing efficacy of oral MDMA. Demand curves for the oral self-administration of MDMA revealed that responding for MDMA was more elastic (lower Pmax) than responding for saccharin-alone indicating that saccharin functioned as stronger reinforcer than did MDMA+saccharin. The results of these studies provide evidence for the positive-reinforcing effects of MDMA when it is delivered via the oral route of administration, however, the relative reinforcing efficacy of orally delivered MDMA appears to be low.</p>

A Simple Method for Bounding the Elasticity of Growing Demand with Applications to the Analysis of Historic Antitrust Cases

We propose a simple method, requiring only minimal data, for bounding demand elasticities in growing, homogeneous-product markets. Since growing demand curves cannot cross, shifts in market equilibrium over time can be used to “funnel” the demand curve into a narrow region, bounding its slope. Our featured application assesses the antitrust remedy in the 1952 DuPont decision, ordering incumbents to license patents for commercial plastics. We bound the demand elasticity significantly below 1 in many post-remedy years, inconsistent with monopoly, supporting the remedy’s effectiveness. A second application investigates whether the 1911 dissolution of American Tobacco fostered competition in the cigarette market. (JEL K21, L24, L65, L66, N41, N42, O34)

The Research on Traffic Congestion Problem in Beijing Based on Random Effect Model

With the advancement of urbanization and the rapid development of the economy, the number of motor vehicles has also increased sharply, which has led to the increasingly heavy traffic congestion problem, especially in the international metropolis like Beijing. It is more serious, bringing economic loss and seriously affecting its further development. Therefore, it is of great importance to solve the problem in Beijing. In response to the above issue, despite the introduction and implementation of a series of measures in Beijing, it is still unable to properly solve the traffic congestion problem. Today, traffic congestion in Beijing still exists. This paper will mainly start from the causes of traffic congestion, and analyze the problems and phenomena based on the random effects model to obtain the reasons. According to the goal of relieving the traffic congestion problem, we will use the traffic supply and demand theory combined with the actual traffic situation, establish the traffic light model, the travel optimization model and the automobile demand curve model. With the hypothesis, simulation and analysis, we drew the corresponding conclusions. At the same time, the corresponding policy recommendations were put forward to relieve the traffic congestion problem in Beijing.