Generalizing Productivity and Service Stake. A Heterodox Widened Approach

The aim of the present paper is to put together, point out and underline the core characteristics of a generalized concept of productivity built on a heterodox outlook. The analysis is conducted under the assumption that the developing knowledge in nowadays society and the concern for basing the economy on it require a reviewed approach on productivity. Relevant moments from the economic thought and literature are invoked(certain approaches on productivity from the most representative Romanian economic thought here included); the research finds reason and main conceptual grounds in the genuine liberalism and in the service economy, by a critical view on the concern for productivity growth as commonly seen and calculated. The paper also aims to bring to the current attention some pioneer work, less known but very important for the productivity mark. The paper develops the service stake as defining value creation and reveals the most important differences between common productivity (usually calculated productivity) and the new approach that takes into account the generalized service approach consistent with nowadays society. This paper is a theoretical presentation designed to serve as an improved context for reconsidering the researches focused on – or connected with – productivity.

Does Corporate Tax Burden Affect Growth? Evidences from OECD Countries

This paper explores the tax burden - economic growth nexus. It advances an explanatory framework for the existence of such nexus. First, we argue that tax burden reduces the income remaining at the disposal of the private sector. Second, we empirically test for the existence of a non-linear impact of corporate tax burden on growth for a dataset of 21 OECD countries, for the period 1975 - 2012. We mostly involve mixed effects models with three levels of nested random effects. Our main empirical result consists in the evidences of a non-linear relation between corporate tax burden and economic growth.

Theoretical and Methodological Context of (Post)-Modern Econometrics and Competing Philosophical Discourses for Policy Prescription

This research article was championed as a way of providing discourses pertaining to the concept of “Critical Realism (CR)” approach, which is amongst many other forms of competing postmodern philosophical concepts for the engagement of dialogical discourses in the area of established econometric methodologies for effective policy prescription in the economic science discipline. On the whole, there is no doubt surrounding the value of empirical endeavours in econometrics to address real world economic problems, but equally so, the heavy weighted use and reliance on mathematical contents as a way of justifying its scientific base seemed to be losing traction on the intended focus of economics when it comes to confronting real world problems in the domain of social interaction. In this vein, the construction of mixed methods discourse(s), which favour that of CR philosophy is hereby suggested in this article as a way forward in confronting with issues raised by critics of mainstream economics and other professionals in the postmodern era.

The Impact of European Uncertainty on the Gulf Cooperation Council Markets

The interconnectedness of global economies made it inevitable for countries to isolate themselves rather, they partner with each other majorly for economic and political gains. This often at times have a positive and negatives outcomes base on the fact that the more advanced economy tends to cast shadow on the smooth and predictable movement of some markets in the less advanced economy. On this note, it is essential for scholars to relate and determine the impact and the direction of the movement specifically with regards to stock market performance and Economic Policy Uncertainty (EPU), as it concerns the Gulf Cooperation Council (GCC) region and the continent of Europe. Hence, this study investigates the effect of the changes of European Policy Uncertainty index on net oil exporter countries of the GCC stock market performance. Using the Vector Autoregressive (VAR) methodology to estimate the result, the outcome of the result implies that the impact of the changes in European policy uncertainty index on GCC’s stock markets is negative but not significant; the effect of Dollar exchange rate and US 3-month Treasury bill rate is not significant and finally, the effect of Brent Oil price on GCC countries’ stock markets is positive and significant.

Economics of NHS Cost-Saving and its Morality on the ‘Living Dead’

This article has been championed on account of the experience of (perceived) economic rationalization which seem to be the foremost of patients’ care as opposed to addressing distress to human existing well-being, while in a state of being tormented with agonizing news of prolonged ill health. Several considerations have been proposed as a way of addressing the need to rationalize resources in ensuring the long standing history of the NHS focus on ‘free health care’ is critically covered, but not in a way that destroys confidence on the ability of professionals to manifest ethical prudence in their acts of judgments about whether patients care is to be made immediate or prolonged on a waiting list. There is certainly serious impacts to be comprehended with in situation of economic rationality through services provided by the NHS; it is believed that tangible outcomes about definitive care for patients can be addressed collaboratively.

Dynamics of Product Complexity in Africa: Structural Estimation Using Structuralists Model

Applying the linear LAS (Latin American Structuralists) technological intensity model in Africa, this paper presents African nations are still diversifying their outputs towards the ubiquitous (fewer complexes) products. Put it simple, using the economic complexity index of Africa (explanatory variable) as a proxy for the technological intensity in Africa and per capita GDP gap (explanatory variable) as a proxy for technology gap, the paper presents a significant and positive relationship between economic complexity index of Africa and the time derivative of the economic complexity index of Africa (the explained variable). This implies that “weak” effort African nations exerted so far in diversifying their outputs towards the less ubiquitous commodities and absence of “automatic catch up tendency” (unlike what is presupposed by the mainstream neo-classical growth models). The linear panel data regression is employed on sample of 23 African economies and OECD member economies for the period 1996-2014.

Trading Old for New: Econobiology and Econophysics as Explanatory Frameworks of Current Financial System

The present study aim is to deliver a succinct overview of the existing literature concerning economic systems, and in particular financial systemsfrom the Econobiology, or the “evolutionary economics” perspective, mainly treated within the Adaptive Market Hypothesis, and the Econophysics perspective.In the heterodox frame, both the A.M.H. and the Econophysics are trying to explain the complexity of financial markets from a „bottom up” perspective, hence „macroscopic” properties are viewed as the result of interactions at the level of the ‘microscopic’ constituents (Rickles, 2011, p.531-565). Given the expanded level of information we can access nowadays, we consider that an important attention should be given to the inclusion of both perspectives as explanatory frameworks of the financial markets.

IMF programs and policies assessment in the transition economies during the transition and the post-transition period

We analyze empirically whether IMF financial assistance in 31 transition countries, during the transition and the post-transition period, has achieved the purposes stated in the IMF's own articles of agreement, namely employment enhancement, confidence provision and export promotion. By employing panel data and impact evaluation analysis, we find that IMF presence persistently fails to be correlated with upgrades in sovereign rating, FDI attraction and employment improvement. By focusing on specific IMF policies, we present some intriguing results, which reveal whether these individual policies actually contribute to the achievement of the official IMF purposes or not.

Wagner versus Keynes: the causal nexus between Government Expenditures and Economic Growth: An Empirical study of Burkina Faso

The spending patterns of governments in the world especially developing economies have changed significantly over the last several decades. The main objective of this paper is analysing the relationship between government expenditures and growth in Burkina Faso’s economy. The study focuses on testing the various versions of Wagner’s hypothesis using the Burkina Faso data between 1960-2015 by an Autoregressive-Distributed Lag (ARDL) model. Cointegration tests, the long-run parameters and causality tests found valid Keynesian and Wagnerian relationship, but results are sensitive to the variable definition; the use of relative and absolute measures, local and international currency leads to a different conclusion.

A commonsense assessment of Arrow’s theorem

The usual, pessimistic interpretation of Arrow’s General Possibility Theorem (often “Impossibility” in textbooks) is excessive. The impossibility defined by Arrow occurs only in presence of a tie or of a cycle. These cases are rare or very rare, and their presence may be assessed ex post. If they occur it is necessary to resort to a second-best rule, but this two-stage procedure does not induce strategic behavior, nor impeaches the use of the Condorcet rule (in observance of the axioms) in all the others. The paper conclusions sustain that implementation of modern management systems to government’s public institutions should deal with a different behavior used to know at companies. In this respect, the paper high-lights different aspects between companies and public institutions behavior admitting similarities on organizational structure and internal procedures.