Envelope Theorems in Economics: Historical Development and Modern Cost-Benefit Applications

This paper reviews some historical development and modern applications of the envelope theorems in economics from a static to a dynamic context. First, we show how the static version of the theorem surfaced in economics, which had eventually lead to the well-known Shephard’s lemma in microeconomics. Second, we present its dynamic version in terms of the classical calculus of variations and optimal control theory via the optimized Hamiltonian function. Third, we show some applications of the theorem for deriving dynamic cost-benefifit rules with special reference to environmental projects involving the green or comprehensive net national product (CNNP). Finally, we illustrate how to extend the cost-benefifit rules to a stochastic economic growth setting.

Penerapan Model Pembelajaran Quiz Team Untuk Meningkatkan Hasil Belajar Ekonomi Peserta Didik Kelas XI IPS 2 SMAN 8 Kediri Di Semester Ganjil Tahun Pelajaran 2018/2019

Economic Learning in SMAN 8 Kediri specifically in class XI IPS 2, so far it is still being agreed by the teacher. The student's questioning activity is still low. Mostly, students do not understand the concepts and the interrelationships between economic concepts. The researcher chose the Quiz Team learning method. Researchers chose the Quiz learning model because learning with the opinion of Silberman. The Quiz Team is a technique to increase participants' responsibility for what they do in a fun and non-scary way. This active learning type of Quiz Team is a technique to increase the responsibility of students towards what they improve through fun and non-frightening ways. In this study, researchers used the action research design model Kemmis and Mc. In the research design there are four stages of research namely planning (planning), action (implementation), observation (observing) and reflection (reflection). In cycle 1, researchers divided 3 large groups, A, B, and C, each group consisting of 11 students. The researcher chooses three topics which will be presented in three segments. The results of the study increased the number of students who achieved minimal completeness in each cycle. In cycle 2, researchers divided the group into smaller ones, in cycle II there were 6 groups, A, B, C, D, E and F. In cycle II, researchers divided into 6 national income calculation concepts namely the concept: Gross Domestic Product (GDP), Gross National Product (GNP), Net National Product (NNP), Net National Income (NNI), Personal Income (PI), Disposible Income (DI). Indicators Success in improving student learning outcomes in this study was seen from 80% of students completing KKM (with a value of 77). The results of the study increased the number of students who achieved minimal completeness in each cycle. At the 42% level (14) students complete KKM. In cycle 1 Approximately 61% (20) of students have completed KKM. In cycle 2, around 82% or 26 students completed KKM. The data has increased from pre-cycle to cycle 2. Keywords: Learning Outcomes, Class XI IPS 2, National Revenue, Quiz Team.

The Crafts–Harley view of German industrialization: an independent estimate of the income side of net national product, 1851–1913

Novel information on land rent is used to estimate the income side of German net national product (NNP) in 1851–1913 without recourse to output side aggregates. The new series shows higher values during the initial part of the period of observation, which narrows the wedge that opens up between existing estimates of NNP before the 1880s. The results support a modified Crafts–Harley view of the first phase of German industrialization: despite rapid catch-up growth of industrial leading sectors from the 1840s to the 1870s, the pace of aggregate growth accelerated only gradually. The initially small size of the modern sector and the simultaneity of the first phase of industrialization and the first wave of globalization account for this paradox. The labor share remained largely constant; the decline of the land share in NNP was compensated by a rise of the capital share.

Public Debt, Economic Growth and Fiscal Balance: Alternative Measures of Sustainability in the Indian Context

This article has examined the impact of public expenditure on economic growth and viability of fiscal policy when the deficit in budget is financed by public borrowing. A number of alternative criteria have been used as indicators of solvency in fiscal balance. The study is based on the theoretical framework and supported by the results of time series analysis in the Indian context. It is found that the share of revenue expenditure (RE) of the government has significantly increased over time and many of the components of RE are non-developmental in nature. The article argues that if growth suffers, it will put adverse impact on fiscal balance. The ratio of gross fiscal deficit (GFD) to net national product (NNP) and growth of NNP are co-integrated, and the ratio is found to increase with increase in NNP indicating deterioration in fiscal balance. The increase in total expenditure of the government has caused rise of the ratio of revenue deficit to total spending. Interest payment on public debt has led to the increase of the ratio of GFD to income. These results are indicators of non-viability of fiscal policy in India at least in the short run.

New Financing for Sustainable Development

We propose that national governments could issue bonds whose interest payments are linked to green net national product (gNNP) or, almost equivalently, to inclusive wealth. The main intention of this new financial instrument is to entice investors and the national government to invest in human and natural capital for which the corresponding financial assets currently do not exist. As the concept of wealth expands to include human and natural capital, so should the corresponding assets side in the balance sheet of nations. While the argument for gross national product (GNP)–linked bonds focuses on trimming public debt toward fiscal sustainability, the proposed bonds aim to ensure long-term sustainability. The theoretical link associated with welfare economics is also more plausible. Moreover, it could lead to the virtuous cycle of increased government expenditure directed toward inclusive wealth, expanding tax revenue, increased coupon payment to investors, and increased social well-being.

Women Employee Rights in Garment Industry, Tirupur

Women are playing a vital role in earning even net national product of the country through their income. This study is undertaken to study about how the women are utilizing their rights properly especially in garment industry. The reason to choose the industry is that the women participation in the industry is 70,000 especially in Tirupur. This research is undertaken to analyze about the women’s rights in garment industry in the area of Tirupur. This study is undertaken to make an analysis of how women are working in their working area and also regarding the facilities provided in the working environment such as crèche facilities, ventilation facilities and payment benefits, work enrichment opportunities. The prime objective of the present study is to evaluate the Women Employee Rights in garment industry in Tirupur. The study was conducted on the basis of descriptive research. The employees have been selected by using non-probability convenience sample method from various departments. Totally 200 sample respondents were selected and analysed using t-Test, Chi-Square test and Garrett’s ranking method.Int. J. Soc. Sci. Manage. Vol-3, issue-2: 119-124

Beyond GDP: The Quest for a Measure of Social Welfare. Part I

The first part of the paper is devoted to the monetary indicators of social welfare. It is shown which methods of quantitative estimating the aggregate wealth and well-being are available in the modern economic theory apart from the traditional GDP measure. The limitations of the methods are also discussed. The author shows which measures of welfare are adequate in the dynamic context: he considers the problems of intertemporal welfare analysis using the Net National Product (NNP) for the sustainability policy and in the context of concern for well-being of the future generations.